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Important News for Real Estate Buyers and Sellers

notario publicoAs of September 1st, 2014, the Mexican Haciendas (equivalent of IRS and Revenue Canada) introduced a new law that affects all buyers and sellers of real estate. Buyers are now required to provide an official “complemento” to prove the true sales price of the transaction so when they sell in the future, they can take advantage of the Capital Gains Exemption rule so they can avoid capital gains tax on the sale of their property when they sell in the future.

The problem arose that to generate the “complemento”, using SAT (Haciendas) software, it required the buyer to have an RFC (Official Tax Receipt #) and a CURP which can only be applied for with a Residency Visa. The problem with that of course is when people are here on a Tourist Visa they cannot get a CURP # which only is attainable with a Residency Visa.

I immediately wrote our Notario and Expert Guest Speaker, Jorge Uriate, who consistently finds solutions to these new laws that do not work (or at least the way we want them to).

So as you can see from Jorge’s note below, he will simply use different software from the one SAT provides in order to generate the “complemento”. This will provide the required official confirmation of the selling price information without the need for an RFC and CURP. Problem solved!

Dear Marie 

I have made some research and these are my comments: 

The Capital Gains Tax nor its regulations expressly request that a buyer must have an RFC number before the closing. However, the problem is that the SAT approved program used to generate the "complemento" requires a RFC number for the buyers. I am aware that for buyers entering into Mexico with a simple tourist card it is impossible to get the CURP and the RFC number, so until a better solution is found, what we are doing is generating an RFC number with a software program similar to the one used by SAT and we will use that RFC number to generate the "complemento", thus solving the immediate problem. 

At some point we will need to approach someone at SAT, preferably in Mexico City and explain this problem that affects us. I will move my connections in Mexico City and try to contact someone at "Dirección de Inversiones Extranjeras" and will keep you posted as changes occur. 

Regards, 

Jorge Uriate 

If you wish contact details for Jorge, please email marie@focusonmexico.com
 


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