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Some Considerations for Purchasing Mazatlan Resort Real Estate for Canadians

As published in the Canadian Real Estate Magazine, here are some guidelines and stats regarding real estate investments in Mazatlan Mexico. There are only 2,000 condo units in Mazatlan versus 8000 in Puerto Vallarta and Mazatlan beachfront properties have yielded as much as 30 to 40% return, and rarely less than 15% over two years according to recent statistics. In addition, examples of Mazatlan real estate condo investors buying condominiums converted from a former hotel for $70,000 and reselling them 1.5 years later for $150,000 to $200,000 after some renovations and professional property management companies are easy to come by in this resort city. In addition, the average age of Mazatlan residents and investors is between the late 50’s to early 60’s which is retirement age, making Mazatlan very profitable and interesting for the Canadian retirement community. Also, there is a good potential for cash flow from rental income and there are plentiful beachfront properties for sale with a large contingent of ‘Snowbirds.’

Canadians Purchasing Retirement Homes in Mexico Should Be Aware of Property Laws and Regulations

Canadians Purchasing Retirement Homes in Mexico Should Be Aware of Property Laws and Regulations

Requirements for Ownership of Mexico Property and Real Estate

According to the Canadian Real Estate Magazine, there are two important factors to look out for when considering purchasing Mexico resort real estate and property that includes the Special Mexican Corporation and Fideicomiso. The Special Mexican Corporation: Here, foreigners are allowed to control and own, and it may be used to hold title, instead of a Fideicomiso. Corporations for Mexico real estate purchase are being used more frequently because there are fewer restrictions then a Fideicomiso, they are less expensive to form (between $2000 to $3000 US with annual costs of only $400 to $1200 USD), and they may own multiple properties or oneo f more than 2000 square metres of living space. The Mexican Corporations can carry on any type of business including renting properties, operating B&Bs or dive shops and buying and selling properties. There must be at least two shareholders and they have to obtain an FM3 visa from Mexico, which generally costs between $150 to $300 per person maximum to setup your Mexican Corporation for real estate purchase. For Canadians who do acquire property in Mexico real estate market, it is recommended that you obtain an FM3 visa which allows you to live in Mexico full time or part time without obtaining tourist cards. In addition, to being required to use a corporation in Mexico real estate purchase, it allows you to ship your household goods via overland or sea carrier to any Mexican destination legally without being taxed and to import your automobile with fewer problems. This FM3 visa does not imply residency for income tax purposes, which is still determined by the Canada Mexico Tax Treaty. The Fideicomiso Mexico Trust: This is a trust agreement which holds the title of the property in which you purchase in Mexico real estate in an irrevocable trust, with a Mexican Bank trustee for the benefit of the purchaser or beneficiary. There are admin and bank fees to be paid as well as notary public fees relating to the costs of formation, which range from $3500 to $7000 USD with annual filling fees of $300 to possibly $750 USD. The Fideicomiso Mexico Trust has a life of 50 years and can be renewed upon application for an additional 50 years. The beneficiary may be changed for example to an owner’s children or to others if desired to dispose of the property. A Mexican Fideicomiso may only own one property, restricted generally to less than 2,000 sq m and predominantly for personal use only. The property can be occasionally rented; however, this creates additional complexities as the property owners should register the business in Mexico, prepare monthly tax filings for the Haciendas (Mexican Tax Authorities), and file Mexican tax returns as well as Canadian returns to report the income or loss for income tax purposes. This can be done but it’s fairly complex. Key Facts and Figures of the Mexican property market: The rental rates are between $500 to $1500 per week in resort areas and no estate taxes but taxes are subject to income and capital gains in Mexico real estate. Also, mortgages are sometimes allowed on newer Mexican real estate developments, but most likely not on older condos and beachfront homes. Property taxes are generally 0.25 of 1% value, and insurance for costs is very reasonable. Ocean front lots in Mexico are between $50,000 to $300,000 and up and the cost of construction is manageable at $65 to $120 per square foot in most instances.

Canadians Should Be Aware When Buying Mexican Real Estate

5. Infrastructure varies greatly from area to area, so investigate the state of real estate infrastructure development of the area in which you are interested (water, drainage, transportation and services). 4. Realtors are not required to have licences (although some sort of formalization of accreditation is now in process in Mexico real estate board), so choose a reputable realtor who is registered with the national association of realtors (AMPI) and check their references for due diligence. Many real estate developers in mexico contract licensed realtors in target markets such as Canada for sales and marketing. 3. Notaries transact all the Mexico real estate closings and transfer of land in the country and are government appointed lawyers who specialize in this field. 2. Foreigners as individuals are now allowed to purchase land within 50 kilometres of the coastline, and must do so through a Mexican trust called a Fideicomiso. 1. Understand that different types of property regimes exist in Mexico real estate – for example, regular versus ejido (reserve land), which affects the titling status.

