Are there taxes other than Mexico income taxes I have to be aware of?
SONIA DIAZ - Sonia Diaz
If you have a house in Mexico, you’ll have to pay the predial, which is the annual taxes on your house. It’s similar to the property taxes you pay in the US or Canada. Typically the amount is very low.
There is also an annual fee called refrendo if you own a car in Mexico. Some states also have another annual fee for casr called tenencia and paid for the first 10 years of the car’s life.
As noted above, there...
If you have a house in Mexico, you’ll have to pay the predial, which is the annual taxes on your house. It’s similar to the property taxes you pay in the US or Canada. Typically the amount is very low.
There is also an annual fee called refrendo if you own a car in Mexico. Some states also have another annual fee for casr called tenencia and paid for the first 10 years of the car’s life.
As noted above, there are taxes to pay when you sell your house here in Mexico, but it is not the same as the capital gains tax you know. If you have a tourist visa, you have to pay 30% of the total value of the house.
If you have temporary or permanent visa and sold your house for approximately 4 million pesos or less (around US $185,000.), there are no taxes. If it is sold for more than 4 million pesos, only the amount over 4 million pesos is taxed. If your spouse or another person is on the title and that person also has a temporary or permanent resdent visa, the taxes would not start unless the value is approximately 8 million pesos.
(Pictured: View of central San Miguel de Allende from hillside.)
What do I need to know about living overseas and retiring abroad?
Keila Mulero - Savvy Link
Hi I moved to Panama a year ago and I love it. I have lived in Puerto Rico, Peru, Miami, Atlanta, Indiana and Panama is by far the best choice for retirement. You must remember, and a lot of people often forget, that Panama is still a third world country. BUT with lots of advantages like currency, cost of living, life style, and much more. It's a lot safer than Puerto Rico and Miami. You can have a maid for $350 a month. Fruit and vegetables are always fresh. I even became...
Hi I moved to Panama a year ago and I love it. I have lived in Puerto Rico, Peru, Miami, Atlanta, Indiana and Panama is by far the best choice for retirement. You must remember, and a lot of people often forget, that Panama is still a third world country. BUT with lots of advantages like currency, cost of living, life style, and much more. It's a lot safer than Puerto Rico and Miami. You can have a maid for $350 a month. Fruit and vegetables are always fresh. I even became vegetarian in Panama. If you like sports, every weekend there is at least two sports events in the City or at any of its provinces. Panama has a lot of beauty. I do agree that the service industry needs a lot of improvement. When it comes to people and manners the average Panamanian is behind. However, my close Panamanian friends are well educated with manners, very good people. Traffic is an issue, like any cities such as Miami, New York, Atlanta. I have learned 'short cuts' and always managed my way out of it. One more thing, I have visited 75% of the country, I have been to places like Torrijos Carter, San Miguelito for business as well as Boca Chica, Las Lajas, Boquete, San Blas and great resorts. In summary, I know Panama very well and my experience has been fantastic.
I am permanent resident of Panama and US citizen. During my 15 years career in Corporate America I was expatriated to the US, Peru and the Dominican Republic. With the world economic situation, I found Panama as “the land of opportunities” and decided to move abroad. My family and I have experienced the whole process of relocating ourselves. We have learned the Panamanian “system” and requirements. I must admit it was frustrating and disappointing. Finally, after loosing lots of time and money, we met the right people and were able to process our residency. There are lots of scam out there, lots of attorneys that just take your money and disappear.
WHAT YOU SHOULD KNOW - THIS IS HOW WE DID IT!
Executive Decree No. 806 October 9, 2012 - If you are citizen of any of these countries you can opt for residency like we did. The process takes 6 - 8 months depeding on how soon you present the paperwork. COUNTRIES: Canadá; Confederación de Australia; Confederación Suiza; Corea del Sur; Estados Unidos de América; Estado de Japón; Estado de Israel; Gran Ducado de Luxemburgo; Hungría; Latvia; Nueva Zelanda; Principado de Andorra; Principado de Liechtenstein; Principado de Mónaco; Reino de Bélgica; Reino de Dinamarca; Reino de España; Reino de Noruega; Reino de Suecia; Reino Unido de Gran Bretaña e Irlanda del Norte; Reino de los Países Bajos; Región Administrativa Especial de Hong Kong; Republica de Argentina; Republica de Austria; Republica de Checa; Republica de Chile; Republica de Chipre; Republica de Croacia; Republica Eslovaca; Republica de Estonia; Republica Helénica (Grecia); Republica Federal de Alemania; Republica Federativa de Brasil; Republica de Finlandia; Republica Francesa; Republica de Irlanda; Republica de Lituania; Republica de Malta; Republica de Montenegro; Republica Oriental de Uruguay; Republica de Polonia; Republica Portuguesa; Republica de Servia; Republica de Suiza; Republica de Sudáfrica; Republica de Taiwán; Serenísima República de Marino.
