So many people have asked recently about the
changes the Mexican Government is planning,
which affects the Real Estate Industry.
Since a while there are very solid rumors, that
Foreigner buying property in Playa del carmen
or other areas in Riviera Maya for example will
not need a banktrust in their name when
purchasing real estate.
And now there might be a TAX reform coming, where one point of many in the governments suggestion is to charge a 16% VAT tax on Real Estate sales.
Both of the changes would be major changes.
Here a bit more about this possibilities. We don’t really have an opinion about it and just wanted inform foreigners about the latest possible trends in Mexico real estate.The lower house of Mexican Congress has voted to allow foreigners to own residential property in their name and the next step is that senate needs to decide.
The idea is to boost the Real Estate market in Mexico. Since May the changes are being discussed and would mean a lot of change for the real estate industry and investments in Mexico.
Now the idea about charging a 16% VAt tax on real estate has not passed the lower house of congress neither the senate.
It is part of an initiative from the government to make a tax reform for Mexico. Basically what in implies for real estate is a 16% raise in prices. There is a real chance this might happen and if it becomes a law, we could expect this around January 2014.
What are our suggestions. As always plain and simple.
Regarding the banktrust. If you own a property here already – Nothing really needs to change.
If you want to buy a condo or home in the future, without banktrust you would save on the closing fees of course.
Regarding the possibility of a 16% VAT tax on Property Sales – really simple – Buy Now!
One of the best deals for Playa del Carmen Real Estate is Papaya Plus Condos. Click on the picture for details and get with us right now a 10% discount from the developer. Top Quality, Modern Design, Ocean View and you can buy it for less than 240k.