Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bit.ly/3SICdD0 Boost Your Spanish ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Nzc1oRSAPQ0.html
For me it cost 30% of the sale value so consider that and listen to this blog so that you Don't make any mistakes from The Moment you buy to The Moment you sell because it's all about the notary and the laws CHANGE constantly and you will be ripped off as much as possible just Know that
this is EXACTLY why this channel is at the top of my "to watch" list on YT. Paul, you are an absolute gem for potential expats. Your videos are worth their weight in gold.
Your videos are worth every single minute spent watching them. The information you provide shows just how much time you put in throughly investigating the subject matter and breaking it down it down for us. Thank you!
We put our house up for sale in May and had a real estate agent tell us that we would both need an RFC on our CFE bills to be able to claim the capital gains exemption. Thankfully we did it immediately as the house just sold. Your videos are an excellent source of information. Keep up the good work and best of luck with the next chapter in your life.
I just looked, and my CFE bill has the generic RFC as well. Thankfully my CFE offices are a block away, so I'll pop over and have my account updated. Thanks for the heads-up Paul!
Brett, do you understand the difference between a generic and a tax RFC. My RFC has 4 letter, my DOB (Y/M/D), 6 letters and 2 numbers and I received it from the SAT office. Thank you
@@tuckerandtom43 We are trying to obtain a tax RFC, and it seems to be very difficult. We live in Bucerias. Do you have information on how to get the number easily? Can it be done online? Any info will help
Having lived in Mexico for over 35 years and naturalized for over 15 maybe because I’m “ mal pensado” I’m thinking el notario might have been looking for a kickback to be a little more lenient in his interruption
Wow! Thanks as always for these extremely informative videos! I plan to purchase rental income property at some point, so all of these tips come in super handy! Enjoy your travels!
Glad all turned out okay for you, It’s scary hearing that a pro ( you ) that has tons of years of Mexican living experience has had this happen, well, nearly happen. I absolutely love your videos. Facts, not guess work. That is incredibly important.
Awesome video and very useful information Paul. Congratulations on the successful sale of your property as well and with glitches finally worked out. As always your information is invaluable Paul.
Thank you, Paul for sharing and teaching us about all your Mexican experiences! I also would like to learn about Mexican income tax for expats living in Mexico full time, as tax residents, especially about Mexican taxes on incomes outside of Mexico. Hope you can shed some light on it.
Very informative. My lawyer-not my notario - told me I could sell my house with a generic RFC and incur no capital gains because it’s my sole residence and I’ve been here 6 years. She said the notario would give me another generic RFC at the time of sale and all would be good.
I am a ral estate agent in PV but just moved to Los Cabos area. Since the minute 1 I realized immediately about the issue you talked. I had that issue from the gents of the selling side and amazingly this is something so basic in the career of a Realtor but still keep seeing this HUGE MISTAKE. We as a realtor is a must to see check all paperwork and advise either side about any eventual issue. I see this and several other problems a lot with the foreign realtors all the time, since they just learn from a book, but reality is so different, and than we must stop and changing closing times. Great explanation again Paul. I love and appreciate your videos, in fact I just sold a house in Vallarta to a couple from Melbourne Australia and had explained about this process and to do it ASAP to be ready in case they want to sell. I just send them this video as a reminder. Thank you again for this great material
As an owner for 15 years of a condo in Mazda flon Mexico I highly agree that you should only rent as long as you want to stay there because there will come and end to your Twitter patient over Mexico at some point and you will be stuck paying 30% of whatever little money you can get for the very expensive property you bought and all the money you put into it plus all the things that you're leaving that you bought that match the theme. Just planned to lose your a** because they'll take every time they can get at least 30% of your closing
Repeating a comment by Lee West below, just to bring this to your attention again: We found our CORRECT RFC on the back of the CFE bill, under Datos Fiscales del Receptor, near the QR code. What is printed above the barcode on our bills has varied over the years (but was never the generic) and I remember going to CFE to have the correct RFC attached to our account. Maybe all it would take is to check your datos fiscales as recorded on the back. But thanks for this video, Paul, great info all around!
This is mind boggling information. I am just in the exploring-Mexico-with-a-vague-notion-of-maybe-relocating-some-time-in-the-future phase. But this raises the stakes considerably. If you are involved in this type of transaction and your Spanish isn't fluent enough to grasp everything on the ground, you'll have a few nasty surprises. Wow. Speechless. Thanks Paul, you are providing an invaluable resource.
wonderful vid!! TY. This is the single most informative and useful Mexico video I've ever seen. Since living in Mexico for the past 19 years, I've seen a few!! haha. I'm thinking about selling my home next year, so very timely advise!! Thanks again!! Best wishes
Your Capital Gains video was great. We bought a place in June and have just received our escritura. You KNOW I am all over registering our RFC with our bank (done), our CFE (done) and water (tomorrow). Thanks!
