Wednesday, April 28, 2010

Attention Investors! Real Estate Forum in November for the Riviera Maya!

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Friday, April 23, 2010

Citigroup Questions Viability of Riviera Maya Airport. What do you think?

This article below has been translated by Google Translate from Noticaribe Newspaper.  In it, Citigroup (who is the largest stockholder in Aeromexico Airlines -- news to me!) questions the viability of the new airport project.

What do you think?  Feel free to leave your comments on at the original blog post site so that all can see and respond. 


Maintain financial viability doubts RM Airport

April 21, 2010

The Riviera Maya commercial air traffic will require "incremental" to reach its equilibrium point, although "private and charter flights will not be enough" for that aim, says Citigroup specialist.

MEXICO CITY, MX .- The powerful U.S. financial group Citigroup, the largest shareholder controller of commercial airlines in the country: Grupo Aeromexico, continues to have doubts about the feasibility of building a new airport in the tourist corridor in the Riviera Maya in Quintana Roo, as 130 kilometers ranks the second largest airport in the country, Cancun.

"We believe that the Riviera Maya has little economic sense for the company which controls it," says the specialist sector stock in Citigroup, Stephen Trent.

Other brokerages other than Citigroup had previously said that the initial investment of 3,200 million pesos (about $ 262 million at today's exchange rate) to build the new terminal is very substantial. That amount could increase to 4,000 million (about $ 328 million) in later stages.

For example, Vector Casa de Bolsa recently said that because a relevant factor to be considered for award of the concession is for those who charge the lowest fare to travelers and derived from the amount of investment required, it could make less attractive to potential investors of this project .

For Trent, the Riviera Maya commercial air traffic will require "incremental" to reach break even, while noting that "private and charter flights will not be enough" for that purpose.

Also says that it does not "clear" where could the passenger traffic, pointing out that currently serves Cancun approximately 150 commercial airlines.

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Thursday, April 22, 2010

El Garrafon Park -- 299 Pesos -- Sunday Only!

There is a special event going on in the El Garrafon Park on Isla Mujeres!

299 pesos per person -- All Included!

Meet at the Aquatours Marina -- 6.5 Km in the Hotel Zone at 8:30 a.m.

From there, they will transport you to El Garrafon Park via Ferry.  Includes Park Entrance, Continental Breakfast, Buffet Lunch, Snorkel, Kayaks, Shows, and your Return Ferry at 5:30 p.m.

It's a GREAT deal!!!!
Click Here for More Info:
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Wanna Trade? An Old Fashioned Swap is Going on in Puerto Morelos on Saturday!

"Feria del Trueque"
Bartering Fair

Saturday, April 24
4 - 7 p.m.
In the Dome of the Colonia -- 
On the One-Way Main Road Heading toward Highway intersection
Puerto Morelos Colonia

A Feria del Trueque is an old custom in Mexico where folks bring items or services that they have to barter with one another.  Come with things to trade!  Or, Simply Attend to Satisfy Curiosity!

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What are the Closing Costs for Purchasing Property in Mexico?

I am often asked what the closing costs are in Mexico.  There isn't a simple answer.  The price of the closing costs depends on a variety of factors.  Each purchase may be different.  There are some basic costs that apply to each transaction.  There are other services (like an attorney or title insurance) that a buyer may opt to have as well.

This price guide lists a variety of common expenses.  The prices listed are current for 2010.  You will always need to solicit a price quote for the most current rates.


Whether you are a Mexican national or a foreigner, all sale transactions must pass through a notary.  In addition to the Notary's Fee, they will also charge for a variety of paperwork and taxes/fees that are required for the sale.  Click Here to View a Prior Blog Post About the Notary's Role in the Sale/Purchase of Property.
  • Notary Fees:  The notary fees vary depending on the deeded value and also vary from notary to notary.  Notary fees are assessed as a percentage of the deeded value.  In general, the percentage is less as the deeded value goes up.  A good rule of thumb, for most properties, is between 0.75% - 1% of the deeded value.  The notary charges this fee to write the sale contract, coordinate the paperwork, and perform the due diligence research of the property's paperwork.
  • Acquisition Tax (ISAI): 2% of deeded value 
  • Municipal Tax: 1% of ISAI 
  • Public Registry of Property Fee: 1% of deeded value 
  • Public Deed Fee:  500 pesos 
  • Appraisal (Avaluo):  Prices Vary according to the value of the property.  Typically between .2% - .4% of the property value.
  • Certificate of No Liens (Certificado de Libertad de Gravamen): 285 pesos*
  • Tax Certificate (Cedula Catastral):  approx 300 pesos*
  • Water Certificate (Constancia de No Adeudo de Agua): 71 pesos*
* The notary usually includes a small service fee to acquire these documents, but this fee is well worth the time that it would take to acquire them yourself!


