Today Ronival Real Estate reveals the new tax reform policy requiring taxpayer registration. Now that Canadians and Americans are making the move to Mexico quite regularly, Nick Fong, the broker and founder of Ronival Real Estate decided to announce these important new facts prior to the July 1st, 2022 deadline so you aren’t caught off-guard.
This is
This is a policy that requires all legal residents aged 18 or over to have an RFC or Registro Federal de Contribuyentes (Federal Taxpayers Registry) number whether they earn income in Mexico or not. And, it’s a change to the tax reform policy that will help the Mexican government detect money laundering and other illegal financial transactions.
Now, read on to uncover more about this important new Mexican federal policy change.
New Mexican federal policy REVEALED
First, every foreign resident in Mexico will be required to gain a federal tax number. This is printed within the recently released tax reform. To elaborate, both permanent and temporary residents 18 years and older needs an RFC number. This new policy takes affect on the first of July. Also, this is regardless of whether you earn income in Mexico or not.
To explain it, your RFC number is used by the Mexican federal government for a range of purposes. Of course, the primary purpose of your RFC is to track your income. On top of that, it detects any potential money laundering activities.
When you apply for your RFC number
To begin, you need to apply for your RFC number in person. Easy enough, just visit an office of the federal tax agency SAT located within all major cities in Mexico. Start by setting your appointment at your nearest SAT office via the agency’s online portal. Note that this portal is in Spanish. As such, you need to translate it if you can’t read Spanish.
After making your appointment request, you’ll choose the option for an individual taxpayer. Next, enter your CURP number – find that on your residency card. Then, follow the link to the next page. When you’re there, just select the service for your appointment, the Mexican state where you live and the office where you’d like to submit your application.
You’ll either schedule your appointment on the page’s virtual calendar or the page will state that no appointments are available. If no appointments are available, you’ll be given the option to join a virtual line. By entering your email address, you’ll be sent a “token,” which is an alphanumeric code to be used for joining the virtual line.
Once you’ve completed everything, you’ll receive an email confirming that you’re in the virtual line. Also, you’ll be advised to monitor your email for an appointment date and time.
On the day of your appointment, you must take a variety of documents to the SAT office. These documents include: A valid migration document i.e. a residency card, proof of address, such as a bank statement, electricity bill or rental contract, and your passport. Also, be sure to bring a printout of your CURP and a thumb drive to save files.
See the whole process next
During your appointment, SAT collects biometric data from you. This data includes facial photographs and fingerprints. Fortunately, there is no cost involved in applying for an RFC number. On top of that, the application process in a SAT office usually doesn’t take longer than 40 minutes.
If you don’t have an RFC number on your electricity bill, you will not be able to sell your house or buy a car. And in some places, an RFC number is needed to open a bank account or contract internet service. One other bureaucratic requirement once you receive your RFC number is to obtain a document called Constancia de Situación Fiscal (Proof of Fiscal/Tax Situation). That document will be required foreigners doing business in Mexico.
Baja California Sur real estate
Many Americans, Canadians, and people from other countries choose to make Los Cabos and other magical towns in Baja California Sur, Mexico, their home or vacation home. Discover how to purchase your dream home in Baja. Make an appointment with the top Real Estate Broker in Baja: Nick Fong, featured on HGTV’s Beachfront Bargain Hunt.
Since 2010, Ronival has been helping clients find the best homes in Cabo and throughout Baja California Sur. And, they’re highly-skilled negotiators that’ll get you the best price. Whether you plan to buy a property or quickly sell your Baja real estate, they’ve got you covered!
If you’d like to take a tour of a property in Cabo or anywhere else in Baja California Sur, just click CONTACT to inquire. Or, call directly at 619-831-2000. Ronival will be happy to answer your questions You can also schedule a time to show you around this breathtaking location.
Ronival on YouTube
See Nick Fong in action on his Ronival YouTube Channel. Find his videos on the Rovival VLOG, where you can read a short, yet in-depth post. Below is an example of one of Nick Fong’s Ronival videos:
Thank you for reading Uncover the new taxpayer registration requirements in the tax reform policy. Be sure to read other posts about Cabo and Baja California Sur on the Ronival blog. There, learn about the many wonderful aspects of Baja California Sur, Mexico, from blog posts like this.