Capital Gains Tax (ISR) on the Sale of Homes in Mexico: This is a subject that everyone wants to know about and everyone wants to find a way to legally avoid. In an effort to keep you up to date, the following is the “cliff note” version of what you need to understand. In 2007 the Mexican government modified the rules pertaining to the exemption of income tax obtained in the sale of primary residences. The reason they did this was principally to close loops holes that allowed the upper class to avoid paying taxes on any homes they owned.
Los Amores: Los Amores is a master-planned residential development designed to provide, in a unique environment, different options to best accommodate most demanding needs. This development offers six condominium options (A-F) and two villa options (Capricho and Deseo), within a secure and gated community, with amenities and features designed so owners can spend quality time with friends and family in a fun, relaxed and enjoyable way.
Las Vistas: Las Vistas offers the opportunity to own a luxury condo nestled in the jungle on the top of colonia 5 de Diciembre with a spectacular view of the bay, beautiful sunsets and endless city lights of Puerto Vallarta. Developer Carlos Vazquez continues to reach new heights in design and quality, offering an attractive floor plan with top-of-the-line finishes throughout.
Costa Vallarta Real Estate Trends 2008-2009: I’ve been writing these articles for the past five years — five exceptional years, where the real estate market experienced rapid growth, appreciation and demand. In last year’s article, I reported that a downturn seemed to be approaching. Today, while updating and writing this report, there is no doubt that the market has slowed and the USA is most likely in recession.
The Value of Real Estate to Our Community: When most people think of real estate as an industry, it brings up images of tracts of single family homes, large commercial and condominium towers and shopping malls. But are there benefits other than providing housing, office space and shopping opportunities?
Puerto Vallarta Real Estate Conference 2006: In March of this year, Producciones Viva held a real estate conference at the Sheraton Hotel for realtors, developers and the public interested in real estate investment in Mexico. Below is a summary of some of the sessions that took place.
Puerto Vallarta: A Real Estate Success Story: What we can establish as being “a success”? Well, in 2000 Puerto Vallarta had roughly $50 million in resort real estate sales (“resort real estate” is defined as real estate purchased primarily by retirees or second-home purchasers). There were rarely homes selling for more than $1 million and few large real estate developments.
Artesanias: Situated in the prestigious El Tigre golf development in Paradise Village, Nuevo Vallarta, only 10 minutes from the airport, and 20 minutes from downtown Puerto Vallarta. El Tigre offers a professional golf course with a magnificent Mexican club house, a world-class spa with social and full sports facilities, and a private luxurious beach club.
Letting Someone Else Do the Chores: An Overview of Labor Laws for Domestic Employees in Mexico: Cooking without having to do the dishes or even not cooking at all! A beautiful garden without the weeding! The availability of reasonable domestic help makes all this possible for most North Americans living in Vallarta, but be aware that the casual arrangement you make with Maria to straighten up your condo three days a week is a binding legal contract.
Doing Your Homework: If you are reading this, chances are that you have a vested interest in real estate in the Vallarta region. You are most likely a buyer or a seller (or both) or a professional involved in the industry, and you need sources of clear and current information about the state of the market.
Best Place to Retire?: During the past 15 years, International Living magazine has calculated its Annual Global Retirement Index; a resource intended to assist retirees and future retirees in evaluating and comparing the world’s most popular retirement destinations. It is based on a number of criteria, giving various weights to each, depending on its importance to retirees.
Buying Real Estate in Mexico: It is a common misconception that foreigners cannot own real estate in Mexico, but the reality is that they can. It is perfectly legal for a foreigner or foreign corporation to acquire any type of real estate, holding the property as a direct owner, with the exception of properties located in the Restricted Zone.
Why you should use an AMPI broker: The time has come. Whether after one brief trip or following years of visiting Costa Vallarta, you have decided that you want to purchase your very own piece of paradise on the beach.
Why Title Guaranty?: When you decide to buy a property you must be certain that after the sale has been completed you will be the true owner of the property. You need to be confident that no liens, encumbrances or other impediments will prevent your free use and enjoyment of the property.
Escrow; Third Party Security: When purchasing a property one of the most important issues to address for both a buyer and seller is how and under what conditions the funds will be safely transferred.
Why Puerto Vallarta?: While Los Cabos and Cancun seem to always be in the news as appealing Mexican destinations, Puerto Vallarta has been keeping a low profile in the background. And while the spotlight’s on them, it is actually Puerto Vallarta that has created this country’s largest resort real estate market.
Real Estate Trends 2007-2008: For the past five years, we have prepared a list of trends we perceived to be taking place in the Vallarta real estate market. Information is gathered through interviews with real estate agents and developers, then compiled and reviewed for trends.
Mexlend Closes the First Refinancing Loan in Puerto Vallarta: Puerto Vallarta-based MEXLend, an industry-leading mortgage broker in Mexico, has closed the first GE refinancing loan in Vallarta, and only the second in Mexico, marking the beginning of many more financing options to fund in Banderas Bay.
Title Insurance: A home is usually your largest single investment. When you purchase a home, you purchase homeowner’s or hazard insurance to protect against loss from fire, theft or wind damage.
Real Estate Conference 2007: This month I want to dedicate some space to the recent Real Estate Conference, one of the fastest-growing events related to the industry in the Bay Area. Numerous speakers and experts in their fields touched on not only interesting points but revealed facts important to any broker or realtor. Books were unveiled, statistics studied and business cards exchanged.
