On "Zero Capital Gains Tax Exemption" in México and other latest news
Effective December 9th 2009, there was a updated ruling proposed that could require much more documentation than before to receive a "Zero Capital Gains Tax Exemption in México when you sell your property".
Take a moment and examine your Bank Trust and all your utility bills and make sure the name is consistent with the Trust. Your FM3's or FM2's should be kept current and it is also suggested you have and keep your bank statements from a Mexican Bank to further prove you are a full-time resident in order to claim this tax exemption in the future.
Take the time to verify everything is in order and if you have a bill-paying service paying your utilities make sure the names are the same. As Realtors, this is where we can get surprised when the bill paying service or new owner never changed the utilities into their name and it can have an adverse effect on a transaction.
México gives this tax exemption to only those who have the México property as their primary residence and one of the ways they verify that is by "usage" on your electric bill. If your electricity and water bill have minimum amounts on them monthly, then it is obvious the property is not a primary residence. PRIMARY RESIDENCE is the key factor here.
You may have only one capital gains tax exemption in a year's time. The Notary MAY have a Seller sign a document that you have been a full-time resident for the Notary's file.
# 2: The New York Times came two weeks ago and took photos of one of the homes in Rosamar for a January feature story in their International Real Estate Section. They called today to verify the ownership questions the writer had. It sounds like it will be a very positive story.
# 3: The new 6-lane road along the border going to Playas is almost finished, but the turn to get to Rosarito and Ensenada has changed. It is best to be in the far right lane (by the military) and you will be in the right spot to get to the Toll Road. There is a new stop light there and the TWO LEFT lanes will take you into Playas. GET TO THE RIGHT LANE.
# 4: With Health Care issues going on in the USA, Mexico is working to attract some Medical Tourism with some great care and much lesser fees. Here is an interesting link for a Puerto Vallarta group of expatriates with a hip replacement for $13,000.
http://www.pbs.org/newshour/bb/health/july-dec09/mexico_12-28.html