Don't get me wrong.. I'm not complaining.. I'm sure many of use would love to be free from the yearly Fideicomiso racket... but I've been here long enough to know that there is something else at play here... especially if multiple parties are actually agreeing on something so easily... The mining rights, might be a telling clue... after all, why would they otherwise want that to be in there since it would have very little to do with your typical buyer's needs. I guess we'll figure it out when the new oil field or mine gets opened up by some foreign company... and the politicians are in their shiny new yachts... :xyxthumbs:
fideicomiso Bingo! Makes since, someone has their thinking caps on. and thanks for the info ( life in Cancun) on the property in pm, priced in the 30’s my experience with homes on the wrong side of the tracks, is that they don’t go up in value and very difficult to get rid of. I guess I will save my pennies, or rent latter on in Cancun; I’m heading down there next month. I plan to spend a year there.
You are on to something. Pemex is looking at shortages starting in less than a decade. That particular threat is the most dangerous event Mexico is facing. Meanwhile, the laws against foreign investment in Pemex stand firm and are a perfect example of the pig-headedness and inability to plan that affects the Mexican government. Royal Dutch Shell, a company with expertise in deep water oil extraction has beein intersted in investing in Pemex and could supply the infrastructure and knowledge Pemex so sorely needs. Yet year after year the've been rebuffed. I'm wondering if this could be a back-door approach to allow foreign oil exploration in Mexican waters. The oil would still be Mexico's, so some sort of deal would have to be struck. Meanwhile, the idea of oil shortages beginning here in 8 or 9 years from now makes the expat future a bit cloudy. Hopefully things will change, probably in about 7 or 8 years from now. That last year could be an interesting one.
MAN WOULD I LOVE THAT!!!!!!!!......Especially since the IRS deems a fideocomiso to be a foreign trust. What a hassle THAT was last year! Jim, please keep us posted on this. Do you know when the vote is expected? Also, for those of you who now pay a fideocomiso.....is there IVA added to your amount. I can't understand why there should be this tax on such a fee, but my bank rep started charging me an extra 1050 Pesos, two years ago, and I had to cough it up for the year before that too. No one I know here in Veracruz has to pay a fideocomiso, so it's hard to research fro here.
This sounds too good to be true. The banks will object to it since they will not make money on the annual fee. The notaries will love it since they will make money in the transfer of the paperwork from the trusts. Tough call on who has more pull on this. But we the owners are the ultimate winners if this will happen.
I don't know how they do it in Cancun/Quintana Roo, but I believe I have THE original of my escritura (has that holographic sticker on it) and not the bank. Therefore they can simply burn their paperwork, for all it matters. I still wonder when they will vote on this, and more importantly, when it will take effect if passed.
I have not been able to find anything more of this via online searches although I did find one article that indicated that it should be settled by 2008, LOL! Any chance any one else may have found anything recently? TIA.
It doesn't give any kind of timeline but I found this, in English: Senators Take on the Constitution to Simplify Foreign Investment in Mexico – International Living
It will probably never happen again, but we missed out on a chance at what seemed like a reasonably good deal on a condo. The owner was in a hurry, and sold to a Mexican, rather than us, because of the extra week it would have taken for us to get up a fideicomiso.
