It is important for foreigners who own a Mexican property in the Restricted Zone (50KM from the Coastline or 100 KM from the border) to remember to pay their annual trust fees in addition to their annual property tax. Unlike paying the property tax at the start of the calendar year, the annual trust fee is due on the anniversary of the property owner’s closing date, which is found at the top of page one of the deed (escritura OR Fideicomiso).
Keep in mind; your trust account number generated by the bank is not the same as your deed (escritura) number. You need to obtain your trust account number from your trustee bank, so you can get proper credit when you make your annual trust fee payments.
Even though one might expect to be notified by the trust bank of upcoming trust payment, it is not a guarantee. It is the property owner’s responsibility to remember to pay all fees corresponding to their property. As such, you should make a note of the due date in your calendar so as not to forget and consequently risk having late charges/interest for not paying on time. Most banks nowadays accept payments via check or wire transfers, or ask your property manager to make the payment for you. You can also make the payment yourself in person at any branch of your trust bank in Mexico as long as you have your Trust Number. Make sure you receive a copy of the payment receipt for your records. Keep any receipts, bank statements, checks as proof of your payment. Trust Banks often do not mail payment receipts.
There are late payment fees that you will be charged if you fail to make your annual payment. It is important to know that fee's accumulate and compound so it is important to be on time with your payments.
IT'S SAFE AND IT'S EASY. LET ME HELP YOU FIND YOUR PIECE OF PARADISE.
YOUR Los Cabos Real Estate Professional
I LOVE YOUR REFERRALS
Connie (meyerhoff) Bezeredi
Local MX Cell: 044-624-122-2237