Trust fees are a requirement for foreigners who are purchasing property within Mexico's Restricted Zone. Foreign buyers purchasing property in this zone will need to open a new trust in their name or transfer an existing trust (if one exists) from Seller to Buyer.  The Service and Administration Fees that banks charge also vary from bank to bank.

  • Fee to Transfer a Trust from Seller to Buyer:  approx $6500 pesos
~ OR ~
  • Fee for the Foreign Ministry Permit to Open a New Trust: $13,000 pesos
  • Bank Administrative Fee:  approx. $6500 pesos
  • Bank Fee for the First Year of the Trust: approx. 6500 pesos
  • Registering Trust with the National Registry of Foreign Investment:  approx. 4000 pesos.  [Some Banks Include this Fee in their Administrative Fees, others charge separately.]


While not a requirement (unless you are purchasing title insurance -- see below), many buyers opt to have an attorney review the paperwork, perform a title search, and provide general legal counsel on their behalf during a sale transaction.  Remember that notaries are attorneys, but are also neutral, third parties in the transactions.  Attorney fees vary greatly depending on the amount of work that is involved during a particular transaction.  Some attorneys charge a flat fee and others charge a percentage based on the amount of the transaction.  $1000 USD - 2% of the transaction amount.


Title insurance is not required to purchase property in Mexico.  However, some buyers opt to have title insurance policies for their property.  Click Here To Learn More About Title Insurance from a Prior Blog Post.  Both Stewart Title and First American Title insure properties held in trusts here in Mexico.  We have found First American have better rates than Stewart, but both are equally good companies.

Title insurance policies can be purchased at any point during property ownership.  However, the ideal time to acquire a policy is at the time of your property's purchase.  Policies are reasonable in price and are a one-time payment.  Title insurance companies require a vigorous title search process that is performed by one of their attorneys.  So, if you decide to purchase title insurance, be sure to hire an attorney that is a part of, or approved by, your title insurance company!

Cost of a Policy from First American:  Expense Due Diligence Title Research by Approved Attorney + $5 USD per every $1000 USD insured.

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Wednesday, April 21, 2010

Puerto Morelos Fishing Tournaments in May!

 There are 2 annual fishing tournaments in Puerto Morelos every May!  Registrations for both are now open! 
  1. The annual "Cesar Martín Rosado" Fishing Tournament, which is a part of the Grand Slam Caribe Tournament Series is May 7-9th.  For More Info Call:  Arq. Raúl Martín Cel. 998-1609635
  2. The annual Puerto Morelos Fishing Tournament & Navy Day Celebrations.  May 27-30th.  For More Info Contact: 998.871.0473.
Need help registering?  Interesting in getting a team together and renting a boat?  Give us a call and we'll get you on a boat!  Mayan Riviera Properties: 998.871.0716 or

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    Tuesday, April 20, 2010

    Mexico expects over 5 million U.S. retirees in Mexico by 2025!


    Mexico's big hope: get 5 million U.S. retirees

    MEXICO CITY -- Mexico is silently working on proposals aimed at drawing millions of U.S. retirees to this country, which could eventually lead to the most ambitious U.S.-Mexican project since the 1994 North American Free Trade Agreement.

    President Felipe Calderón is likely to propose the first steps toward expanding U.S. retirement benefits and medical tourism to Mexico when he goes to Washington on an official visit May 19, according to well-placed officials here. If not then, he will raise the issue later this year, they say.

    ``It's one of the pillars of our plans to trigger economic and social well-being in both countries,'' Mexico's ambassador to the United States Arturo Sarukhan told me. ``We will be seeking to increasingly discuss this issue in coming months and years.''

