Welcome to the latest presentation from Nick Fong, the founder and broker of Ronival Real Estate. Nick started Ronival back in 2010 and has grown this organization to become the largest and fastest-growing real estate brokerage in all of Mexico. As such, he loves to share his great tips and advice with you to keep you properly informed.
This week, Nick speaks about buying a home in Mexico. In the video, uncover the immigration requirements for buying Mexican real estate. He provides and easy-to-understand explanation for this. Then, learn even more about buying a home in Mexico from the top source in Mexico – Nick Fong. Now, read on to learn more.
The latest immigration process
Before buying a home in Mexico, you must have an immigration form. Recently, the process for filling out that immigration form has changed. As such, the latest immigration process is to fill it out online. This isn’t required for the average tourist coming into Mexico, but for those who seek to purchase real estate in Mexico.
The important thing to know is that if you intend on buying a home in Mexico, you need a tourist visa to close on a sale of your home. As Nick mentions in the video, many of the clients of Ronival Real Estate don’t have that tourist visa when they start the process. He quickly informs them that when they decide on a home to purchase, they need that visa to present to the notary at closing.
Do foreigners need an RFC number in Mexico?
An RFC number is a Mexican Federal Tax ID Number, as mentioned. Every Mexican citizen 18 years of age and older must attain this number and use it throughout their lifetime in Mexico. To explain it, the RFC number is used by the Mexican federal government for a range of purposes. The primary purpose is to track income. On top of that, it detects any potential money laundering activities.
The main problem has been with establishing an account with Mexico’s electrical company, CFE, after purchasing a new home. As such, Greg went to CFE directly to discuss how everything will work when this new law goes into affect on July 1st. It turns out, it’s not as complicated as people have been thinking. Many of Ronival’s clients have been curious, concerned and even in a panic about this new law.
In the past, the RFC number has always been optional for foreigners. That’s because, not all foreign residents have income in Mexico. But now, all foreigners who set up Federal accounts, like with the electric company, must provide an RFC number is they have one. If they don’t, they can use their tax ID number from their home country or their Social Security Number from the United States, as an example.
You must apply for an RFC number in person. To do this, just visit an office of the federal tax agency SAT. These offices are located within all major cities in Mexico. Start by making an appointment at your nearest SAT office via the agency’s online portal, which is in Spanish. That means, you must translate it if you don’t understand Spanish.
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.