Again another wonderful Wine and Appetizer evening at an ExPats home. It is a great way to sit back, relax and get to know your fellow ExPats.
If you have not attended a Wine and Appetizer evening be sure to sign up for one soon.
Here is a video Virtual Vallarta put together about our Happy Hours: http://virtualvallarta.com/puertovallarta/news/local/puerto-vallarta-thrives-during-the-summer-months.shtml (http://virtualvallarta NULL.com/puertovallarta/news/local/puerto-vallarta-thrives-during-the-summer-months NULL.shtml)
Another wonderful Wine and Appetizer evening at an ExPats home. A great way to spend an evening, relaxing with other ExPat friends, having great food and just enjoying life here in Puerto Vallarta.
Here is a great article on Retiring in Puerto Vallarta from the Bandreas News:
Recently a group of ExPats had a lovely evening at Gilmar Restaurant
This is the best discussion we have seen so far about the confusion regarding cars of expats because the current Aduana laws have apparently not yet been changed to fit the newly changed Immigration laws.
There have been tons of rumors, suppositions and misinformation flying around on expat forums and expat blogs about what people think are the current Aduana rules for temporarily imported foreign-plated cars, a.k.a “TIP” (Temporary Import Permit) cars.
Here at Yucalandia, we like facts supported by the official rules and laws. Using that basis, let’s evaluate what is written in the current law and official rules:
First: There are no Aduana rules or law that specifically cover how to issue or renew Permisos de Importación Temporal de Vehículos for foreigners with either Residente Temporal or Residente Permanente IMN residency permits. ~ Zip / Zero / Nada ~
In the absence of any published law or rules, each local Aduana office is currently doing what they think makes sense – likely as decided by their local director.
Second: The information recently presented by a few local Aduana personnel at Nuevo Vallarta meeting was NOT OFFICIAL, nor does it apply nationwide. If we read their 2 Powerpoint presentations carefully, we find a number of factual errors, because they are NOT official nor legally-binding documents. They are, instead, just informal non-legal presentations to try to help the local gringos understand how Nuevo Vallarta agents are temporarily choosing to handle foreign-plate cars for gringos with the new INM Residency permits. The Nuevo Vallarta powerpoint Aduana presentation was effectively JUST A SET of PROPOSALS, because there have been NO NEW OFFICIAL written policies or rules promulgated out of Aduana in D.F.
Local Aduana offices are given broad discretion and wide latitude in how they apply policies. In the absence of any new national policy: The Nuevo Vallarta Aduana personnel are fully allowed to apply overly stringent local policies, while Puerto Vallarta Aduana personnel (who are approving some TIP extensions) are fully allowed to grant very liberal local policies.
Third: All gringos whose INM permits have not expired, must really WAIT until there are formal policies/rules or a law written and approved by Aduana D.F. The current Ley Aduanero uses out-dated, obsolete, legal terminology (“No Inmigrante” or FM3, and “Inmigrante” or FM2 and “Inmigrado”) – so, the old Aduana law terminology no longer fits the new INM residency permits and INM’s legal terminology. This leaves Aduana’s local offices with NO clear detailed legal guidelines on vehicle Temporary Import Permits (TIPs) – so they are just TEMPORARILY making things up as they go.
Does Mexico Really Plan to Allow Residente Temporal and Permanente Residents to Only have Mexican Plated Cars?
Many gringos are trying to use individual local Aduana personnel actions as evidence to make logical sense of the national policies of 2 very different and very separate Mexican Government agencies. There is no official information on what Aduana has planned for us. These problems were created by INM dramatically changing the numbers and kinds and names of residency permits – which made Aduana’s written rules… obsolete, because there is Zip / Zero / Nada equivalency between the old INM FM2, FM3, & Inmigrado permits versus the new INM Residente Temporal & Residente Permanente permits.
INM has very different needs and different agendas than Aduana. There appears to be almost ZERO/zip/nada coordination between INM’s changing to new policies (creating totally new immigration categories), and Aduana. The problems INM has caused to existing Aduana policies, makes it clear that they did not coordinate policies with some intent to screw expats.
