PURCHASING PROCESS IF YOU´RE A MEXICAN LIVING IN THE US.
Hello jungle tribe, how are you doing? This is Sebastian Papworth. I’m a real estate broker investor and developer in the Riviera Maya and today we have a very very special treat for you. We are with Stephanie de la Millar. How are you doing today Stephanie? Very good, yourself? Very good, above average and I’m very very happy to be able to talk with you and so that you can share all of your knowledge about real estate law, immigration, i mean you know so many things about real estate law here. So you’re the partner and co-founder of Sekuralaw, is this correct? Yes, partner. Okay perfect and how long have you been in Sekuralaw? I have been here eight years accounting. Awesome, eight years, wow that’s a long time. So do you know how many real estate transactions you’ve been a part of?
Tough questions. I will say, maybe already a thousand we can talk about.
Okay so just to give you an idea of how much knowledge she has. So our readers and our viewers asked us several questions so we’re going to shoot those legal questions, closing questions, questions about immigration, taxes and just overall the legal closing process in the Riviera Maya. So let’s start.
So we have a lot of mexican nationals maybe first generation, second generation and third generation of Mexicans living in the U.S. and they also want to purchase property in Mexico. So maybe they want to invest their hard-made money back in into their country. If there is a Mexican national, maybe like I mentioned, first or second generation that wants to purchase property here, do they have to get a trust? Do they have to buy through a Mexican corporation or a fideicomiso? Or maybe if they’re married with a, maybe their spouse is Mexican, do they have to do it that way? We get that question a lot.
Yeah, it will depend in every phase. Obviously that it has to be meticulously analyzed to be able to provide the right answer because regarding a family ties, it’s different for every family. Every family has a story so and definitely what comes first is that we have to assure if we can relate a Mexican birth certificate and with an id of the person that wants to apply for buying here in Mexico. Or buying directly by the nationality, by Mexican nationality, so at the end it is really important to have this birth certificate that proves and credits that you are mexican. That will be the first step, the step one. And have a mexican id that can match with your birth certificate so we can demonstrate that you are mexican citizen. That will be step one but might require many steps behind that. So that’s why we have to analyze step by step. It’s doable, it’s possible but it will need the the first or previous step before you advise something and decide to move forward so you can be legally prepared when you sign the promissory contract and be certain about: “Yes, I’m buying as mexican because I’m well prepared with all the documents”, before you take the decision, you know. Okay.
And can you have a double nationality? Yes. Mexico allows to have multiple nationalities. The only fact that you have to consider that is you will be considered of course as a mexican if you buy as a mexican. So you cannot appeal for a protection of the U.S or Canada government if you are buying as mexican. That is really important to consider.
Okay, perfect. And taxation, do you have to pay taxes in the U.S or in Mexico? Thank god there is a double treaty regarding taxes which allows you to demonstrate to the corresponding authority that you have already paid your taxes. Let’s put out an example. If you are already paying your capital gain taxes here in Mexico, you will have the receipt of the payment of the taxes, so when you are back in U.S or Canada and they want to charge the capital gain taxes again. You can show these receipts that you already paid your taxes in Mexico and then, due to this international treaty, you will be okay paying only taxes in Mexico. You will be complying completely with the law and the opposite if you have, let’s put another example, if you are receiving income from rentals and you already pay the income tax in Canada or U.S., you can demonstrate that to the mexican government, so there is won’t be another taxation for the same income if you already pay the taxes in the other country. That is part of the international treaty. This means Canada, U.S. and Mexico. Perfect so maybe if you have a great great great grandmother that was born in Chihuahua or in Oaxaca, anywhere in Mexico. And you are a fellow paisano and you’re looking at this video, just make sure that you have your birth certificate, correct? Your own birth certificate that’s Mexican and Mexican identification. It could be an INE or Mexican passport.
And you can help getting those ties straight so that maybe they can be able to get that birth certificate or that id? Of course! We have an immigration area here in the law firm, so we can provide that assistance to make sure that we credit the family ties until you are able to get your birth certificate. Perfect. And marriage. What if someone from the U.S. marries a Mexican national. Do they have to get a trust or a corporation? It also will depend in every case. Obviously that I wish to everyone a happy marriage but sometimes it doesn’t happen like that so you have to analyze in your own specific case if it’s better to acquire through the trust and put your love spouse as the beneficiary, as a substitute beneficiary or if you want that she or him owns the unit directly. That will definitely up to you. Those are the sensitive questions that we have to walk out of the office when you ask them to clients, right? So they can exactly talk about it. Better talk to each other before that meeting so you are certain about what do you want for your future. We’ll give you the heads up if that question is coming.
Thank you so much Stephanie! You are a world of information. Thank you so much for all the valuable content, all the valuable information that you’ve shared with the audience. What if there is someone that wants to purchase a property or wants help with immigration or taxes? How can they contact you? We have our website. It’s sekuralaw.com and you can also find us in instagram, we upload content every day and useful content. It is sekuralaw_sc and also you will have my whatsapp number and my email address so you can feel free to reach me. Thank you so much for inviting me to chat. This has been really really really enjoyable. Thank you very much and thanks everyone for watching this content. Give it a like, subscribe to the channel; we will keep updating you with more information so that you can make a safe investment. Happy investing everyone!