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In order to purchase property in central Mexico..can a U.S.

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In order to purchase property in central Mexico..can a U.S. corporation do so? I thought that a u.S. corporation will need to create a mexican corporation to hold title?
Submitted: 1 year ago.
Category: Business Law
Expert:  TexLaw replied 1 year ago.

Hi,

A U.S. Corporation may own real property in Mexico and is not required to incorporate as a Mexican Corporation.

-ZDN

Customer: replied 1 year ago.


Does it matter if its a non profit corp versus a for profit? Or is that issue only related to taxes, if any?

Expert:  TexLaw replied 1 year ago.

A US non-profit may own property in Mexico. However, the fact that it is a US non-profit will not exempt it from taxes in Mexico.

Customer: replied 1 year ago.


oh ok i c. What taxes will we pay in mexico? we will be owners and use the property for office space for our church? Thanks.

Expert:  TexLaw replied 1 year ago.

Mexican taxes are outside our area of expertise on this website.

Customer: replied 1 year ago.

ok understood. now finally, in these types of transactions..are there certain ways to undergo the transaction? meaning..a simple bank transfer from Chase bank in U.S. to a mexican bank the norm?

Expert:  TexLaw replied 1 year ago.

No, that will not work and could result in you losing the money without actually getting the title transferred to you. You need to hire a Mexican conveyancing company or real estate agent to set up the trasnaction for you and make sure that all the correct paper work is filled out. In the end, there will be an electronic transfer of funds, but it should be through an escrow agent.

Expert:  TexLaw replied 1 year ago.

Here is a guide I've found to buying property in Mexico that will be of use to you.

http://www.azre.gov/PublicInfo/Documents/Consumer_Guide_MEX.pdf

Expert:  TexLaw replied 1 year ago.

Please remember to rate my answer positively so that I may be compensated for my work on your question. Please also feel free to let me know if you have any further questions.

Good Luck,

ZDN

TexLaw, Attorney
Category: Business Law
Satisfied Customers: 4258
Experience: Internationational Commercial Attorney
TexLaw and 3 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.


Yes I will provide credit.


 


Final thought, you mentioned we do not need to create a Mexican corp so therefore the property will be titled under teh U.S. Corp?


 


Thanks.

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