Rumor Mill - Request for Validation on Trust Changes

by bartw_portland @, Troncones, Guerrero, Mexico, Thursday, May 30, 2019, 16:24 (169 days ago)

I recently had a discussion with a Canadian fellow while waiting in Intercam Bank. He claimed that the rules for foreigners needing trusts to hold a property deed in Guerrero have changed as per the new president.
As in, we no longer need a trust.
I spoke with ScotiaBank on the subject and got no impression that there had been any change.
Can anyone provide me with any information to validate or squash this rumor?

Thanks very much,
Brent and Sue in Troncones

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Thursday, May 30, 2019, 16:50 (169 days ago) @ bartw_portland

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Thursday, May 30, 2019, 18:17 (169 days ago) @ bartw_portland

I recently had a discussion with a Canadian fellow while waiting in Intercam Bank. He claimed that the rules for foreigners needing trusts to hold a property deed in Guerrero have changed as per the new president.
As in, we no longer need a trust.
I spoke with ScotiaBank on the subject and got no impression that there had been any change.
Can anyone provide me with any information to validate or squash this rumor?

Thanks very much,
Brent and Sue in Troncones

I love this bar! NOTHING has changed in trust requirements. I do not think this president will even entertain the thought. Scotia bank is the LAST bank I would have to hold my trust.

D

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Thursday, May 30, 2019, 19:04 (169 days ago) @ midalake

If you are assuming a fideicomiso you don't have a choice as to who holds it, or so we were told.

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Thursday, May 30, 2019, 20:33 (169 days ago) @ Talley Ho

If you are assuming a fideicomiso you don't have a choice as to who holds it, or so we were told.

That information is incorrect.

D

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Rumor Mill - Request for Validation on Trust Changes

by frostbite ⌂ @, Hamilton MT, Thursday, May 30, 2019, 19:28 (169 days ago) @ midalake

Scotia in Acapulco has held ours for 15 years. We've had no problems.

--
[image]
Casa Amarilla Vacation Rental
http://www.casa-amarilla-zihua.com/

Rumor Mill - Request for Validation on Trust Changes

by nicatnit, Monday, June 03, 2019, 22:31 (165 days ago) @ midalake

Why is Scotia Bank the last bank that would hold your trust? Ours is held there and We have had no issues for the past 15 years or so.

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Tuesday, June 04, 2019, 08:03 (164 days ago) @ nicatnit

Why is Scotia Bank the last bank that would hold your trust? Ours is held there and We have had no issues for the past 15 years or so.

Scotia bank is a mess. I know of 6 people that have not been able to pay their trusts, because Scotia has not internally set them up with a number to pay. Every one pays up front for two years. Myself, July will be two years with out being able to pay. The worst case I know of is 4 years with out being able to pay.

We get nothing but excuses and "everything will be ok" from Scotia. I was promised in 20 days two months ago mine would be ready......NOTHING! I fear this is wide spread and involves 1,000's of properties. I have a first hand account of a person that was in these offices in Acapulco and saw many boxes of paperwork stacked all over in several offices. He was trying to solve this problem for another client[ to no avail]. Buyers of new trusts should be aware!


D

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Rumor Mill - Request for Validation on Trust Changes

by frostbite ⌂ @, Hamilton MT, Tuesday, June 04, 2019, 08:30 (164 days ago) @ midalake

Our contact at Scotia is Amarantha Padilla: apadilla@scotiabank.com.mx No problems in 15 years.

--
[image]
Casa Amarilla Vacation Rental
http://www.casa-amarilla-zihua.com/

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Tuesday, June 04, 2019, 08:47 (164 days ago) @ frostbite

Our contact at Scotia is Amarantha Padilla: apadilla@scotiabank.com.mx No problems in 15 years.

YOU HAVE SAID THIS TWICE NOW!

WHY is it that some people can not understand that conditions and things change????

D

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Rumor Mill - Request for Validation on Trust Changes

by frostbite ⌂ @, Hamilton MT, Tuesday, June 04, 2019, 09:35 (164 days ago) @ midalake

And you have put them down twice.

--
[image]
Casa Amarilla Vacation Rental
http://www.casa-amarilla-zihua.com/

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Tuesday, June 04, 2019, 09:55 (164 days ago) @ frostbite

And you have put them down twice.


