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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.

ORIGO Presents The Elements Luxury Condominiums and Vaiven Playacar Golf Resort Homes in Playa del Carmen as well as Marina Mia Mayan Riviera Resort

Marina Mia Mayan Riviera Mexico Resort Real Estate Opportunity

Introducing Marina Mia at Puerto Aventuras, Mexico golf resort community in the Mayan Riviera. Who says owning a vacation property in the Caribbean has to be expensive? Marina Mia Resort in Puerto Aventuras is an extraordinary Mexico recreational real estate project located in the exclusive boating and golfing community of Puerto Aventuras, just south of Playa del Carmen. This is a perfect retirement community for retired seniors and couples looking for an affordable Caribbean option. Luxury condominiums at Marina Mia Mexico Resort properties and retirement community with access to all modern amenities starting from just $229,000 CDN. Exceptional Caribbean living for Canadians in Mexico’s Mayan Riviera.

Mexican Riviera Marina Mia at Puerto Aventuras Mexico Golf Resort Community

Mexican Riviera Marina Mia at Puerto Aventuras Mexico Golf Resort Community

For more information and invitations to exclusive events by the Mexico Mayan Riviera Marina Mia condominiums, please register at relax@abodemexico.com or visit us online at www.abodemexico.com. Exclusive Listing Broker for the Marina Mia Resort in Mayan Riviera real estate is Coldwell Banker Terrequity Realty, Brokerage. The Mexican Resort real estate luxury Marina Mia resort condominiums for retired seniors realized by esteemed builders, ORIGO ® Developers. Financing for the pre-sale Marina Mia Mexico resort condos available from Scotiabank and secure title ownership protected by Stewart Insurance Company.

Vaiven Playa del Carmen Mexico Retirement Community

Did you know that the Mayan Riviera in Mexico is one of the top golf vacation destinations in the world plus it is considered to be a great retirement community for seniors and retired couples? Introducing the pre-construction Mexico Vaiven Playacar Golf Resort Homes for sale in the Mexican Mayan Riviera real estate market. Vaiven is located in the exclusive gated community of Playacar real estate, steps from Playa del Carmen’s famous Fifth Avenue. Luxury condominiums at the Vaiven Playacar condos with elevators, underground parking and access to the finest golf courses starting from just $317,000 CAD.

Pre-Sale Mexico Vaiven Playacar Golf Resort Homes for Sale

Pre-Sale Mexico Vaiven Playacar Golf Resort Homes for Sale

Exceptional Caribbean living for Canadians in the Mexican Mayan Riviera are now available at the pre-sale Playacar Vaiven Condominium Resort that is also a great retirement community for Canadians and Americans. For information and resort invitations to the Playa del Carmen Mexico Vaiven resort condominiums, please register by emailing relax at abodemexico.com or you can also visit their marketing web site at www.abodemexico.com. This is an Origo Development in the heart of the Mexican Riviera recreational real estate community and the exclusive listing broker is Coldwell Banker Terrequity Realty Brokerage and Scotiabank is providing great financing options to Canadians retired couples and seniors. The pre-construction Playacar Vaiven condominiums and resort homes are now available with secured title ownership through Stewart Insurance Company. ORIGO Developments has now started selling these pre-sale Mayan Riviera resort condos.

The Elements at Playa del Carmen Real Estate in Mexico

If you are looking to retire or looking for a Caribbean retirement community in Mexico’s playa del Carmen community in the heart of the Mayan Riviera, please check out the ORIGO Elements luxury condominiums. Did you know there are 300 days of sunshine in friendly Mexico a year? The Elements Playa Del Carmen resort luxury condominiums represents the absolute best in Caribbean living and is brought to you by the well respected property resort builders ORIGO developments. This magnificent Mayan Riviera property fronts the famous white sands of Playa del Carmen in Mexico, just south of Cancun. The luxury pre-construction Elements condominiums with breathtaking views of the Caribbean Sea is now offered at $652,900 to $997,000.00 CDN. Wouldn’t you want to retire here in this absolutely phenomenal retirement community setting in the heart of Playa del Carmen?

