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Cross Border Investment’s anniversary is approaching and we are proud to announce that amongst the mortgage brokers located in Puerto Vallarta, we continue to be the the industry leader. According to the largest banks, we are substantially on top of the heap in terms of loan amounts approved and closed – the most important test to moderate a business in our industry.

With that being said, the purpose of this email is to advise you about a very important policy that affects non-residents of Mexico. To qualify for any type of mortgage currently available, it is essential that the borrower has migratory status (FM) for Mexico. Migratory status does not mean that someone is working in Mexico, or even spending extended periods of time in Mexico. Most owners who purchase property in Mexico obtain their FM regardless, since it can result in capital gains exemptions when the owner sells his property (specific laws vary from state to state).

The mortgage applicant can qualify using income documentation from the US or Canada, but it is necessary that he has a Mexican visa. We recommend that foreigners who are going to visit during the following months take advantage of their vacations and obtain their migratory status. There are basically two ways to obtain an FM – it is very important to point out that both ways require that the foreigner goes to a migration office located in Mexico. This is why it is important to take advantage of the time they already have planned to be in Mexico.

The first option to obtain migratory status requires that the foreigner goes to his Mexican embassy or consulate, apply for the visa, and once it is processed the embassy/ consulate puts a stamp in the foreigner’s passport. The foreigner then has 90 days to enter Mexico and 30 days from the date of entry to go to a migration office and pick up his visa. This is a viable option for people whose time in Mexico is limited.

The second option is to apply for migratory status in a migration office in Mexico and wait for it to be processed. Depending on the office, this can take 2-4 weeks. Cross Border Investment is happy to announce that we have a contact in Puerto Vallarta who can obtain migratory status in just 3 business days! This is an ideal option for clients with very limited time. In fact, we have had various clients who are purchasing in the Rivera Maya come to Vallarta to process their visas!

Most migratory status applicants need to provide the following documents: 3 months of bank statements (with minimum $1,500 USD monthly deposits), passport, FMT, (the tourist card foreigners receive on the airplane when flying into Mexico) and an address in the Mexican city where they are applying for their migratory status.

We do recommend that clients review information provided by the Mexican embassy/ consulate in their home country:

Mexican embassy in the US: http://portal.sre.gob.mx/was_eng/

Mexican embassy in Canada: http://embamex.sre.gob.mx/canada_eng/

Also of note, there has been no “grace” period required – we have literally worked with clients who applied for a loan the day after they received their migratory status. We would like to take advantage of this opportunity to remind you of the current mortgage conditions for this client profile:
-the mortgages are funded in pesos
-terms from 7-20 years
-the interest rate is between 9.0-10.5%
-minimum down payment: 40% of the value of the property (can be as little as 15%, if the applicant has a credit history in Mexico)
-no prepayment penalties

Kind Regards,

Cross Border Investment

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GET A DISCOUNT ON YOUR COZUMEL PROPERTY TAXES 2013.

IF YOU PAY:
NOVEMBER 16-30 = 25% DISCOUNT
DECEMBER 1 - 23 = 20%
DECEMBER 24 - 31 = 15%
IF YOU HAVE AN INAPAM (OVER 60) CARD, THERE IS A 50% DISCOUNT.
JANUARY 1 - FEBRUARY 28 = 10%
For property owners that are not in the states, as soon as you can get me your money, I will pay your taxes for you for a small fee.

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DRAGON FLY RANCH FOR TRADE This is a twenty acre ranch in Riverside, Washington USA with a 900 square foot house that is four years old.   It is completely solar powered.  The home is 18 miles east of the town of Riverside and is in the hills at 3300 foot elevation .  The owners are looking for anyone owning a property in Cozumel that would be interested in trading?  The house they were looking to trade was only a $100,000 home, but it is owned by Mexicans who would not be interested in moving to the USA but maybe YOU or someone you know would be interested.  Let us know.

 

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El Dia de los Muertos is an ancient Mesoamerican celebration to commemorate the memory of deceased ancestors that is observed on November 1st and 2nd
of every year in synthesis with the Catholic holiday of All Saints' Day which occurs on November 1st and All Souls' Day which occurs on November 2nd. Scholars trace
the origins of the modern holiday to indigenous observances dating back thousands of years, and to an Aztec festival dedicated to a goddess called Mictecacihuatl;
queen of the underworld who rules over the afterlife.

This year, a special altar and art exhibition are on show at the island's museum for locals and visitors to enjoy.

Prizes will be awarded for the best art on Wednesday night at 8pm.

http://thisiscozumel.com/content/view/1188/2/

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