Listen pops. What would you do if every attempt you made to pay your trust has gone unanswered? How difficult is it for Scotia bank to assign an account # ? They ALSO had no clue that our old trust had been cancelled and we had to re-send this same paperwork to Amarantha, who did this cancellation to begin with.


I am so happy you have had 15 years of bliss with Scotia. ME, I am done with Scotia. So are many other people!

D

Rumor Mill - Request for Validation on Trust Changes

by Rsimms @, Tuesday, June 04, 2019, 15:56 (164 days ago) @ midalake

I’ve had the same issue with Amarantha and Scotiabank for past three years. I contact her each year trying to make payment on the trust and she says they are having some issues internally and she will get back to me when things are resolved.

Rumor Mill - Request for Validation on Trust Changes

by rdcosta @, Tuesday, November 12, 2019, 17:36 (3 days ago) @ midalake

Really, what difference does it make when you pay your trust. Put the money in an interest bearing account every year and when they ask for it give it to them. Problem solved.

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Tuesday, November 12, 2019, 18:32 (3 days ago) @ rdcosta

And use a cash back credit card!

:megusta:

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Tuesday, June 04, 2019, 09:46 (164 days ago) @ midalake

We assumed a trust from Scotia Bank. First year, August of last year, we did the whole credit card thing, and they have yet to charge the card. Amarantha said not to worry, it would be OK.

In August we'll go through the process again. If she says not to worry, we won't. We have a friend who gets charged about every 3 years for the prior 3 years.

Somehow it seems better than beating our heads against a wall.

Yes, I know I will be verbally abused about this posting.

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Rumor Mill - Request for Validation on Trust Changes

by LocalFisherman @, Zihuatanejo, Wednesday, June 05, 2019, 11:18 (163 days ago) @ Talley Ho

We have had a few trusts with Scotia for the past 15 years. Every year, we visit the Zihuatanejo branch with a check drawn on a US bank for all trusts, have them copy the check with Trust numbers annotated and stamped as being received returned to us. Never had a problem but do have receipts for all years.

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Wednesday, June 05, 2019, 12:42 (163 days ago) @ LocalFisherman

That's a great idea but tough for those of us that don't have access to US banks or checking accounts.

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Rumor Mill - Request for Validation on Trust Changes

by Marty, Colorado / Ixtapa, Wednesday, June 05, 2019, 12:52 (163 days ago) @ LocalFisherman

Good that you can do that.

But the problem is, people do not have a folio number yet from Scotia Bank to be able to pay their trust.

Rumor Mill - Request for Validation on Trust Changes

by bartw_portland @, Troncones, Guerrero, Mexico, Wednesday, June 05, 2019, 14:17 (163 days ago) @ Marty

That’s exactly our scenario. Scotia never issued us an assigned trust reference number. This was confirmed by Amarantha at Scotia. Without a number to reference the task of setting up payment without the support of an advisor ($$$) is very difficult if not impossible.
I wish we had known to avoid Scotia when we bought as the task of switching the trust holding bank is involved and costly. It involves a rewrite of the deed, relinquishing of the trust by scotia, and conveyance of the trust to a new bank. Aargh.
Whereas many folks have said that they have no issue with scotia’s handling of their trusts it seems to hold true that trusts issued in the last few years were done so with no reference number - like ours.
Thanks to you all for your advice and guidance.

Rumor Mill - Request for Validation on Trust Changes

by Rsimms @, Tuesday, November 12, 2019, 08:27 (3 days ago) @ bartw_portland

Does anyone have an update regarding those who have set up (or assumed) Bank trusts (fideicomisos) with Scotiabank over the past four years and have not been able to pay their annual trust fee given the lack of a reference number? Amarantha, the bank representative from the trust department in Acapulco, keeps saying don’t worry it will be resolved with time. We’ve heard that for three years. It would seem to me that if someone wanted to sell their property this would in fact create a problem. Perhaps I’m wrong about this. Has attorney Agustín Galindo rendered an opinion? I know he has helped many who have purchased property locally.... I can reach out to him directly but thought I would check to see if anyone else in this situation has already done so.

