Setting New Standards in Property Management

Services

Based on our experience and knowledge of the Riviera Maya, we have created a system that easily adapts to your property management needs and are certain we have a strategy that will work for you.

Why Us?

We understand and identify with the investment you have made and will do everything we can to provide you with peace of mind knowing your property is being professionally managed.

We Customize

We have a variety of customizable packages based on the specific needs of your home. If you have additional requirements, simply let us know and we’ll be happy to take care of them for you.

Real Estate

We understand your desire to have your real estate investment cared for professionally because we are also in the real estate business.

Helpful Tips & Tools Latest Blog

The Difference a Professional Property Management Company Can Make

There are many advantages to using a professional property management company. Not only will they take the weight off you in terms of tending to your property, they can also add significant value to your investment.

 

Many seasoned real estate agents will tell you that a good property management company is worth their weight in gold. They have the ability to weed out bad tenants from good, ensuring less problems, keep tabs on what’s going on and make repairs in a timely manner.

 

Hiring a professional property management company in Playa del Carmen can provide other benefits:

 

finding the right tenants

Finding the right tenants for your home

Higher Quality Tenants

 

If you’re looking to rent out your home on a long-term basis, a professional property management team can weed out bad tenants. Having reliable tenants means being paid on time, fulfilling longer-term contracts, less wear and tear on your unit and overall less problems.

 

contract

Have a local rental contract to avoid legal problems

Local Contracts That Count

 

Having a local property manager for your Mexico property means having local contracts and people on your side that understand local laws. Since each state has their own landlord-tenant laws, hiring a local property management company eliminates potential legal headaches by allowing your property manager to handle legal contracts and other such matters including security deposits, rent collection, evictions, inspections and lease addendums and terminations.

 

calculate rental fees

Knowing how much rent to charge makes a difference

Best Rental Rates

 

In places like Playa del Carmen or anywhere along Mexico’s Riviera Maya, many second homes are used as secondary income sources. This means renting them out, but not all vacation homeowners know the value of their property when it comes to rental fees.

 

Vacation property fees are often based on the location of your home, its amenities and services and length of rental time. A large portion of vacation home rental fees are also based on the time of year – aka, supply and demand. Hiring a property management company in Playa del Carmen is the best way to ensure you get the best rental income for your property.

 

Riviera Maya Property Management Services has extensive experience in both the local Mexico real estate market as well as property management.

To find out more about our personalized services, contact us at: info@rivieramayapropertymanagementservices.com. We’re setting new standards in property management. Call us today!


The process to living and working in Mexico

Living and working in Mexico is a dream for a lot of people and is one that can be made possible with a little homework. The proper way to live and / or work in Mexico is to go through the appropriate Mexican immigration channel.

It’s important to note, however, that you do not have to go through the immigration system to live in Mexico. Visitors arriving at the border are generally granted a 180-day FMM visa (Forma Migratoria Multiple). This piece of paper means you can stay in the country for up to six months at one time.

how to live and work in mexico

You also do not have to go through the Mexican immigration system to buy property — as in a second home or a rental condo, for example. Anyone can buy property in Mexico. What you will need is a licensed Mexico real estate agent familiar with the local system and local laws.

If, on the other hand, it is your intention to live (and maybe work) in Mexico, then you will need to go through the appropriate Mexican immigration channels.

The first step to starting your resident visa is to visit a Mexican consulate. Foreigners living outside Mexico (or inside Mexico on an FMM visitor visa) must go to a Mexican consulate in their home country. This is where you will start the residency application process. Although there are set standards for the application process, each consulate will have their own set of requirements and be able to tell you what’s needed to start the process.

The basic requirements – each consulate has different requirements, which is why it’s important to visit your nearest Mexican consulate for exact details — will at the very least include:

  • Valid Passport
  • Letter addressed to the Consulate General of Mexico stating that you want to live in Mexico. The letter must be typed in or translated into Spanish.
  • Proof of economic solvency through a letter from a bank institution (last three current bank statements).
  • Passport size pictures: 2 front and 1 right profile
  • Payment of consular fee (fees vary)
  • Payment of consular stamp: $127.00 dollars
  • Applicant must be present in order to submit paperwork (you cannot send it by courier, post or email)

Here is a list of official immigration fees, which vary depending on the type of visa for which you apply.

Mexican consulate offices no longer offer FM3 or FM2 cards, but instead, have replaced them with Residente Temporales — no Inmigrante visa (temporary resideNew INM visa cardsnt non-immigration visa) and Residente Permanentes (permanent resident) cards for foreigners who qualify. Everyone starts with a temporary visa and after four years, are able to apply for permanent resident status.

As of November 2013, it became possible to apply for working permission with a temporary resident visa (Residente Temporal con permiso para trabajo). This process changes things in that you are issued an RFC number to pay Mexican taxes before you’re allowed to work. For those wishing to work while living in Mexico on a temporary resident visa, this is an additional cost of $2,600 peso to your application.

If you become a working Residente Temporal visa-holder, you will be required to legalize your car in Mexico or take the car out of Mexico for good. At the moment this does not seem to apply to non-working immigrants.

Foreigners with permanent resident visas do not need to request working permits, nor do they have to renew their visas. A permeant resident visa gives you more rights and allows you to live in the country permanently.