The Pre-Construction Elements Condos at Playa del Carmen

The Pre-Construction Elements Condos at Playa del Carmen

For more details and events at the Playa del Carmen Elements Condominiums by ORIGO developments, please check back at the web site at abodemexico.com or you can email relax@abodemexico.com. This is ORIGO Developments most superior and luxurious Playa del Carmen condominium property at this point in time and sales and marketing are being taken care of by Coldwell Banker Terrequity Realty and the Insurance company is Stewart Insurance Company that will take care of your title ownership deed. In addition, the pre-construction Playa del Carmen Elements condos by ORIGO represent the best in Caribbean living and lifestyle in the Mayan Riviera.

Mexico ORIGO Real Estate Developer Targets Canadians for Buying Off the Plan in Good Faith and It’s Working!

Buying condominiums off the plan takes on something of a new meaning when the property you’re considering buying is two countries away in Mexico. But that’s the reception Canadians have quickly shown a major new real estate development at Playa del Carmen in the Mayan Riviera of Mexico resort property. Origo Developers is building three separate condominiums in this stretch of more than one hundred kilometres of white sandy beaches in the northeast part of the Yucatan Peninsula. Canadian home buyers and real estate investors in Mexico, a primary target market for Origo Developers, quickly snapped up all the lower priced units in the project when the developer visited Toronto recently on a sales and marketing mission. “That’s pretty exceptional, considering all the ‘doom and gloom’ in the headlines, and the fact that these clients weren’t on the beach in Mexico real estate looking at the property,” says Kristyn Wong-Tam, broker with Coldwell Banker Terrequity Relaty Brokerage in Toronto. “They were buying off the plans, though most have been to Cancun,” the resort area about 50 minutes from Playa del Carmen in this new Mexico resort real estate market. Origo Developers contacted Coldwell Banker to represent the resort property in Canada. “It’s very important for us to have a relationship with a realtor from Canada for our Canadian customers’ real estate investment outside their country,” says Origo’s Rodolfo. The property developer has three buildings along the Mayan Riviera in Mexico each with slightly different marketing and pricing strategies. Canadians responded, buying out the entry level units at Marina Mia Playa del Carmen, the building with the lowest price point but the one first being delivered to the Mexico property market, in October 2009.

The Locations of the Luxury ORIGO Developments in Mexico Real Estate Market

The Locations of the Luxury ORIGO Developments in Mexico Real Estate Market

And checking out the prices of the 56 units, it’s not wonder why. For $199,900, you could buy a 1281 square ft two bedroom ground floor pre-sale Mexico resort condo with a 280 sq ft terrace. Most of the pre-construction Marina Mia condominiums are priced at $229,850, for roughly 1,294 sq ft and top out at $401,350 for a two bedroom penthouse condominium. The company’s other buildings in Playa del Carmen real estate market are the mid range Vaiven condominiums, which accounts for most units, 249, and ranges from the low $300k for a 1840 sq ft two bedroom unit to 2500 sq ft three bedroom penthouse at still less than $400k. The highest part of the Mexico resort real estate development at Playa del Carmen is the Element, boasts 92 suites ranging in price from the mid $600k to mid $900k and in size from 1314 to more than 2200 sqft. Origo and Coldwell also partnered with Scotiabank Canada, which has offices in the area, as a preferred lender to assemble a Canadian buying program and financing for Mexico real estate purchases. “You can actually do the mortgage application in Canada and transfer the paperwork to Mexico,” says Wong-Tam. “You can actually get pre-approved here using your Canadian credit scores, deal with the banks here and, when you’re ready to take possession, they transfer you down there, and that’s where you’ll do your final paperwork.” TD Canada Trust has also put together a program for using Home Equity Lines of Credits for your purchase of ORIGO Mexico resort condo in Playa del Carmen. Buyers can achieve returns by holding on to the property, if they’re buying it for personal use, or by circulating it into the short term rental market. Origo offers its own property management services, or unit owners can contract Bric International through an arrangement with the developer. Management fees are about $200 per month, plus 35% of the rental income payable only if the unit is rented out. Rental clientele is expected to be a mix of wealthy Mexican locals, European vacationers and of course Canadians and Americans.