Well, it's not too early to start making plans for next year. Can someone kindly tell me where Banco Bajio or Bajia is located? Thanks,
The bank is the titled owner of the property: wouldn't you have to sell, in order to change that, and incur all the expenses that go with getting a new fideicomiso, including the large fee charged by the government to approve issue of a new fideicomiso?
4NSPY - Thanks V, probably but it is worth checking out. The USD price is $540. I need to figure the break even analysis to see if it is worth it and how long the payback period would be, and then apply a present value factor and forecast the rate of foreign exchange over the next 3-4 years. I am joking after the $540. part. Aren't I a funny guy?
I love to save here and there, but this looks like a loser. You'll sell to a third party before you ever reached breakeven.
Fide It is in Plaza Palmas but it's kind of hard to see...it's tucked into the plaza behind where the old Bisquets was...it almost looks like a storefront instead of a bank...Check them out TJ,,,they are as nice as can be. I'm not sure about all the additional expenses but I can tell you, they are so nice to deal with!
I agree - Banco del Bajio is where I have my fid. They charge $440 every year, and it's every bit as simple as CancunNurse says!
Now I remember seeing it there when I went regularly to that plaza for sushi. V is right that it is a sale but there may be some mechanism for a cheap transfer. Heck, they get $440 a year for doing nothing but billing you, they should eat the costs just to get the income stream. Alternatively, the cost may be little enough to justify paying for it myself, God forbid.
I just went by Scotiabank, where I have my fideicomiso. They are billing me $6,880 for the first "renewal". It's due by the end of November, on a fidei opened in November, but I've got till end of January to pay with no penalties; however, they said I could prepay extra years, if I wish, and would pay the rate applied to this year. If I wait, two things can go badly- high inflation in Mexico (the fidei is upped by the official rate of inflation in Mexico, each year), or the peso may strengthen against the USD (seems to me both are likely). So, I may just go ahead and pay for the next two years. In any case, the difference on a small sum like this is not too much, anyway, but the savings might buy a cheap dinner out. As T.J. pointed out, WHAT A RACKET for the banks! Still, as Gringation reminded us of, what I pay in real estate taxes $20 USD/month , condo fees ($180 USD/month), and fidei renewals (just over $40/month) is small change compared to costs related to condo ownership almost anywhere I could live in the U.S.
