Armadillo Living Villas, Zihuatanejo 40880, Mexico
129 Sq.M. LIVING AREA
*All prices are in USD. *Housing projects are subject to change. *Property Fees are subject to change. *To learn more about finishes and appliances included please see detail plans. *The renders are to show the general idea of the project, they don't imply a commitment of materials and / or final characteristics. *The information will be described in the sale contract.
As a foreigner, you are able to purchase and own property in a restricted manner, either through a bank trust, or through the creation of a Mexican Corporation. Article 27 of The Mexican Constitution describes a Restricted Zone as any property within 100 kilometers (62 miles) width along any border, or 50 kilometers (31 miles) width along any and all coasts. A special permit is required which needs to be granted by the Mexican government.
If your property in Mexico is listed and used as your primary residence there are no differences in taxes. However you do need to pay property taxes in Mexico. If your property is used as a secondary residence, the same applies with second home taxes in the US. Your personal expenses such as medical and dental fees, hospital for you, your spouse and your children can be deducted the same as if you were in the US. Insurance coverage as well. If your property is used as a business rental property, the furniture, and expenses of cleaning and maintenance can be deducted. But keep in mind that since you are conducting a business on Mexican soil, you will also have to pay the appropriate taxes for that generated Mexican income as well.
You do not need a Mexican bank account to buy property in Mexico, that can be arranged via transfer from your bank in the USA. However if you are planning on buying a property in Mexico and staying here for a while It would prove more comfortable to have a Mexican bank account in order to pay your home bills, utilities, groceries and anything else you need to buy locally.
The fishing town of Zihuatanejo spreads out around the Bay of Zihuatanejo and inland toward the Sierra Madre del Sur mountains. The town is the sea...