G3MEX GOES TO VANCOUVER: Tuning Into the Canadian Perspective of Mexico
GMEX Real Estate Company just returned to Vallarta from the Mexi-Go Expo in gorgeous Vancouver. Mexi-Go is a travel, real Estate, investment and retirement website and magazine for Canadians considering traveling or moving to Mexico. This was our first year at the Expo that they host in Vancouver. We thought it was time to find out more about what our friends to the North want when looking for a property in Mexico.
Here are some of the questions and concerns that we heard at the conference:
How would the new proposed legislation regarding Bank Trusts effect foreigners when they purchase in the restricted zone?
At this point the legislation has not been passed, so, foreigners purchasing land within 60 miles of the U.S. Border and within 30 miles of the ocean have to continue using the Fideicomiso (Bank Trust). In fact, many Mexican Nationals prefer using Bank Trusts, as they view them as more secure. They are renewable every 50 years, and another advantage is that you can pass your investment on to a 3rd party by simply naming them as a secondary trustee. Thus the property would pass without risk of probate, inheritance taxes, etc.
Fideicomisos are very secure as the Mexican Bank has a fiduciary responsibility to the trustee. You, as the beneficiary, have all of the rights related to the property and can sell, lease, rent, build on, or do pretty much anything that you want, as long as you follow local zoning requirements.
Is Vallarta Safe?
This is a valid concern for most people planning a trip or a move to Puerto Vallarta, or anywhere else on the planet, for that matter. To get the real scoop just ask a regular visitor or resident of Vallarta. They will probably tell you that they feel just as safe or safer here than they do North of the Border. Of course, it’s essential to exercise common sense anywhere that you travel or live, and keep valuables, and large amounts of money in secure and locked locations.
Is the cost of a high-quality lifestyle really cheaper in Puerto Vallarta?
The answer is a resounding YES! The Huffington Post reports: “Puerto Vallarta is more expensive than other places where you might consider living or retiring overseas, but in Puerto Vallarta that’s not the point. This isn’t developing-world living. This stretch of Mexico’s Pacific coastline has already been developed to a high level. In Puerto Vallarta, you can buy a world-class lifestyle in a region with beautiful beaches and ocean views that is supported by world-class golf courses, marinas, restaurants, and shopping. This is a lifestyle that is comparable to the best you could enjoy in southern California, if you could afford it. Here you can afford it even on an average budget!”
You can also keep your expenses at a minimum by using the local resources such as the Mexican run markets and fishing co-ops, and by taking advantage of public transportation. Also, Puerto Vallarta has a plethora of high-quality and inexpensive medical care resources, which on average are a tenth of the cost of the USA or Canada. This coupled with very low property taxes makes Puerto Vallarta a perfect retirement location.
What are the immigration requirements for people who want to retire in Mexico?
A lot of things have changed this year regarding Visas and Migratory Status. For the latest and greatest go to the official INM site at: http://www.inm.gob.mx/index.php/page/Migrantes
Essentially, we recommend that you first spend some time in Puerto Vallarta on a Tourist Visa, which is valid for 180 days, to get a feel for the area and to find a location that you love. Once you’ve decided that yes, this is the spot for you, you will need to go to the Mexican Consulate in your native country to apply for any residency status in Mexico.
Are there constraints, limitations, costs, and new laws for bringing foreign vehicles into Mexico?
The laws have changed quite a bit if you’re a resident of Mexico, though, if you are just traveling in the country on a Tourist Visa you can still bring in a car with foreign plates. We found some extremely helpful information regarding Nationalizing a foreign car on this site at: http://www.mexicoonmymind.com/permanently-importing-your-vehicle-into-mexico-2013/
We were really impressed with the passion for Mexico that the Vancouverites attending the conference have. In many ways Vancouver feels like a Sister City to Puerto Vallarta. Both areas offer an incredibly high-quality lifestyle, friendly people, great food, beautiful views of the water and the mountains, and world-class recreational activities for both young and old alike.
Many thanks for your hospitality and the wonderful experience!