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108 Comments

Comment by Alexander Ogilvie on November 2, 2009 at 5:53pm

I agree with Doug....I have just recently had to drive to the states to wire transfer over $30,000 USD to my Mexican account at Banamex in order to pay the capital gains taxes to the Notary on time. The buyers were in Europe and had instructed their bank to DHL a U.S. check down to my account( they had to be in Arizona in person to send a wire) but Banamex would have charged me a healthy commission PLUS held the funds for three weeks. So I had them DHL it to my account in California and drove up and wire transfered down the exact amount to my Banamex account so the capital gains taxes could be paid on time. And Doug is also correct in saying that any CASH deposits over 20,000 pesos are subject to the 2 % tax. It's mainly to cut down on money laundering and a good thing to my thinking. But it is a little inconvenient now when you have U.S. currency you want to convert to pesos and Bancomer requires you have an account and deposit the funds first. But as I always say " we are guests in their country and need to respect their issues :^)".

Comment by Doug Christensen on November 2, 2009 at 4:18pm

Most of my Mexican Sellers have received their proceeds into Monex or another former "Money Exchange house- now bank", but even at Bancomer or others I have never heard of any restrictions on deposit amounts. I have deposited commissions of well over $25,000. Bancomer even gave me a plane ticket for making big deposits last year ago.
If over $20,000 Pesos is deposited in any calendar month in bills or coins then 2% (two percent) income tax is withheld on the amount over $20K Pesos.

Comment by George Puckett on November 2, 2009 at 3:39am

While I have mixed feelings about this, the following was entered in the Discussion Forum on the home page by Steve Rockman. If anyone can help him, please do so.

"I need help with my rental property in Rosarito Beach. The company that I planned to use, Seaside Rentals isn't taking customers in my area Costa Bella just north of Las Rocas. Also, I need a realtor to get an appraisal on my house. Lastly, I need to know a reasonable internet service for my condo.

Steve Rockman"

Comment by Carol Billups on November 1, 2009 at 8:38pm

And the whole bank thing gets real interesting at the end of the month (25% tax owed, escrow or no)

Comment by Carol Billups on November 1, 2009 at 8:38pm

Hi Alison,
Where are you located? Most of us use US escrow if humanly possible....

Comment by alison doncaster on November 1, 2009 at 7:47pm

If a deposit goes into a Mex bank and it must be less than $25,000 usd or else it is not permitted (according to what I have been hearing lately) so if this is true, how does that affect loans and mortgages and just the usual sort of real estate transaction???

Comment by Doug Jones on October 30, 2009 at 5:31am

More good news for financing in Mexico. In addition to the recent 1% drop in interest rates for 30 year loan programs, we can now do cash-out refinances of up to $1,000,000 on Mexico properties. The previous guideline was $500,000 max. For those who own a Mexico property and are looking for some ready cash to invest elsewhere, this is a great opportunity at record low rates (as low as 6.0% for 15 or 20 year loans). With Mexico prices so low, it is a good time to contact previous clients who already bought (or who still want to) and let them know the combination of low prices and low interest rates makes this a great time to invest in Mexico. For the time being, we cannot do cash-outs in Penasco or the TJ-Rosarito corridor - we are still doing new loans in these areas.

Comment by Russ Black on October 29, 2009 at 5:32pm

Whatever senior Blanco says I ditto

Comment by Kent White on October 29, 2009 at 4:41pm

A merger of the two groups will be the best thing you could ever do. In Rocky Point, aka Puerto Penasco we had 2 groups, PPAREA and AMPI. Both groups were created and run with the best intentions as individual groups and for the best possible ethical standards for membership and clients both. There were differences of opinions and theories of business practices, but most of the issues were based on misunderstandings of practices, and the natural competative nature that exsists when two entities want to rule the same sandbox.
The leaders of both groups, PPREA and AMPI got together and compromises were made, and we succeeded in creating a much stronger group that will continue to develop strong relations as members are more comfortable communicating with one another. One of the most imediate benifits came as soon as we were one. Political groups, developer's groups and others were able to walk the fence before, as it was easy for the leaders to say, "We don't want to pick a side and therefore we will not cooperate fully with either."
AMPI from its origin was structured as an association of agents. PPREA had more influence from the states where broker control is more common. Both of these pieces are important as the brokerages are the ones that assume the liabilities and largest threats from wrong doing, while on the other hand, the strength of any organization comes from its membership.
The phrase that keeps ringing in my ears was "Structure and oversight, not control."
It was not easy at first, as there were egos and deeply dug in heels, (Mine were wearing spikes), but due to the continual relentless attempts at open dialogues, with both factions mandating participation in the process, Puerto Penasco won. Though I was the president of AMPI Penasco, during the merger, the credit goes out to the boards of both entities and special recognition goes to Wayne Corchoran, for his facilitation skills, and Tab Gray, Heidi Wosak, and Jonni Francis for their persistance and patience.
In a nutshell it took us a year to become one. That was most important, from there we have updated our bylaws, our rules and regulations, and our code of ethics. We are currently updating our standardized forms that will be used by all brokerages. I believe most of our forms are on our AMPI RockyPointmls.com website. If you have any questions, I can be reached at kentoblanco@gmail.com , where I will refer you to Tab.

Comment by Russ Black on October 29, 2009 at 1:59pm

Hey Doug, just read your post and even though I am not in Real Estate I am extremely business curious. I know the AMPI president here and I will make sure he gets a copy of this question and I am sure he will have something to say on it. I am just kicking this back to let you know we are here.

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