Puerto Vallarta, Mexico - Following up on the 'Important News for Mexico Real Estate Buyers & Sellers' article we published on August 6th, we sat down with the in-house legal council for Tropicasa Realty, Maria O'Connor, to ask if there were any updates regarding the new requirements for Mexico real estate transactions. Here's what she had to say:

"I received a plethora of responses to the article that was published a couple of weeks ago regarding the new requirements for Buyers and Sellers of real estate, and here is an update: There really is no update yet on whether or not these regulations will be modified any time soon. We are waiting to see how it is put into action as of September 1. Some of those who have already visited the Mexican Consulates abroad to try and obtain their residency card have run into road blocks with the consular agents.

This is what I am telling my clients right now: If you are not currently involved in a firm transaction to buy or sell a property, hold tight until we see if the law is changed.

If you ARE in a situation where you are under contract to buy or sell a property, you can simply tell the consular agent that you own property (sellers) or will be buying property (buyers) and that it is LIKELY that you will be staying in Mexico for more than six consecutive months.

The consulates do not see the purpose for issuing a residency permit to someone who is not in Mexico for six consecutive months since the tourist visa is valid for that period of time. They do not know about these new tax regulations, nor do many of them realize that a CURP can only be issued (as is the case now) to a foreigner who is a resident. You don't even need to mention it. Simply tell them that you will be here for six months. You will not be bound to stay in Mexico for 6 months, nor will your entrances and exits from the country be limited.

Once you have obtained your card from the Consulate, you have six months in which to register at your local immigration office. During this time you will have to remain in Mexico or get a special permit to travel outside - not sure how long this is taking but since immigration, at least in this area, has been given the "heads up," they are trying to expedite this process.

Once your card is registered, you will be assigned a CURP and away you go. With a CURP you can obtain the RFC online and even without the CURP, you can request the RFC at the SAT office in person. Stay tuned until next time, when hopefully we will have information that will make meeting this requirement simpler."

Since 1997, Wayne Franklin and his team at Tropicasa Realty have been a trusted name in Puerto Vallarta real estate. Tropicasa Realty is the region's representative for "The Leading Agents of the World" and with over 100 years of combined experience in real estate, all agents of the company are affiliated with AMPI. Wayne Franklin or any member of his knowledgeable team can be contacted in-person at their Romantic Zone Office - Pulpito 145-A at Olas Altas or in their San Marino Office - San Marino Hotel at Rodolfo Gomez 111-4. While in PV they can be reached at (322) 222-6505 or by calling 866-978-5539 (Toll-Free) from the U.S.

Click HERE to learn more about Tropicasa Realty, or visit tropicasa.com.