INM issued their new law in May 2011, and then issued totally new policies on Nov. 9, 2012. In the meantime, Aduana has issued ZERO/zip/nada official adjustments to Aduana policies to accommodate the new INM rules => no coordination => no evidence of any plan => no evidence of any intent.
Some gringos are imagining that Aduana is “saying that the only cars they want legally in their country those cars that have a Mexican plate.” There is Zip/Zero/Nada official information to confirm this.
Really, we all must wait to see exactly what Aduana’s official national policy will be.
Aduana may allow our foreign-plated vehicles … or they may not…
In the meantime, we only have various, individual, non-binding proposals being made by a few local Aduana offices.
History of How this Mess Evolved: INM’s FM3 and Aduana’s TIP program were originally created in response to a 1990′s Mexican Government effort to support the growth of maquiladoras/factories in Mexico to take advantage of NAFTA.
Aduana was told to create a permit that allowed American and Canadian manufacturing managers and experts to move to Mexico temporarily, and live and work in Mexico temporarily… temporarily bringing-in their foreign-plated cars. The intent was a TIP with no final hard-and-fast expiration date, but instead to create a flexible permit for business men and experts to come to Mexico – work a while – and return back to Canada or the USA.
After the TIP was created, (and the FM3), lots of US and Canadian retirees decided to use these temporary-businessman programs for their own purposes: coming into Mexico to live effectively as permanent residents – often with NO intent to permanently return to the USA or Canada – and certainly not intending to return their cars to the USA or Canada. The gringo retirees did this by filing for temporary residency and temporary auto import permits in Mexico, even though their effective intent was to permanently leave the cars in Mexico.
The Mexican systems were not designed for how the Americans and Canadians used them. “Temporary” permits were intended to be temporary, for businessmen to come and go easily, but because the Mexican Government did not anticipate the gringo retirees’ unintended usages when writing the FM3 and TIP rules, the rules were basically later used by gringo retirees as loopholes to avoid becoming permanent residents – and used by gringos as loopholes to avoid paying duties to bring in the cars for what they really use as permanent importation.
The facts? Gringos wanted to bring their cars into Mexico and basically not ever take them out, without paying the import duties. Pay Zero/Zip/Nada in import duties. Pay Zero/Zip/Nada in annual permit fees. Pay Zero/Zip/Nada in annual registration fees nor getting plates. Pay Zero/Zip/Nada in taxes – all while liberally using the Mexican roads and services … all for free. Free – A word gringos treasure…
Should we blame Mexican officials from later trying to clean up the mess of 10,000′s of gringos who came into Mexico and stayed here using their vehicles for free – free from unrestricted by pesky registrations, free from even reasonable import duties, free from getting new license plates – all by simply using loop-holes in Mexican policy designed for truly temporary businessmen and manufacturing experts?
What are we left with now? Unfortunately, Mexican government policies change only very slowly, and since INM policy changes made Aduana TIP policies obsolete: Aduana is taking a while to try to formulate a new policy. It is difficult to create a new policy where Canadians and Americans who really come here as permanent residents can be shifted to actually allow their cars to be here for long periods (effectively permanent imports) – and to stop scooting through the loophole of basically free temporary auto permits.
Canada and the US don’tt allow Mexicans to import their cars into Canada and the USA, and keep them there for free, especially Mexicans who want to live there for more than six months or a year.
I am left asking: Why should Mexico offer something that the USA and Canada (and pretty much all other countries) prohibit?
Why should individual Americans and Canadians in Mexico, expect much free services and free usage of the roads, and expect more liberal treatment from the Mexican Government, than they offer Mexicans who are guests in the USA and Canada?
Unfortunately, all governments change their policies and rules over time – and the rest of us are left to figure out what to choose from the resulting options.
We have to wait until Aduana actually publishes something official.
Let’s all hope that Aduana comes out soon with official policies that work.
