Puerto Vallarta, Mexico - It is important for foreign nationals who own a Mexican property in the Restricted Zone (50 kilometers from the Coastline or 100 Kilometers from the border) to remember to pay their annual trust (Fideicomiso) fees in addition to their annual property tax.

Unlike paying the property tax at the start of the calendar year (click HERE for more information), the annual trust fee is due on the anniversary of the property owner's closing date, which is found at the top of page 1 of the deed (escritura.)

Keep in mind that your trust account number is generated by the bank and it is not the same as your deed (escritura) number. You will need to obtain your trust account number from your bank to get proper credit when you make your annual trust fee payments.

Even though one might expect to be notified by the trust bank of upcoming trust payment, it is not a guarantee. It is the property owner's responsibility to remember to pay all fees corresponding to their property. As such, you should make a note of the due date in your calendar so as not to forget and consequently risk having late charges/interest for not paying on time.

Most banks nowadays accept payments via check or wire transfers, or ask your property manager to make the payment for you. Make sure you receive a copy of the payment receipt for your records.

For more information, contact the bank that holds your trust or Timothy Real Estate agent Taniel Chemsian at Taniel(at)timothyrealestategroup.com.

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Timothy Real Estate Group is a full-service real estate sales, rentals and development agency representing some of the most distinguished properties and developments across Puerto Vallarta, Bahía de Banderas and the Riviera Nayarit. For more information, visit TimothyRealEstateGroup.com.

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