For years, Panamá has been a country that welcomes good cuisine, and has offered locals and visitors hundreds of varieties of international dishes. We go from Middle Eastern to Latin American representation. But mainly, Panamá is very rich in their very own traditions, divided into several territorial and unique ways of cooking.
In Panama City, it is pretty much a combination of...
Panamanian Main Dishes
For years, Panamá has been a country that welcomes good cuisine, and has offered locals and visitors hundreds of varieties of international dishes. We go from Middle Eastern to Latin American representation. But mainly, Panamá is very rich in their very own traditions, divided into several territorial and unique ways of cooking.
In Panama City, it is pretty much a combination of international, with the traditional. Several dishes are very well known and delicious, for example we can mention:
"sancocho" which is a chicken soup having as main ingredients chicken, "ñame" and "culantro; nothing else;
arroz con pollo" (chicken and yellow rice) with lots of red pepper, culantro, green olives and "alcaparras".
Another favorite dish is the "wacho", which is a moist rice (not soup, though) that could be made with pork (the most popular), chicken or beef, depending on individual tastes. Then the famous "corvina", (fish) a delightful dish for every visitor. Also very popular are the "tortillas", "carimañolas" (yuca with meat), "empanadas", "hojaldres"(puff pastry), "yuca frita" (fried yuca). One of the most popular is the "plátano en tentación" (yellow platain), made with brown sugar and cinnamon.
For weddings, the main traditional dessert is "sopa de gloria", and "sopa borracha".
For generations, grandparents have passed on recipes, especially in the "interior" where the "SAO" is very popular, or in Colón, with rich Caribbean recipes, like turtle and turtle egg, white rice with coconut, and black beans combined with white rice, as well as "bacalao" (codfish).
Another very popular Panamanian dessert is "flan" or "tres leches"( this one is imported from Nicaragua, but accepted as Panamanian).
For Christmas and New Year, you can´t miss the traditional "jamón de pierna" (jam, not canned).
If the sales contract for my real estate purchase in Nicaragua is in Spanish and English and if there is a difference in the two contracts, which one controls?
Eddy Marin-Ruiz - The Mortgage Store Nicaragua
In Nicaragua, in order for a contract to be enforceable, it should be in Spanish. At the Mortgage Store we translate every single one of our contracts for our clients who do not speak Spanish and always have an attorney from Nicaragua review it.
There is no purchase contract per se because out here, it is called Promise to Sell. Both parties sign what is called a Promise to Sell and then that document is registered in the recorder’s office so it...
In Nicaragua, in order for a contract to be enforceable, it should be in Spanish. At the Mortgage Store we translate every single one of our contracts for our clients who do not speak Spanish and always have an attorney from Nicaragua review it.
There is no purchase contract per se because out here, it is called Promise to Sell. Both parties sign what is called a Promise to Sell and then that document is registered in the recorder’s office so it becomes publicly noted. Once the terms are fulfilled, then the contract would become a sold receipt and that kind of closes the transaction.
The Mortgage Store uses a process that is the first of its kind; a trust or a company that is dedicated to handling trusts. All our transactions are handled through them. The reason why we use a trust versus a public recording process is because every time that you record a document, the taxes are charged on the face value of the document. For example, if it’s US $100,000 promise to sell, you pay 1.5%, or $1,500. When you register the property in your name, then the face value is again $100,000 so you will be taxed another $1,500, for a total of $3,000 on what is essentially one transaction. In contrast, if you use a trust, you only have to record the trust once and then we can fulfill the terms of our agreement with the client within the trust and it is not recorded over and over again. We find this to work for us and it definitely works for construction and build process.
