Hi I am looking at my options at purchasing a condo in Mexico and renting it out for portions of the year. But it isn’t very clear on how to do it legally as we would be getting an income from it. Does anyone have any experience with this? If so any suggestions or help would be greatly appreciated.
A quick query surfaced this (old dated) resource on Google: What You Need to Know About Your Rental Property and Mexico's tax laws. - MEXLAW Who knows how the new USMCA applies as well as Cdn and MX tax law
If you still need any help then just let me know and I will give you the phone number of one professional in Playa del Carmen who will be able to guide you through the whole process.
Unless you have a house manager, I would absolutely not. Renting here is a nightmare. Make sure your legal work is ironclad. I have four homes here, and learned lessons the hard way. If you don't do it properly, your tenant can end up owning your home via squatter rights. Don't deal with any Cancun, Playa or Tulum companies. My managers are all from outside QRoo. The rental income can also be a bookkeeping nightmare. Get a reputable representation. Don't cheap out on a lawyer. Build a relationship with a notario, it'll come in handy. If you can network with a judge, that's even better.