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Tuesday, November 12, 2019, 09:09 (3 days ago) @ Rsimms

I sent Amarantha an OMG I'm scared e-mail, stating that I didn't want to pay late fees, or worse yet, have my property seized. She got back to me within an hour, said they don't charge late fees, and property cannot be seized. She also said that she would get right back to me-3 months ago.

We keep copies of the e-mails in a dedicated folder, and have decided to not worry. Can't do anything else!

Seriously hesitate to get Galindo involved after having him handle our home purchase. Less than satisfactory results, and charged 6 times to have the contract rewritten when he couldn't spell my name correctly. Six times!!!! We were such newbies we paid it each time.

Rumor Mill - Request for Validation on Trust Changes

by midalake @, Tuesday, November 12, 2019, 09:37 (3 days ago) @ Rsimms

Does anyone have an update regarding those who have set up (or assumed) Bank trusts (fideicomisos) with Scotiabank over the past four years and have not been able to pay their annual trust fee given the lack of a reference number? Amarantha, the bank representative from the trust department in Acapulco, keeps saying don’t worry it will be resolved with time. We’ve heard that for three years. It would seem to me that if someone wanted to sell their property this would in fact create a problem. Perhaps I’m wrong about this. Has attorney Agustín Galindo rendered an opinion? I know he has helped many who have purchased property locally.... I can reach out to him directly but thought I would check to see if anyone else in this situation has already done so.

Yes I can give complete details. #1 It goes past 4 YEARS. Several of us have got our Fiduciary numbers but have been unable to pay.

Galindo was our Atty. There is nothing Galindo can do.

Scotia must notify you with the amount to pay. So once you finally get your fiduciary number assigned be prepared to wait to pay. A group of us received our numbers in June. So far no instructions to pay for any of us. We as a group have been asking to pay our amounts.

As for a sale. I have been told that there is no issues. Scotia jumps on your case and does all the calculations necessary.

Amarantha is the one to keep contacting about getting your number issued. Once you have your number the person to arrange payment with is Pedro MATADAMA

Hope this helps.

D

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Rumor Mill - Request for Validation on Trust Changes

by Talley Ho @, Playa la Ropa, Tuesday, November 12, 2019, 11:04 (3 days ago) @ midalake

We have had our number for 27 months, filled out the credit card payment form, still waiting. See my comments above.

Rumor Mill - Request for Validation on Trust Changes

by Casa Juan @, Tuesday, November 12, 2019, 11:35 (3 days ago) @ Talley Ho

I have been trying to pay Scotiabank and more recently been in direct communication with Armantha with Scotiabank in Acapulco to pay the fideicomiso that was due in Feb 19 for a vacant lot and they can't come up with a reference number. I paid two yrs worth when I bought it in Feb 17. Who knows what rat hole that money went down?

For my house land purchased in '11 ,it works fine.

Not sure why Scotia can't staff up to properly deal with the money maker that Fideicomisos are- $498 USD per year for doing nothing.

Wish I could pay a one time fee to AMLO and be done with the nonsense.

Rumor Mill - Request for Validation on Trust Changes

by rojo, Tuesday, November 12, 2019, 11:56 (3 days ago) @ Casa Juan

The utter incompetence of the banks, especially the Scotia, should be a message to the federal gov to mothball this rip off. If Mexico wants more foreign investment, make the payment one time at purchase of the property or get rid of it all together. This trust is a pain for long term purchasers and it seems to be too complicated for the banks to administer

Rumor Mill - Request for Validation on Trust Changes

by Casa Juan @, Tuesday, November 12, 2019, 12:06 (3 days ago) @ rojo

Yucatan Expatriate Services discusses a bill introduced in the legislature( probably lower house) to modify the whole trust process but ONLY for residential purposes and only if the foreigner agrees not to seek the protection of their native country in case of disputes over the land. No idea where the bill went or its status.

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Rumor Mill - Request for Validation on Trust Changes

by timixtapa ⌂ @, Ixtapa, México, Wednesday, June 05, 2019, 09:13 (163 days ago) @ bartw_portland

The Mexican law that requires foreigners to own residential property near the beaches and borders through and only through a fiduciary real estate trust via a Mexican Bank has not changed and there is no discussion at all of getting rid of it.

--
Tim Sullivan
http://www.ixtaparealestate.com
https://www.facebook.com/IxtapaRealEstate/