(A banana farm outside the village of San Jose del Sur, Nicaragua, pictured.)
The golf in and around Algarve is a hole in one! It’s not per chance that the Algarve has been voted the best European Golf Destination several times by the World Travel Association. If my memory serves me right, I think the Algarve has been voted The World’s Best Golf Destination on more than one occasion.
Algarve has over forty golf courses and the quality of the golf courses is superb. Several of the golf courses in the Algarve are amongst...
The golf in and around Algarve is a hole in one! It’s not per chance that the Algarve has been voted the best European Golf Destination several times by the World Travel Association. If my memory serves me right, I think the Algarve has been voted The World’s Best Golf Destination on more than one occasion.
Algarve has over forty golf courses and the quality of the golf courses is superb. Several of the golf courses in the Algarve are amongst the Top 100 in the world. The quality of the greens and the fairways is fantastic.
There are different levels of difficulty across the golf courses in Algarve from the westernmost Parque da Floresta golf course, which is probably one of the most difficult golf courses in the Algarve, to the golf courses on the Spanish border like Castro Marim, which is one of the easier golf courses to play.
There are certain golfing destinations in the Algarve that have reputations in their own right such as Vilamoura, which has five golf courses within that region or town alone and six if you consider Vila Sol.
The Algarve is a superb golfing destination. Our company, Algarve Senior Living, supports golfing associations, in particular for the senior market and people who sign up for these golfing associations are also able to play golf on a weekly basis at a discounted rate. For people who move here and have golf as a passion, there are many ways to play a huge range of courses and do so reasonably inexpensively. Having played in the US, I can tell that for a similar type of course, with the similar degree of difficulty, and the same quality of course, costs around 1/3 the price in the Algarve compared to the US.
( Golf course at Parque da Floresta Golf and Leisure Resort, Algarve, Portugal, pictured.)
When I move to Belize, should I use a regular phone line, a cell phone, Skype, Magicjack, or something else?
Christian Burn
If you move to Belize and need to stay connected, I would recommend using a smart phone and use the voice over Internet phone services like Skype, Viber, etc.
You can get a phone here in Belize and put a SIM card in it and you are good to go. You should not get a phone that is tied to providers like Verizon or AT&T because then you are going to end paying international rates and roaming charges. So if you are going to Belize and you already have a smartphone, make sure it...
If you move to Belize and need to stay connected, I would recommend using a smart phone and use the voice over Internet phone services like Skype, Viber, etc.
You can get a phone here in Belize and put a SIM card in it and you are good to go. You should not get a phone that is tied to providers like Verizon or AT&T because then you are going to end paying international rates and roaming charges. So if you are going to Belize and you already have a smartphone, make sure it is an unlocked phone. If you have a smartphone and it is locked with a certain provider, you have to get it unlocked so you can buy a local SIM card here in Belize. So in Belize you buy a phone, buy a SIM card, and then you pay as you go.
You can also stay connected through your phone via Wi-Fi. Wi-Fi hotspots in Belize are generally provided by restaurants and hotels. You don’t necessarily need a data plan in order to get on the internet. You can use your SIM card for local calls and connect to a Wi-Fi hotspot if you want to use the internet.
Who among us hasn’t been cheered during an otherwise down time or learned an important life lesson from a dog?
About 20 years ago, when I was having a difficult time in a particularly tense business negotiation, I stopped for a moment and happened to look away from my computer screen and phone and towards the floor. There, with new eyes, I saw Cookie, the family dog, fast asleep near my desk, as usual, her complete contentment and lack of concern in sharp contrast to my...
Would you want to live in a city that is arguably one of the hottest in Central America? (And we are not talking about "hot" in the sense of "explosive growth," but in temperature!) A city that is over 90 degrees practically year-round? A city that can at times give new meaning to the words "hot and humid"? Yes, there are places with even more heat, most of which are located near the equator. Many people have...
Once Wee-Yiong Fung obtained his education in the US, he headed back to the land of opportunity, the place where his immigrant parents from China and Yugoslavia found hope: Panama. Along with other visitors to the Best Places site who were treated to a video of a narrated car ride Wee-Yiong provided as part of his answer to the question “What's it like to drive in Volcan and Cerro Punta, Chiriqui Province?” Jet now takes us on another journey with Wee-Yiong, one that is marked...