Nuevo Vallarta LUMA Condo Residence Presales Mexico Real Estate

Living in a tropical paradise alongside an aqua-marine ocean and white sandy beaches has always been desireable, but that dream is now more accessible than ever with Luma, a new community of innovative resort-style residences designed for active adults on the beach in Nuevo Vallarta, just 30 minutes north of quaint Puerto Vallarta.

A masterpiece of contemporary Mexican design, Luma condo homes is a hall mark creation of California based Front Porch Development Company in partnership with Grupo Krone of Monterrey, Mexico.

With seven 10 storey condominium towers surrounded by lush tropical gardens and extraordinary views, Luma condo hotel is the last best residential community on the shores of Banderas Bay in the resort enclave or Paradise Village. The community appeals to those who love to live well in a spectacular natural setting. Nuevo Vallarta Luma Condos offers an ideal mix of resort amenities, comfortable art-filled modern filled spaces and a soulful slate of social and well being opportunities.

External Rendering of the Pre-Construction Nuevo Vallarta LUMA Living Condos

External Rendering of the Pre-Construction Nuevo Vallarta LUMA Living Condos

“Designed for the mature, sophisticated buyer, Luma boasts all the amenities of a top resort with the refined living experience of an active adult community,” says Lee Ratta, senior vice president of brand development at Front Porch. “We offer a value rich lifestyle opportunity to those who are interested in well-being, exploration, adventure and community.” One of Luma’s most appealing features is the Lifestyle Concierge program. Each resident has access to an assistant who will facilitate the adventure rich Vallarta lifestyle. The design of Luma Condo homes takes its cues from Mexico’s rich history and includes local art, refined finishes, and locally sourced slate and limestone. Each residence at Luma Nuevo Vallarta has been designed to uplift and inspire with features like floor to ceiling windows and wrap around verandas that take in the stunning ocean, and mountain views that Vallarta is famous for. Now selling, Luma Nuevo Vallarta condo residences will open this summer of 2009. Prices range from the low $400,000s to $1.8 million. Visit Luma’s beachfront sales studio and model home at Paseo de los Cocoteros 56 Sur in Nuevo Vallarta. Call 1.866.554.LUMA from the U.S. and Canada or visit www.lumaliving.com. It’s time for your mind and body to become better acquainted. Discover your spirit where your mind and body meet. Here, wellbeing is a way of life that extends beyond yoga classes and therapeutid massages – to beautifully designed, natural surroundings, and the joy and ease that come from days spent laughing, exploring, ane experiencing new things. Once, being connected was about who you knew. Now it’s about rediscovering yourself. Be here now. Luma. The new beachfront address in Nuevo Vallarta. Model Open. Now Selling. Luma Nuevo Vallarta real estate beachfront property. Active adult living reimagined.

You’re Invited! Nuevo Vallarta Luma Resort Living Weekend Getaway

Luma Living weekend getaway – an invitation to test the waters, margaritas and fairways in beautiful Nuevo Vallarta resort real estate properties. JOIN US FOR A WEEKEND GETAWAY, where you’ll have a chance to experience Luma resort condo living first hand. The gentle sway of sailboat masts beckoning the next adventure at the Nuevo Vallarta condo purchase opportunity. Flavorful local cuisine under a purple, pink and orange sky. Championship golf with sweeping views and wide-open fairways form your private suite at Luma Condos in Nuevo Vallarta. This is your chance to tour Luma Resort and explore one of Mexico’s most exciting and culturally diverse cities. Check out our designer beachfront model suite with both ocean and mountain views. Choose from an itinerary of activities: A sunset sail on a private charted yacht, beachfront alfresco dining, a round of golf at Paradise Village. Or simply relax and take in the art of doing nothing.

YOU ARE INVITED. OUR NEXT LUMA LIVING WEEKEND: July 25th – 27th - Discount hotel packages are available. Register soon, as space is limited. Call 866.554.5862 for details and to sign up for your preferred weekend getaway.

CONSTRUCTION IS WELL UNDERWAY AT LUMA RESORT in Nuevo Vallarta real estate market. View our webcam and see just how fast we’re making progress. Luma’s residents will move into their new pre-construction Nuevo Vallarta oceanfront homes fall of 2009. DAY OF THE CHARROS SEPT. 14 Experience the local culture as beautifully outfitted cowboys and cowgirls on horseback parade through the town.

NUEVO VALLARTA YACHT CLUB OPENS FOR SEASON OCT. 1. Get busy trimming those sails. The non-profit Vallarta Yacht Club opens for a season packed with sailing and parties.

FOR IMMEDIATE ATTENTION PLEASE CALL ONE OF OUR LUMA RESORT SALES AGENTS AT 866 554 LUMA (8652) Floorplans, residential renderings and model photos can all be viewed at lumaliving.com.

