Best way to transfer/wire large sum of cash from US to Mexico?

tenant13

Full time employment: Posting here.
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I'm about to use my self-directed IRA to purchase rental condo in Puerto Vallarta. I've done similar deals using it to buy land, storage facilities for rent and bitcoin. This is a cash transaction but the property is in Mexico so they operate in MXN. They can accept USD and convert it locally but it's not such a great rate and with a large amount it adds up. Has anyone done something similar? What banks or services have you used?

I do have an excellent bank in Europe that has a multi-currency account, perfect exchange rates and free inter-bank transfers - something like that would be ideal in US - BUT the Euro account is in my name and this is my IRA transacting - so anything that gets me personally involved would create a taxable event: a XXXk withdrawal from IRA.
 
Friends who purchased in Mexico had to set up a trust at the bank (Citibanamex, HSBC, etc). Also had to open an account for the wire transfer in to purchase. I would expect the transfer to be in the day's exchange rate. That's the way the atms work down there.

Curious of how you will title the property in the trust of the IRA and the bank south of the border?
 
The paperwork seems to give them a headache but I’m working with Remax and this is Puerto Vallarta so I’m sure they will figure it out.

From my angle it’s more about getting rid of some equities than this particular condo. I wanted to be out of a giant pile of Apple stock that took over my portfolio but had no idea what to do with cash. This will probably be ok. And it’s more fun than a random ETF.
 
If you are buying within 30 miles from the ocean, you will need a Mexican Bank Trust. Check with a cross-border accountant to verify that you can keep all your principal. Mexico has capital gains taxes too in case you sell. Every five years, you are allowed $250k tax free but that assumes it is your principle residence in Mexico.
 
If you are buying within 30 miles from the ocean, you will need a Mexican Bank Trust. Check with a cross-border accountant to verify that you can keep all your principal. Mexico has capital gains taxes too in case you sell. Every five years, you are allowed $250k tax free but that assumes it is your principle residence in Mexico.
Yes, I do know about all that. And frankly, I've been spending more time in MX than anywhere else lately, so turning it into a principle residence might be in the cards. I wasn't thinking about it but I also have a lot if friends from US that moved and never looked back.
 
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