Insider Info On Cabo
- Current Exchange Rate is $1 USD = $19.45 Mexican Pesos.
- There are now over 30 direct flight options to Cabo from the US and Canada and more to come. Airlines have recently added the first direct flights from Europe to Los Cabos.
- Autumn is the best time to visit Cabo and it is quickly approaching. Better book your trip…
- The Ministry of Telecommunications recently made changes to outbound dialing: You only have to dial 10 digits and the prefix (+52 for Los Cabos). You no longer need the prefixes 01-044 or 01-045. If you are calling from the US or Canada you don’t need to enter the 1 to call. For example to call our office you will dial: +52 (624)129-7097
Buying and Owning Real Estate In Cabo
- Property title is held in a Fideicomiso – a Mexican Bank Trust which is equivalent to a state trust in the US. Depending on the bank holding your Fideicomiso there is a variable yearly fee that ranges from $500 – $1,000.
- Closing costs are approximately 4.5% – 5% of the purchase price, this includes a 2% acquisition fee for taxes.
- The average property tax is approximately 0.1% of the assessed value of the property at time of sale. This means that for a $500k property you will pay ~ $500 per year in property taxes.
- Property tax is due every January, and the government offers substantial discounts if it is paid in advance. For instance, you will receive a 25% discount by paying your taxesin December before it is due, and 20% discount if you pay in January. If you are a senior citizen (over 60) and a permanent resident, you qualify for an Inapam card. This is a senior discount card and with that in hand you pay only 50% of the predial tax bill.
- Land sales have increased significantly in 2019; the implementation of an urban growth and infrastructure plan that began 10 years ago in conjunction with increased demand for oceanfront property.
- US Dollar Financing of Real Estate purchases is now available after a 10 year hiatus in Los Cabos
Get The Facts
- One of the benefits of becoming a permanent resident in Mexico is that you become eligible for health insurance, which typicaly costs a fraction of what you will pay in the US.
- Medical tourism is becoming a much more popular draw for Americans because of affordable high quality care from experienced medical professionals in a variety of medical fields.
- Most doctors speak both Spanish and English
- You can save 40 – 65% on medical procedures when compared with cost in the US. Some examples:
|Procedure||Cost In US||Cost In Mexico|
Statistical Source: The Mazatlan Post