Wednesday, December 03, 2014

Legal Landlord?

Foreigners Who “Own” & Rent in Mexico….It’s Time to Get Legal!

Paradise”…..a land where life is worry-free and simple. We all seek a place where all responsibilities are left behind, where having-to is forgotten and replaced with not-having to. Many foreigners found this “Paradise” in the beautiful country of Mexico where they find pleasant surroundings, affordable living and a wonderful lifestyle!Several years ago the Mexican Federal Government made it possible for foreigners, non-Mexicans, to acquire the “rights of ownership” for properties in the “forbidden zone” opening the door to the coastal regions where many a foreigner has purchased his “Paradise”.

Many of these “property owners” partially subsidize their “Paradise” by renting their property to visitors in tourist areas who desire a vacation rental over the traditional hotel experience. The rental income helps offset the cost or “ownership” and provides a great incentive for having the property while also using it personally. All seemed well with this arrangement until a recent issue on rental income tax requirements began to surface. While the Mexican Federal Government welcomes foreigners to purchase the “rights of ownership” on properties in Mexico, it also expects the “owners” to abide by the Mexican laws governing these “rights”. The pressure is on to get these “owners” legal and paying taxes as the law requires.

Foreigners Who “Own” & Rent in Mexico….It’s Time to Get Legal!

I posted this article on a message board and someone named Buffalo Don didn't like it because it was from last year. I would be cautious of any landlord you meet by that name.  As foreigners we have to do our part and do it legally.
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