Once you’ve applied for temporary resident status outside the country and are approved, a temporary travel sticker is placed inside your passport. This sticker is valid for 30 days from the time you enter Mexico. Your temporary resident visa is issued in Mexico. Once you enter the country, you have 30 days (as per the travel sticker) to appear at an INM (Instituto Nacional Migracion) office in the city or town in which you will reside.

You can find updates on INM requirements, general immigration news, forms and fees on their website. It is here where you can also check your status and submit forms or any changes you have.

Instituto Nacional Migracion (English)

Instituto Nacional Migracion (Spanish)

INM answers questions over the phone with some English speaking agents:

Immigration Hotline
01-800-004-6264
The hotline is available 24 hours / day, 7 days a week.


How to make your bank trust payments

When you first buy your beachfront property in Mexico, during the closing you will have your agent alongside to advise you on how to set up your bank trust (Fideicomiso). However, once you get to your first and perhaps second annual payment you may need to be advised on how, when and how much to pay.

making property payments in mexico

The following is a brief guideline to paying your annual bank trust maintenance fees.

Initial Costs
While this information pertains to the initial set up, which will take place during the closing process of your property, here is a brief reminder of the costs involved for your budgeting reference. To set up a bank trust to hold your property you will need to pay:

A fee to Mexico’s Ministry of Exterior Relations
A fee to the bank, sometimes called a signature fee
A fee to notify Mexico’s office of Foreign investments

The total of this is usually between $2000 – $3000 USD, depending on the bank. See information from each bank below for further details.

Annual Costs
After setting up a bank trust, you will only need to make the annual payment to maintain it. This annual fee is usually between $550 and $650 USD, depending on the bank, and the current exchange rate, since some banks charge in pesos rather than dollars.

When the annual payment is due
In all banks we have worked with the annual bank trust payment is due on the anniversary date of your closing every year. Most banks will NOT send a reminder – at least not before the due date.

Please note that if you do not pay on time you will need to pay a penalty for the days late. However, some banks have a grace period after the due date during which no interest is charged. See the details for each bank below. How to make your annual payment In order to make your payment you will need the Bank Trust folio number.

If you don’t have it, they need the complete name of the client in order to look up the file. If you are in Mexico when your payment is due you can pay in person at any bank branch you set up your bank trust with. If you’re not in Mexico, there are a number of options for you to ensure that your payment is made, including:

Bank Trust – Paying Options

International Wire Transfer – Your bank will provide you with the SWIFT code and account number to make your transfer from your home bank in the U.S. or Canada. You would have to e-mail a scanned copy of the transfer receipt to your bank.
Check by Mail – Mail an international check or money order by secure courier to your bank. The bank would give you the details for the payee, address, etc.
A Friend or Representative – You could give the information and payment to a friend or representative who would make the payment for you. The bank would advise you on what information you need to leave with this person.
Credit Card Charge (VISA/MASTER CARD) – You can authorize your bank ahead of time to charge the payment to your credit card on the specified date.
Automatic Bank Account Payment – If you have an account with the same bank in Mexico, most banks will give you the option of authorizing an automatic payment on the due date.

The last two options are convenient since the payment is taken automatically on the correct date. However, it is highly advisable to review your account (by online banking – make sure you set this up while you are still in Mexico) or your credit card to ensure that the payment was indeed made.

Some banks offer further options that can be convenient in certain situations. See below for details.

Information for Specific Banks
The following information was provided by each bank as of March 2012. While annual payments will vary as per bank, year and exchange rate and there is a possibility that some other details may change, it will serve as a basic guideline of how to manage the annual bank trust payments at your specific bank.

SCOTIABANK Setup fee (Total) 34,000 Pesos (approx. $2800 USD as of March, 2012; always charged in pesos) Annual Maintenance Fee 7200 Pesos (Approx. $585 USD as of March, 2012; always charged in pesos) Paying from out of Mexico As listed above Grace Period 2 months without interest after the due date.

BANCOMER Setup fee (Total) Approx. $1775 USD (14,900 Pesos [$1200 USD as of March, 2012] plus $575 USD) Annual Maintenance Fee $610.50 USD Paying from out of Mexico As listed above, plus a P.O. Box in California for checks to make sending checks faster and more secure

BANORTE Setup fee (Total) Approx. $1750 USD ($16,700.00 pesos [$1350 USD, as of March, 2012] plus $400 USD +Tax*) Annual Maintenance Fee $400 USD +Tax* – paid for 2 year periods Paying from out of Mexico As listed above Grace Period 1 month with no interest after the due date *The USD amounts do not include the VAT tax, which other price quotes do. BANCO

INTERACCIONES Setup fee (Total) Approx. $2030 USD (16,950 Pesos [$1375 USD as of March, 2012] plus $660 USD.) *The initial set-up fee includes the first annual fee. Annual Maintenance Fee $550 USD Paying from out of Mexico As listed above, plus the option of depositing into Citibank account in the US; Banco Interacciones would provide you with the account number and info for the deposit. Grace Period 1 month with no interest after the due date *The USD amounts do not include the VAT tax, which other price quotes do.

More Information
Once you set up your Bank Trust, it is responsibility of you as owner to keep track of your payments and due dates, as well as to keep your Bank Trust information at hand in case you need it.


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