Connect with PVAngelsJoin PVAngels on FacebookJoin PVAngels on TwitterPVAngels News Feeds Tell a Friend PVAngels Newsletter  
Home Home   About PVAngels   Get Involved   Local News   Event Calendar   Add a Charity   Partners for Change   Contact Us      Search Search PVAngels 

Mexico Business & Finance News

Puerto Vallarta • Riviera Nayarit 

  News &
Issues &
Business &
Health &
Lifestyle &
Travel &
Science &

Internal Revenue Service Offers Good News for US Citizens Owning Property in Mexico

Kevin Brass - World Property Channel
go to original
June 19, 2013

Vallarta Lifestyles asked attorney David Connell (Connell & Associates, Mexican Attorneys & Consultants, to provide some insight on the reforms currently taking place in Mexico's Article 27, which determines ways in which foreign investors can and cannot purchase land in Mexico. For more information regarding real estate in Puerto Vallarta, please visit (virtualvallarta)

A recently announced ruling by the Internal Revenue Service could save U.S. citizens buying homes in Mexico thousands of dollars and endless headaches.

After lengthy discussions, the IRS formally acknowledged this month that fideicomiso - the Mexican land trusts foreigners must use to buy property along the coast - are not "trusts" under the definition of the U.S. tax code.

Foreigners can't directly own land along the coast. Instead, the fideicomiso are set up by the bank to hold the title for the property, which can be sold or transferred at any time without the bank's involvement.

If the fideicomiso were considered "trusts" by the IRS, owners would be required to fulfill all the filing obligations and fees associated with a trust.

... The ruling is only the latest good news for Mexico buyers. In April the Chamber of Deputies approved a measure that would remove the need for foreign buyers to use a trust to buy residential property on the coast. The measure, which provoked stiff opposition, still needs formal Congressional approval, but the industry was certainly buoyed by the measure's initial success.

Read the rest at World Property Channel

  Check out Timothy Real Estate Group

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!

Meet the Charities

Community Services


Animals & Wildlife

Health Care

Youth & Family


Culture & Recreation

Special Interests

How You Can Help

Use Your Powers for Good

Add Your Favorite Charity

Save a Life - Give Blood


Partners for Change

Meet the Partners

Become a Partner for Change

About Puerto Vallarta

Puerto Vallarta Local News

Local Event Calendar

Puerto Vallarta Videos

Puerto Vallarta Photos

Historic Puerto Vallarta

Local Area Maps

Important Phone Numbers

CraigsList in Puerto Vallarta

News Around Mexico

Mexico Issues & Opinions

Mexico Business News

Mexico Evironmental News

Lifestyle & Entertainment

Mexico Travel & Outdoors

Science & Technology News

Mexico News & Travel Videos

Stay Connected

Find PVAngels on Facebook Follow PVAngels on Twitter Sign up PVAngels Newsletter RSS Feeds on PVAngels


About PVAngels

Add Your Charity

Add Your News & Events

Locate Yourself on Our Maps

Jobs - Join PVAngels Team

FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information click here. If you wish to use copyrighted material from this site for purposes that go beyond 'fair use', you must obtain permission from the copyright owner.

m3 • local actions from global awareness