This will be an issue for my husband and I some day. Although we don't anticipate selling our property in Mexico for many years or maybe ever, never say never. This small detail could easily be overlooked-thanks for the heads up!
Very informative . It's shocking how much latitude notaries have in Mexico. That flexibility is frightening . It certainly leads to shopping for the right notary or rather the notary who gives you the "right" interpretation of the law . Crazy .
Men,you are incredible with all this information and tips , thank you so much,I will like to have all your videos in a order so I can looks for what’s I need to know in the right time,thank you and Linda for all this,Luis Bares from Las Vegas,now in the process buying a house in Progreso,thank you very much
Thank you for posting this. My wife and I are in the process of determining a listing price for our condo in Centro Playa now. We’ll definitely consult an attorney and Notario before moving forward with any listing agreement.
I recognize it. I think you might be right. Paul pays extreme attention to detail. It's what made me a good investigator. Paul was that same kind of deputy sheriff, a great bloodhound.
In ex-pat communities there are professional Gringo aids to help you. But they won’t advertise themselves as Gringo aids. In our area they are called “property managers” and they know the kinds of crazy questions we who didn’t grow up here have and can help with all kinds of things and when they can’t - like, our property manager isn’t going to give us tax advice - the lawyers in expat communities are also very used to dealing with us non-citizens and our lack of background knowledge.
You made my day. I’m going to get my (non generic) RFC number on all my utility bills starting now, even though I’m not thinking of selling. I’ve owned my condo since 2013 without being fully informed of these details although I knew of the capital gains tax. I’m just now getting my Permanente and will get RFC and CURP with the help of my consultant. Thanks, and I find all your videos informative.
HI Paul, I'm a tax accounting over here, and while I don't have clients in Mexico (yet), I listen to all the issues that could/can come up to keep in the back of my mind, or for when we decide to move to Mexico (which is a for sure plan) in the future. As always, appreciate your videos on things that could impact your living in Mexico!
wow thanks so much for your experiences and then sharing them, you have help me along my journey to mexico and i come back to view your videos because of your honesty, & true facts you give with never sugar coating your journeys and experiences.
We had a similar issue. I had a feeling this video was going to be about the RFC number. We sold our home that we built last year and we were told at closing that I wouldn’t be able to get the exemption because I didn’t have N RFC. My husband had one because he is a Mexican citizen. Luckily for us, my real estate agent whom we had known for many year knew the builder of our home and told us that they would have had us both create the RFC when we built the property because they were excellent and through. The builder was Cuban american and had built many homes in our community. So we had to delay our closing by 1 day and I had to go to the SAT office first thing in the morning and it took all of 5 minutes to get my RFC number and voila I get to claim my part of the exemption. Selling property in Mexico is not for the weak or impatient.
La Mera Neta Camarada!! Eres lo maximo!!! Muy buenisima informacion soy mexicano pero tengo 48 years in southern California and I wanna go back to mi Mexico lindo y querido! And I'm gonna need a lot of information from you amigo! Dios los bendiga y mucha suerte
This is why everyone should use a high level legal agency / lawyer. The correct lawyer will watch over the notary and get the best deal for the customer.
Paul you just opened my eyes and I will check my electric bills to make sure I have the right information on them. Thanks you so much and I'm glad you were able to resolve this issue. Best video of the year !!!!
I got the blog email and came straight here to watch. I can only imagine the shock and ensuing sick feeling when you thought you might have to pay $30,000. If it weren't for the fact you and Linda are sharp cookies, they would have held you to it, and then skimmed those $30,000 off the top and make it disappear out of the system. This is Mexico.
Thanks for the information, Paul! Personally, I like to have All our facturas of our car, motorcycle and utilities under my personal RFC. In a few weeks, my husband will be getting his, so he can open a bank account for his SS pension and if he decides to trade his bike for another one. Thanks again, details, details, details...😵
Hey Brother Paul. We are living with her parents right now who are sick. When they go we get a small portion of the lot. When we get this small portion do we need to RSC and what paperwork do we need to get. This is a serious problem because I don't want to go into it blindfolded. Trusting man this RFC thing has really shined the light on the whole situation. When we start portioning the land I'm going to want to get everything in my name and make sure the RFC number is legit with everything. Could you maybe write me back or maybe do a show about people who are inheriting land thanks Paul God bless you man Jesus loves you
I’m in the same situation. My dad passed and my siblings and inherited his home. I am the only one with dual citizenship. Do my siblings have to become citizens of Mexico in order to sell the house?
