Comments on: Adding to an Existing Fideicomiso http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm Online magazine about living, working and traveling in Merida and the Yucatan Peninsula in Mexico. Sat, 11 Feb 2012 02:05:37 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: CasiYucateco http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm/comment-page-1#comment-30358 CasiYucateco Fri, 21 Dec 2007 23:02:48 +0000 http://www.yucatanliving.com/real-estate/adding-to-an-existing-fideicomiso.htm#comment-30358 To my understanding (commenting on Anny's comment), Mexican corporations are for business purposes only, not for holding residential land. "Dummy corporations" are actively hunted by government agencies. The penalties can be stiff. Don't do something foolish. You cannot live in a foreign land and cheat the rules for long and then expect forgiveness too. That's just silliness. Simply because we do not understand all the ways things work is no reason to openly flaunt the few rules we do know. The government has -- for years -- audited and penalized phony corporations. It is nothing new. Residential / home purpose: Fideicomiso. Business use: corporations. To my understanding (commenting on Anny’s comment), Mexican corporations are for business purposes only, not for holding residential land. “Dummy corporations” are actively hunted by government agencies. The penalties can be stiff. Don’t do something foolish. You cannot live in a foreign land and cheat the rules for long and then expect forgiveness too. That’s just silliness. Simply because we do not understand all the ways things work is no reason to openly flaunt the few rules we do know.

The government has — for years — audited and penalized phony corporations. It is nothing new. Residential / home purpose: Fideicomiso. Business use: corporations.

]]> By: Anny http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm/comment-page-1#comment-30293 Anny Thu, 20 Dec 2007 14:08:34 +0000 http://www.yucatanliving.com/real-estate/adding-to-an-existing-fideicomiso.htm#comment-30293 You're not really getting two bank trusts when you merge lands, you are getting two permits from the state department to cede that land to a bank trust, so that's not really a way to get money, it's the only legal way to do it. However, in the past Scotiabank did allow you to put several permits under one bank trust, which meant that you would only pay one yearly fee and not as many fees as you had properties. Now they don't want to do that anymore, according to my lawyer. So if you are planning to buy several pieces of land, the best way to go is through a Mexican corporation, but I think you'd better do that fast. Many people are now setting up dummy corporations to pay a bit less each year (although it isn't that much less once you pay an accountant to file your taxes and forms) and the government is bound to catch on to that soon and start asking what your REAL business activity is. You’re not really getting two bank trusts when you merge lands, you are getting two permits from the state department to cede that land to a bank trust, so that’s not really a way to get money, it’s the only legal way to do it.

However, in the past Scotiabank did allow you to put several permits under one bank trust, which meant that you would only pay one yearly fee and not as many fees as you had properties. Now they don’t want to do that anymore, according to my lawyer.

So if you are planning to buy several pieces of land, the best way to go is through a Mexican corporation, but I think you’d better do that fast. Many people are now setting up dummy corporations to pay a bit less each year (although it isn’t that much less once you pay an accountant to file your taxes and forms) and the government is bound to catch on to that soon and start asking what your REAL business activity is.

]]> By: Lance babcock http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm/comment-page-1#comment-24384 Lance babcock Sun, 23 Sep 2007 03:48:28 +0000 http://www.yucatanliving.com/real-estate/adding-to-an-existing-fideicomiso.htm#comment-24384 We have purchased two separate properties in Telchac Puerto which is 40 Km. east of Progreso. Each property had to have its own fideicomiso but we could put both properties into one trust at the Scotiabank Inverlat on the Paseo Montejo. I understand that if you set up a Mexican corporation a fideicomiso is not required as the property is technically owned by a Mexican company and thus does not require a fideicomiso but the corp. has to be set up and monthly accting. is required by the govt. and a capital gains exemption upon the sale of the property is not possible the way it is with a fideicomiso. If interested please e-mail me and we can compare info. tiki@sympatico.ca Lance Babcock We have purchased two separate properties in Telchac Puerto which is 40 Km. east of Progreso. Each property had to have its own fideicomiso but we could put both properties into one trust at the Scotiabank Inverlat on the Paseo Montejo. I understand that if you set up a Mexican corporation a fideicomiso is not required as the property is technically owned by a Mexican company and thus does not require a fideicomiso but the corp. has to be set up and monthly accting. is required by the govt. and a capital gains exemption upon the sale of the property is not possible the way it is with a fideicomiso. If interested please e-mail me and we can compare info.
tiki@sympatico.ca Lance Babcock

]]> By: Andreas http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm/comment-page-1#comment-19717 Andreas Sun, 22 Jul 2007 21:27:51 +0000 http://www.yucatanliving.com/real-estate/adding-to-an-existing-fideicomiso.htm#comment-19717 ...and what experience did you make with the builder? Is the construction under way and are you happy with it? Give us some feedback if you like. …and what experience did you make with the builder? Is the construction under way and are you happy with it? Give us some feedback if you like.

]]> By: Kim http://www.yucatanliving.com/real-estate-yucatan/adding-to-an-existing-fideicomiso.htm/comment-page-1#comment-18898 Kim Sat, 14 Jul 2007 21:35:26 +0000 http://www.yucatanliving.com/real-estate/adding-to-an-existing-fideicomiso.htm#comment-18898 Very informative for me, who works for a US-based developer in Playa del Carmen. Very informative for me, who works for a US-based developer in Playa del Carmen.

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