How safe and protected are my assets in Mexico?
John Venator - Casa de los Venados
Philosophically, when we decided to move to Mexico, we took precautions. For instance, all of our assets basically are in the US, with the exception of this house. We have a Mexican bank account, which by the way is a pain in the neck now, because of the requirements of the US government whereby we have to file annually, a 13-page form about where the money in that account came from and what's your average balance was and all that. We have a deed to this house. We own a car here....
Philosophically, when we decided to move to Mexico, we took precautions. For instance, all of our assets basically are in the US, with the exception of this house. We have a Mexican bank account, which by the way is a pain in the neck now, because of the requirements of the US government whereby we have to file annually, a 13-page form about where the money in that account came from and what's your average balance was and all that. We have a deed to this house. We own a car here.All of our investments are all basically in the US and we just periodically, in addition to our Social Security and US bank accounts, credit card bills are paid out there. Every once in a while I transfer some money via wire transfer to our Datamex Mexico Bank account. Then I get a certain amount of pesos and I use that for just day to day stuff. I think, however, in any foreign country, you need to be aware and respectful and knowledgeable about their rules, laws, and customs. As long as you play within those rules, I think generally, whether it is Panama or Honduras or Ecuador, generally, you are safe. Also, expats with few exceptions are small fish.
We have one of the best lawyers in all of Yucatan. He was our lawyer when we bought the house, when we made sure it has clear title to it. We pay the taxes on time. We do all the things we are supposed to. We do not have any problems. All of our employees are legal. Nobody is going to come and sue us for back wages or anything else like that, because our co-administrator puts their salaries in their bank accounts directly. We pay our employees their bonuses. We pay their Social Security taxes. We play by the rules and we have no problems.
(Dorianne and John Venator with puppy in Valladolid, Mexico, pictured.)
Posted October 2, 2015
Alberto Alvelais - Alvelais & Asociados
In Mexico, your assets are protected by law. We have jurisdiction, we have courthouses and we have government institutions monitoring investments, so investments here in Mexico are very, very safe. Foreign investment in Mexico has been growing very quickly. For example, here in the state of Quintana Roo, in the Yucatan Peninsula, the majority of the hotel chains and hotel enterprises are owned by foreign investment companies, and throughout the...
In Mexico, your assets are protected by law. We have jurisdiction, we have courthouses and we have government institutions monitoring investments, so investments here in Mexico are very, very safe. Foreign investment in Mexico has been growing very quickly. For example, here in the state of Quintana Roo, in the Yucatan Peninsula, the majority of the hotel chains and hotel enterprises are owned by foreign investment companies, and throughout the country of Mexico, almost all of the major banks are foreign-owned.
(Pidtured: hotel in Cancun, Mexico.)
Posted May 29, 2016
Karen Herrtwich - S&S Auto
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Here in Mexico, I'm not worried about my assets at all. Can someone come on and take away my assets? Can the government come and take it away? Anything can happen in the future. There could be a world crisis and the government kicks everybody out of Mexico, or something could happen between the US and Mexico and we could all get kicked out. What are the odds of that happening? I don't feel any insecurity. Our investments in Chapala include a business, a home and...
Here in Mexico, I'm not worried about my assets at all. Can someone come on and take away my assets? Can the government come and take it away? Anything can happen in the future. There could be a world crisis and the government kicks everybody out of Mexico, or something could happen between the US and Mexico and we could all get kicked out. What are the odds of that happening? I don't feel any insecurity. Our investments in Chapala include a business, a home and land, and I don't in any way feel that I would ever be at risk for losing it. I feel comfortable enough.
(Karen Herrtwich's business, S & S Auto, Ajijic, Mexico, pictured.)
Posted March 24, 2017
Tom Leonard - Hotel Perico
My assets in Mexico are fairly safe. I feel secure. Your money is secure with the larger Mexican banks and backed up by the Mexican government. If I owned any property in Mexico, I would feel fairly secure about it, too. Since I've been here, most property values have gone up quite a bit. I've heard a few rumors in the last few months about the Mexican government deciding one day that they don't like foreigners in their country and just going...
My assets in Mexico are fairly safe. I feel secure. Your money is secure with the larger Mexican banks and backed up by the Mexican government. If I owned any property in Mexico, I would feel fairly secure about it, too. Since I've been here, most property values have gone up quite a bit. I've heard a few rumors in the last few months about the Mexican government deciding one day that they don't like foreigners in their country and just going ahead to take properties owned by foreigners. However, I'm not worried that this will happen. There are over a million foreigners living in Mexico so I cannot see how the Mexican government can just suddenly change their foreign acceptance policies.
(The entrance to Tom Leonard's hotel, Hotel Perico, Lake Chapala, Mexico, pictured.)
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Posted July 26, 2017