    Calderón brought it up during a U.S.-Canada-Mexico summit in Guadalajara in August last year, but President Barack Obama asked him to shelve the idea until he was able to pass healthcare reform, another official told me.

    Now that Congress has passed healthcare reform, Calderón is preparing to charge ahead.


    There are already an estimated 1 million Americans living in Mexico. And according to Mexican government estimates based on U.S. Census figures, that number is likely to soar to 5 million by 2025 as the U.S. population grows older and more Americans look for sunny, cheaper places to retire.

    The U.S. Census projects that the number of U.S. retirees will soar from 40 million now to nearly 90 million by 2050. Already, 5 million American retirees live abroad, of whom 2.2 million are in the Western Hemisphere -- mostly in Mexico, the Dominican Republic and Brazil. Another 1.5 million live in Europe and 850,000 in Asia.

    The key to luring more U.S. medical tourists and retirees to Mexico and other Latin American countries will be getting hospitals in the region to be certified by the U.S. Joint International Commission, which establishes that they meet U.S. hospitals' standards. There are already eight Mexican hospitals certified by the JIC and several others awaiting certification.

    According to Mexican government estimates, healthcare costs in Mexico are about 70 percent lower than in the United States. And from my own experience, those estimates are right: As I reported at the time, when I was hospitalized in Mexico two years ago for an emergency operation, my hospital bill was indeed about 70 percent lower than what it would have been in Miami.

    So what will Calderón specifically propose to Obama? Most likely, the Mexican president will suggest starting with a low-profile agreement that would allow the U.S. Health Care Financing Administration to pay for Medicare benefits to U.S. retirees in Mexico. Under current rules, Medicare only covers healthcare services in the United States.


    My opinion: Mexico and much of Latin America are bound to become growing U.S. retirement and medical tourism destinations, much like Spain has become a permanent living place for Germans, Britons and Northern Europeans.

    You won't read much about it now because neither Calderón nor Obama will emphasize it publicly while the drug-related violence in northern Mexico is making big headlines, and while the political wounds from the recent U.S. healthcare debate are still open in Washington, D.C.

    But I'm increasingly convinced that, as the violence in Mexico subsides and the healthcare debate becomes a distant memory in Washington, medical benefits' deals will become a top U.S.-Latin American priority. Just as free-trade agreements were the big thing of the 1990s, healthcare agreements will be the big deal of the coming decade.

    I wouldn't be surprised if Calderón and Obama take the first baby steps toward a U.S.-Mexico healthcare agreement by finding a way to pay for Medicare benefits for U.S. expatriates in Mexico, or getting U.S. states to allow similar payments. Then, most likely after the 2012 presidential election in both countries, the two would start negotiating a more ambitious deal.

    Demography, geography and economics are pointing in that direction. With the U.S. population getting older, a record U.S. budget deficit, rising U.S. healthcare costs, and Mexico and other Latin American countries badly needing more tourism and investments, this should be a win-win for everybody.
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    Friday, April 16, 2010

    Upcoming Holidays & MRP Office Closure

    • April 30th is the Day of the Children.  It is a day where the entire country celebrates the special gifts that they have been given in their children.  What a great holiday!  In celebration, I will be taking Caden for Ice Cream and Baseball!
    • May 1st is Labor Day.
    • May 5th is the famous "Cinco de Mayo".  Many businesses, including our Mayan Riviera Properties' Office, will be observing this holiday on May 3rd.
    So, Mayan Riviera Properties' Office will be closed from May 1st - May 3rd.  Our emergency maintenance line 044.998.109.9930 will be attended. 

    To Our MRP Staff:  As high season comes to a close and with an upcoming celebration of Labor Day, I wanted to take the chance to publicly acknowledge the FANTASTIC job that you all have done through this high season!  We are fortunate to have a great team that has the common goal of continually meeting expectations and improving everything we do.  I sincerely hope that this comes through in the new & improved protocols and services that we implement annually!

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    Video of Puerto Morelos History: A Look Back

    This video is in Spanish -- but the old Puerto Morelos photos are pretty neat to see anyway -- even if you don't understand what they are saying...

    Puerto Morelos de Viva Voz, México from Reef Adventures Puerto Morelos on Vimeo.

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    Thursday, April 15, 2010

    Congrats to the New Puerto Morelians!