YucaLandia/Surviving Yucatan. © Steven M. Fry
By Ernesto O´Farrill Santoscoy; Director of Strategy, Actinver Brokerage House
The statement issued following the Bank of Mexico’s last board meeting in January made it clear that the members of the board begin to see the possibility of a reduction in the bank’s reference rate.
On an external level, it recognized there are still significant risks of a downward trend in the global economy, although these are diminishing. So, faced with lower economic growth, a downward trend in international prices of raw materials and lower estimated levels of inflation compared to last year, expect that in most developed economies and in some emerging, the monetary policy will continue to be very accommodating and that in some countries, there will even be additional easing.
The central bank reports that on a national level, Mexico’s growth rate has begun to slow down. With the deceleration of the global economy, there has been a decrease in external demand as well as aspects of internal expenditure. It also indicated that inflation continued to fall significantly to close 2012 in under 4%, just as expected, at the same time as international prices of the main raw materials have stabilized or started to drop, and the exchange rate is starting to appreciate.
Employment has continued its recovery in line with the growth of the economy, without showing signs of inflationary pressure. The Bank of Mexico predicts that in 2013, general annual inflation will be below levels of 2012 and close to the permanent target of 3%. Due to the current economic stability in our country we expect to see a flow of funds to our economy never seen before; for this year we estimate that up to USD$40 billion could enter in foreign investment, plus another USD$40 billion in foreign financial investment, plus USD$24 billion in remittances.
These three concepts are approximately USD$100 billion, which for our market is a lot. We could start to see these funds if there are signs the reforms could happen and if some of the external issues are resolved (US debt ceiling, and Europe: Spain and Greece).
This could cause the peso to appreciate to USD$12 pesos or more (to USD$0.08333 dollars to the peso). In other words, the exchange rate would fall to this level, or lower, depending on Banxico’s intervention. This is something that you have to think about if you are a foreign investor with significant investments in USD in our country.
Banxico will have to stop our currency from appreciating further, to its detriment. The Brazilians introduced a tax to promote financial investment, and then later increased it to avoid greater appreciation of their currency.
M-bonds are also going to be at odds. On one level the Treasury Bond rate should gradually increase due to Fed’s intervention. On another level, we expect that with the reforms so close and with a possible improvement in Mexico’s sovereign debt rating by the rating agencies, the spread between M-Bonds and Treasury Bonds should fall to around 300 basis points. But in the process we could see a greater flattening of the curve and, of course, we cannot rule out that during some periods we will see pressure in the markets such as, for example, with the difficult negotiation taking place in the US Congress over the problem of the country’s debt and fiscal deficit.
For further information please contact Mauricio Gonzalez: mgonzalezc@actinver.com.mx
By Silvia Rodríguez González
Great expectations have caused continuous appearances of Orcas near the malecon in Puerto Vallarta, as well as on the beach of the dead and in Mismaloya, to what biologists Astrid Frich and Jaime Torres, recommend caution as it comes ” efficient predator of the ocean “.
Astric Frich recommended “be careful” and suggests no kayack or jetskie navigate around them. Also advised “not azuzarlas or corretearlas or harass” and in short, follow the same guidelines with humpback whales.
Biologist Astrid Frich, president of Ecology and Conservation of Whales, AC, said that for more than a week has had reports of sightings of orcas almost daily, but said it is common for this species visit the Bahia de Banderas
Biologist Jaime Torres, said there are many reasons for the presence of killer whales, one is that its main distribution depends cold water and are also linked to the distribution of whales, because these are their food. “Having food available in the area, they also come …”
The Orcas not only eat the newborn calves, but even the adults eat, but usually more vulnerable prey are young. He noted that this indicates that there are many whales, compared to other years and it’s what people say who are dedicated to the observation … there are more records, and more activity in terms of number of whales.
