Miami Florida Real Estate

LUXURY PROPERTIES FOR SALE

Miami Luxury Properties For Sale

People will always associate Miami with tourism, nightlife, and entertainment, but the world is beginning to value our city’s urban core as a place where innovation and collaboration are happening, businesses are being built, and new ideas are developed every day.
While the pandemic has created challenges, it has also proven just how resilient Downtown Miami really is.
Looking ahead, our neighborhood will emerge as the nexus of South Florida’s live, work, play lifestyle. A series of projects proposed and underway to prioritize quality of life at street level, reduce traffic and congestion, and connect once disparate parts of Miami to our urban core include:

• Biscayne Green – a project that will replace 4 lanes
of traffic and hundreds of surface parking lots along
Biscayne Boulevard with a pedestrian promenade
and public space.

• Miami Baywalk – a 5-mile continuous path along
Biscayne Bay offering recreation opportunities and
climate resiliency features.

• Flagler Street – Miami’s historic ‘Main Street’ is
on the cusp of a multi-million dollar renovation
and revitalization that will restore its legacy as
Miami’s dominant retail and business core featuring
widened sidewalks and improved streetscape.

• The Underline – a 10-mile linear park and urban trail
that will transform the vacant land below the Miami
Metrorail into active public space. The ‘Brickell
Backyard’ portion recently opened to the public in
February 2021.

Why Choose Us ?

Luxury Real Estate services

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Unlike many other agents, Retreats Luxury Oceanfront Rentals Group agents won’t ask you to sign an exclusive commitment before they’ll take you on a first tour.

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While touring properties with your agent, you will want to engage in a conversation about Fideicomisos and FOMC (Foreign Owned Mexican Corporations) to determine which is the best vehicle for you to utilize to hold title. Both have advantages and disadvantages.

The fideicomiso (bank trust) is a trust agreement that you establish with a bank to hold title of the property with you (you and the bank are both named in the title documents). The bank has a fiduciary responsibility to represent your interest in the property.

Advantages of the fideicomiso:

  • The fidiecomiso gives you the rights and the vehicle to hold title to the property in perpetuity.
  • The fideicomiso is a 50-year trust agreement that is renewable every 50-years by you or your heirs.
  • You can transfer your rights in the fideicomiso to another buyer, when you re-sell.
  • You may rent, sell, remodel or dismantle the improvements on the property.  
  • Your heirs can inherit the rights to the fideicomiso, effectively by-passing probate, should you depart without a proper will.
  • There are tax advantages pertaining to capital gains taxes when you sell.
  • The fideicomiso is easy to maintain by paying the annual fee to the bank.

If the title papers, property dimensions and corresponding documentation are not perfect, the bank will not issue the fideicomiso. We will discuss title irregularities in a future segment.

The main disadvantage of the fideicomiso is that it is restricted to hold a property of 2000 square meters or less. (There are exceptions and you can request a permiso for acquiring a fideicomiso that allows for a property larger than 2000 square meters.  Another disadvantage of the fideicomiso is that it is limited to one specific property. Sometimes you can put two adjoining properties into the same fideicomiso. But, generally speaking the fideicomiso is only applicable to an individual property.

The FOMC (Foreign Owned Mexican Corporation) is a vehicle that allows foreigners to open a business and work in Mexico. The corporation is a Mexican entity, and as such, has the right to hold title to real estate. An attorney or notario can help to set up your corporation.  It is important to know what your goals are in respect to the property, business and type of investment prior to setting up the corporation. Creating the corporation requires a minimum of 2-individuals (stockholders), of any nationality, at least 18-years of age.  One of the stockholders will be the managing partner. The managing partner will be required to acquire and maintain a proper visa.  Additionally, the corporation is required to make monthly reports to HACIENDA (the Mexican Department of the Treasury) reporting income and expenditures. The reporting needs to be done by a certified accountant.

Advantages of the FOMC:

  • Allows for the purchase of properties larger than 2000 square meters.
  • No limit to the number of properties it may own.
  • Allows for one or more of the stockholders to legally live and work in Mexico year-round.

 

Disadvantages of the FOMC:

  • The corporation requires more hands-on attention than the fideicomiso.
  • Does not have the ability to avoid capital gains taxes when it sells property.
  • Requires a managing partner with a proper visa.
  • Monthly reporting of financial activity through a certified accountant.

Get In touch

(214) 233 5936

available from 9:00 – 19:00

Cozumel Quintana Roo, Mexico

Email     real-estate@rmoceanfrontrentals.com

All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Retreats Luxury Oceanfront Rentals International Real Estate and its affiliates make no representation, warranty or guaranty as to accuracy of any information contained herein. You should consult your advisors for an independent verification of any properties.

 

For all listings provided by third party : This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2023 Rmoceanfrontrentals Listing Service,  All rights reserved.