    Congrats to the new owners of Villa #4 in Punta Caracol!  Welcome Puerto Morelos!

    Mayan Riviera Properties

    There are several units still available!!

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    Wednesday, April 14, 2010

    Monday, April 12, 2010

    Title Insurance: What is it? Should I have it?

    Q:  What is Title Insurance?
    A:  The policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy's coverage. It also covers losses and damages suffered if the title is unmarketable.  The policy also provides coverage for loss if there is no right of access to the land.

    Title insurance will reimburse the policy holder for the policy premium if the title was ever found to be defective and/or cover any legal costs defending the title should an issue arise.

    Q:  Is Title Insurance required?
    A:  Title Insurance is not required in Mexico.  It is an optional policy that can be acquired at, or anytime after, the time of purchase.

    Q:  Who offers title insurance policies?
    A:  There are 2 U.S. companies that offer title insurance in Mexico:  Stewart Title and First American Title.  Mayan Riviera Properties often recommends First American Title, as the price of their policies are less overall.

    Q:  What is the cost of the policy?
    A:   There are 2 costs associated with getting a policy.  The first is the cost for an attorney to perform a complete title research process.  The second is a one-time payment for the cost of the policy.
    • Stewart Title --  Cost of Due Diligence Work by Stewart Title Attorney + Policy Cost.  Cost for the due diligence work is negotiated by the policy holder directly with the attorney.  Policy Cost is $7.00 USD for every $1000.00 USD insured, up to $1,000,000.00 USD.
    • First American Title -- Cost of Due Diligence Work by Approved Attorney + Policy Cost.  Cost for the due diligence work is negotiated by the policy holder directly with the attorney.  Policy Cost is $5.00 USD for every $1000.00 USD insured, up to $1,000,000.00 USD.

    Q:  When can I purchase title insurance?
    A:  A property owner is able to purchase title insurance at any time.  However, many choose to acquire title insurance during their due diligence research just before the time of purchase.  Those buyers can make their offers on the property contingent on the ability to acquire title insurance.

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    Wednesday, April 7, 2010

    Gran Slam Caribe Fishing Tournament Series is Around the Corner!

    The annual Gran Slam Caribe Fishing Tourment Series is right around the corner!  The tournament has many individual events hosted all over the Riviera Maya from May - October.  The Series begins on April 30th - May 2nd with a tournament in Mahahual. 

    Puerto Morelos' Tournament is the weekend after Mahahual!!  Our tournament is the 7th-9th of May, 2010!

    Want to fish in the tournament?  Contact Me!  Fishin' Boat is available for charter!  Even if our boat is booked, we'll get you in on another one!

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    Saturday, April 3, 2010

    Tomorrow, April 4th: Time to Spring Forward One Hour!

    Reminder to set your clocks ahead one hour tomorrow, April 4th for Daylight Savings!!

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    Thursday, April 1, 2010

    Semana Santa 2010 Events in Puerto Morelos

    Here is the schedule, as posted in front of the church for the Easter-related events.  Don't be suprised to see additional things popping up, but here is what they have scheduled:


    Time: 4:00 p.m.
    What:  Coena Domini Mass
    Where:  San José Church

    Time: 6:00 p.m.
    What:  Feet Washing
    Where:  Guadalupe Church


    Time:12:00 p.m.
    What:  Via Crusis (Cross Carrying)
    Where:  Colonia

    Time:  3:00 p.m.
    What:  The passion of Christ Presentation
    Where:  San José Church

    Time:  6:00 p.m.
    What:  The Passion of Christ Presentation
    Where:  Guadalupe Church


    Time:  12:00 p.m.
    What:  Via Crusis Calvary
    Where:  Beach and plaza of Puerto Morelos

    Time:  7:00 p.m.
    What:  Easter Vigil
    Where:  Plaza del Mar

    (Remember that Daylight Savings Time will be in effect this day -- 1 hour ahead)

    Time:  7:30 p.m.
    What:  Easter Mass
    Where:  San Jose Church

    Note:  The San Jose Church is the one in the main plaza of Puerto Morelos.  The Guadalupe Church is the church in the plaza of the Colonia.  The "Plaza del Mar" is the small park that located beachfront by the fishing pier, next to the Mayan Riviera Properties Office.

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