12:00 "i reached out to other RE lawyers n they said that it was not necessary". Well, I know my people, these lawyers did not give you this advice in writing with an ironclad contract notarized to back up their " lawyering, cantinfleo, words". SAT, tax authoriy, can go after a contributor for 5 years; at the end, u need to add to the 30k, +interest, +penalties up to 75% and +actualizations related to the time value of money t=0, all these will translate to 5 times the original amount owed to our partner SAT even after death. Good thing u caught it from the beginning.
5:40 TLDR; "Do your homework, carefully choose that lawyer or law firm you're going to be using for the transaction *and* and notary's office that will be handling the while thing."
Everything worked out. I waited until the everything was done, the money was transferred and the dust settled before making this video. I didn't want to jinx it right at the end...lol.
Your contents are so great and informative that I decided to try Mexico with the possibility of eventually moving there. I wish I could communicate with you to get some initial hints on how to do the process. My idea is living in different places and then deciding for a permanent place. Any hints would be appreciated. Thank you.
@@gladlock Thanks for your reply. Can you please share why you feel that way? I have been thinking about Tulum, but have no idea about the pros and cons. Another place that I like is Queretaro, but again, have no idea about living there. Appreciate if you can share your experiences. Thankyou.
We have no expectation of making that much money selling, but now I’m thinking that we might want to prepare, just in case property values do actually go up here. I didn’t know one had to separately apply for an RFC, I figured it’d be like the USA where they make damn sure you have a tax id the instant they know you’re going to be in country for more than 5 minutes in case you might owe some tax.
Yes this a common occurrence that happens in Mexico they try to use some obscure policy/law that really doesn't apply to the transaction or permit that your trying to process ...... What happened is very typical of Mexico procedures
The Notarios have to take annual legal update classes mandated by the government during the duration of their careers. My guess is it is possible that they could have been told in an annual update to use the RFC registered on the electric bill to document "domicilio".
A little off-topic but very important for expats with American cars sitting in their garage waiting for the legalization... Just like a few years ago when Peña Miento promised to do chocolates (make foreign cars legal Mexican cars) to only prompt car manufacturers to pay big money to him to stop the process... Which is exactly what happened... This year, AMLO started announcing he was going to do a foreign car legalization. It made big news but died out. It looked like the automakers paid him off to drop it. But today, my wife found it again. This time, it looks like it's actually going to happen, not just a ploy to squeeze car makers for money. I hope it does happen... Because I own several vehicles to legalize. They're talking about $10,000 pesos per vehicle under the current legalization move.
I'm skeptical because of the significant negative financial impact that such a move would have on car industry in Mexico -- especially at a time where the GDP has already dropped due to COVID -- but anything is possible.
@@qroo Each President says "Were doing chocolates" just so that the automakers will give them big money. My wife Bought an imported van in 2006 from a guy who brought it in and legalized it under Fox (2000 to 2006), the LAST TIME A CHOCOLATE WAS DONE. (We still have that van) Since then, every president has announced the chocolate, but never followed through after getting enough money in hand from the automakers to stop the foreign car legalization process. It's Mexico.
In Morelia, I was cautioned by the agent to add the RFC to the CFE right away when I listed because the notaries were expecting at least three bills with the RFC listed, or six months of time. Also, the RFC is also listed at the top of the lower half of the back page of the bill.
Yes, Lee West, we also noticed that our correct RFC was on the back page but incorrect on the front near the barcode, in fact over the years we've had various versions of an RFC. I remember going to CFE to complain about the error and make sure the correct RFC was attached to our account; apparently it's a non-issue to them.
The notary was probably looking for money under the table. $$$ talks. With the right notary $1000 USD and they sign almost anything. If you sold to other American part of the sale could have been in cash and done in the USA and therefore even less México taxes.
If we are permanent residents in MX but no income from MX, and not tax residents, can we still get RFC tax number without triggering to file tax returns in MX? It would be great if you do a video on the pros and cons with RFC. Thanks Paul! You are the BEST!
Yes, you can get an RFC and should. It won't trigger any additional tax burden by having one. If you own property in Mexico and make improvements, you will be able to get tax receipts (facturas) to claim a deduction when you sell it down the road.