Luma Weekend Getaways Extended: You’re Invited

LUMA LIVING FALL WEEKEND GETAWAY - AN INVITATION TO SOAR, EXPLORE, FLOAT, SHIMMER AND SHINE at the new Luma Nuevo Vallarta condo resort waterfront real estate development in Mexico. AFTER A GRATIFYING RESPONSE, we’re extending our Nuevo Vallarta Luma Living condo resort Weekend Getaways through the fall. Come experience the local flavor, gentle ocean breeze and charmed life that is Nuevo Vallarta real estate. Lush fairways, local flavor and sunset strolls await you in this tropical paradise. Join us for a resort LUMA Condo Nuevo Vallarta real estate weekend getaway, where you can experience Mexico Luma condominium waterfront condo living firsthand. This is your chance to explore one of Mexico’s most eclectic, colorful and exciting towns at Nuevo Vallarta. Check out our designer Luma beachfront model with both ocean and mountain views. Choose from an itinerary of activities: A sunset sail on a private chartered yacht, beachfront alfresco dining, a round of golf at Paradise Village. Or simply relax and take in the art of doing nada.

YOU ARE INVITED - CHOOSE FROM 1 OF 2 LUMA NUEVO VALLARTA WATERFRONT CONDO REAL ESTATE LIVING WEEKEND GETAWAYS: September 26–28 October 17–19 - Discount hotel packages are available. Register soon, as space is limited. Call 866.554.5862 for details and to sign up for your preferred weekend getaway. Should you decide to purchase a new home at LUMA Condos in Nuevo Vallarta resort real estate, your travel expenses will be reimbursed.

The Interiors of the Pre-Sale Nuevo Vallarta LUMA Waterfront Condos

The Interiors of the Pre-Sale Nuevo Vallarta LUMA Waterfront Condos

BEACHFRONT HOMES WELL UNDERWAY AT LUMA.

View our new “Tour Luma” section of the website and live webcams to see construction and views. The first several floors and underground parking of Towers 1 and 2 are now complete. A gentle ocean breeze and the sound of lapping waves you have found home of your dreams. Relax knowing that the charm of Mexico resort real estate waterfront Nuevo Vallarta LUMA Condos is just moments from the door of your sanctuary. Share a sunset and let the warmth of the community calm your soul. Luma at your fingertips. FOR IMMEDIATE ATTENTION PLEASE CALL ONE OF OUR SALES AGENTS AT 866 554 LUMA (5862) Floorplans, residential renderings and model photos can all be viewed at lumaliving.com.

Join us in Nuevo Vallarta Luma Resort Weekend Getaways Extended!

AFTER A GRATIFYING RESPONSE, we’re extending our presale Luma Living Weekend Getaways through the fall. Come experience the local flavor, gentle ocean breeze and charmed life that is Nuevo Vallarta real estate community has to offer in this waterfront Mexico condo ground level opportunity. Lush fairways, local flavor and sunset strolls await you in this tropical paradise. Join us for a weekend getaway, where you can experience Nuevo Vallarta Luma condo living firsthand. This is your chance to explore one of Mexico’s most eclectic, colorful and exciting towns at Nuevo Vallarta Luma waterfront condo resort homes. Check out our designer pre-construction Luma beachfront model with both ocean and mountain views. Choose from an itinerary of activities: A sunset sail on a private chartered yacht, beachfront alfresco dining, a round of golf at Paradise Village. Or simply relax and take in the art of doing nada.

YOU ARE INVITED
CHOOSE FROM 1 OF 2 LUMA LIVING WEEKEND GETAWAYS:
September 26–28 October 17–19. Discount hotel packages are available. Register soon, as space is limited. Call 866.554.5862 for details and to sign up for your preferred weekend getaway at the pre-sale Mexico waterfront condo development at Luma Nuevo Vallarta. Should you decide to purchase a new home at LUMA, your travel expenses will be reimbursed.

Luma Nuevo Vallarta Resort - November Update

I wanted to touch base to show you the amazing progress we’ve made since our last construction update in July. You can check for yourself through our live webcam on lumaliving.com, or you can open the attached photos of the Nuevo Vallarta Luma resort real estate development to see that we are working on the final floor of both condo towers. Our current inventory has only four 3-bedroom units available in tower one. They all have wonderful views of the ocean. If you are planning on coming down sometime this winter to Nuevo Vallarta Resort in Mexico, let me know, and do stop by and pay us a visit. Hope you hear from you soon! Warm regards, Alex. LUMA SALES DIRECTOR | WWW.LUMALIVING.COM | PASEO DE LOS COCOTEROS 56 SUR, NUEVO VALLARTA, NAYARIT 63732, MEXICO | TOLL FREE 866 554 LUMA | IN MEXICO 01 800 123 LUMA / 322 226 7290.

Luma Living is the first American-developed, full-ownership, active adult beachfront community in Mexico. At Luma, every community member is assigned a person concierge - a dedicated individual to help with any needs, want or wishes, including restaurant reservations, housekeeping, 23-hour live-in services, and more. Visit our site to learn more about Luma’s special features and owning property in Mexico, and join our interest list to receive information and updates on life at Luma, including a full-color brochure, pricing lists and floorplans. Or call a Luma Sales Representative at 1-866-554-LUMA.