Frich Astrid said that orcas are not linked necessarily the presence of many whales, but did in fact there are many whales in the bay, but no one knows why orcas are now “more installed” than usual … normally, in and out, are a few hours one afternoon and out, but now I have been longer.
abounded that the orca is what is known as “transient orcas”, and although coming to Bay of Banderas, this time is a little different from the long period they have been in the inside the bay.
far have been published reports of orcas in Mismaloya and Yelapa near, and near the downtown area, in Puerto Vallarta. Among marked features like deep water, so visit over the south side …
“So far we have that are four or five females, have not seen any adult male, the only thing that stands out is that they have been here for several days have been sightings continued, but other than that, it’s normal, because they are considered as their distribution in the Bay of Banderas.
reiterated that are classified as “natural predators” of humpback whales, both adult and of offspring, as they are efficient hunters and predators, “it advises people that if they see and go kayaking or jetskie, to stay away because it’s like watching a pack of wolves, take precautions.”
He added that has never been seen to kill a human, but is much risk with this top predator of the ocean. He said “are like wolves, ride herd have their groups, are very efficient hunters,” he said.
added that although so far there is no known attack on the young, it has already come to pass in 2004 they killed at least one offspring … yeah there is a risk to humpback, but it is the natural cycle, and it is also important to say “it’s a risk, but that will run here and where they are part of the food chain of killer whales “.
added that orcas eat everything: fish, turtles, dolphins, manta rays, whales, sharks, eat them all, and nobody eats them … “and stressed that” it is a very efficient predator. ”
also reiterated that advises people to be cautious and not azusarlas much. “We must follow the same guidelines that continue to whales, do not corretearlas, do not harass them and have to enjoy nothing but respect …”
By Mauricio Gonzalez Carpizo, Actinver
Mexico is currently in the best economic shape it has been in its independent history. Historically low inflation and interest rates, constant and sustained economic growth, low Debt to GDP ratio and the highest international currency reserves in history are propelling Mexico to the global economic center stage.
This economic development the country is going through creates investment opportunities in domestic market that can be exploited through Actinver’s services.
- The weakening US dollar. Since the end of the “Great recession” in 2009, the Federal Reserve Bank (FED) has done continuous round of Quantitative easing. This policy is designed to inject money into the economic system to avoid creating a credit crunch such like the one that lead to the Great Depression in the 1930s. This unprecedented printing of money is putting downward pressure on the US dollar against other currencies creating an opportunity to invest in emerging currencies pegged to the dollar i.e. Mexican pesos.
Through our money market and capital market funds, investors can benefit from higher interest rates the MXN offers and from the potential weakening of the dollar creating a compounded return from interest and exchange profit.
- The newly elected president of Mexico Enrique Peña Nieto continues to press for much needed legal reforms in the country. The labor and education reform have already been passed, and most political analysts agree that energy and fiscal reforms will be passed during the next two years. The mentioned reforms will have a beneficial economic impact on the country which will continue to send the Mexican stock market (IPC) to higher levels. The IPC has already risen 2% this year.
Now is an excellent time to invest in the Mexican market through Actinver’s stock market funds which are managed according to specific investment strategies always seeking the perfect mix of risk and return.
- Mexican companies are expected to perform several IPOs during 2013. The REIT Fibra Uno is doing a second public offering for 1,500 million dollars to expand their real-estate portfolio. The company has had an excellent performance with a 12 month return of 60.59%. We strongly recommend buying shares of this company if you are willing to participate in the Mexican real estate market without having liquidity issues and all the legal inconveniences of purchasing real estate. Fibra Uno currently has presence in 29 estates and holds in its portfolio more than 310 properties equivalent to almost 3 million square meters. http://en.fibra-uno.com/ Actinver is proudly a co-bookrunner at this offering. We recommend including this stock in your portfolio considering the high dividend and potential for growth.
Don’t let these opportunities pass, contact us today and let our experts advise you on the best way to maximize your risk-return potential.
Written by Sean Godfried, Guadajalajara Reporter Newspaper and Craig Chamberlain, Mariners Insurance.”
Let’s start with Auto insurance and work our way down the list of the most common insurance needs for ex-pats. In the United States and Canada, the common law is based on the British code: innocent until proven guilty and your auto policy insures the driver and the vehicle. Provinces and states handle the insurance regulations while in Mexico insurance is regulated by CNSF under the jurisdiction of the Hacienda at the federal level.
In Mexico, the Napoleonic Code is in play: guilty until proven innocent. In Mexico, adjusters and traffic cops both go the scene of the accident. If no resolution is forthcoming between the parties, both may be detained in the case of injury or damage to public property. It is the vehicle, not the driver which is insured here – so make sure if you drive someone else’s car it’s insured.
But fear not. In the event of you being arrested, the adjuster will post your bail bond and, if legal action is needed, a lawyer is included in the policy and hired by the insurance company.
Under Mexican law, your insurance company must be registered in Mexico for your policy to be valid.
Under state laws you are required to have liability insurance on your auto if you live in Jalisco, Nuevo Leon or Mexico City but you are legally responsible for any damage to person or property anywhere in the nation regardless of whether or not you have insurance coverage.
Homeowner and condominium policies are somewhat similar to Canadian policies however much of Mexico is located in both hurricane and earthquake zones so it is important to be aware of the coverages and exclusions in your policy. Many insurance companies exclude damage due to hurricane, flood, and earthquake. Others will void storm related damage if storm shutters are not fitted on all windows. Like any contract, reading and understanding the fine print is critically important. Liability coverage is included but restricted to defense in Mexico. At MIM we have developed a unique program to add Canadian and USA Lawsuit Liability coverage should a plaintiff petition a court for a change of venue and try to sue outside of Mexico. This is particularly important coverage if your home is rented frequently. Annual premiums for this coverage are typically under $150 annually.
We receive more questions regarding Health insurance than any other line of insurance. Our clients often have health insurance benefits in their home countries that do not extend to Mexico. The good news is Mexico does offer very reasonably priced health insurance options so, in most cases, Canadians do not need to forego health insurance while living in Mexico. Our primary health insurance program does not have a maximum age.
MIM also writes a Travel Medical Program that DOES include a small benefit for pre-existing medical conditions. The Travel Medical policy is an excellent program for the part time Mexico visitor or a person that does not qualify for standard health insurance coverage. The pre-existing conditions benefit is often adequate to pay for the client to be stabilized in Mexico and flown back to their home country for further treatment. It can also be used as stop gap coverage while a person improves their health situation leading to acceptability in one of our standard health insurance programs. We also offer emergency transportation coverage including medical evacuation.
Our new MIM Medical Tourism program covers expenses related to complications resulting from an elective surgery or dental procedure in Mexico as well as travel delays, lost luggage, trip cancellation and other travel related expenses. Mexico is becoming recognized around the world as having excellent doctors and medical facilities and still maintains pricing benefits over its northern neighbors so Medical Tourism is growing rapidly. This policy provides peace of mind that costs associated with a complication are covered.
Mariners Insurance Mexico (MIM) has created specialized insurance solutions specifically for Canadian and U.S. ex-pats residing in Mexico. Our mission is to make the move for Canadians to warm sunny Mexico as seamless as possible (at least from an insurance standpoint). Our personalized programs include auto, home, condo, health, HOA’s, and boat/yacht insurance as well as Travel Medical and Medical Tourism coverage for short term visitors. MIM is an insurance brokerage corporation organized under the laws of Mexico.
Our staff has decades of experience in the Mexican and U.S. insurance markets and our affiliation with Mariners General Insurance Group (MGIG) in the U.S. provide our clients with the best knowledge and service from both sides of the border. A key objective for MIM has been to identify and explain the differences between the insurance products sold in Mexico and our clients’ home countries. Laws are different, underwriting and claims issues are different, and need to be understood. Mexican laws and regulations are not better or worse, just different. In addition, at MIM we include a courtesy English translation of our policies so clients know what they are buying.
All of us at MIM love the beauty of Mexico, its people, and culture. While our vocation is insurance, each of us appreciates the opportunity to live in such a warm and beautiful country. We enjoy sharing our experiences with others that plan to someday make the migration south. us. We invite you to visit our office in Puerto Vallarta or drop us an e-mail if you have any questions. We can also be found online at www.marinersmexico.com or you can “Like” us on Facebook where we post updates regularly.