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SOP14  
#1 Posted : Wednesday, September 12, 2018 10:33:11 AM(UTC)
SOP14

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Quick question, hoping someone has encountered this previously. We purchased a timeshare two years ago, secondary market in Mexico. It's one of those Right to Use (RTU) since foreigners in MX cannot own property within 100 miles of the coast. It isn't actually a deeded property, we just have a certificate which states when we can use it. Still pay maintenance fees and assessments.

Does this need to be reported as foreign property?

Thanks,

v/r
rbr  
#2 Posted : Wednesday, September 12, 2018 12:23:13 PM(UTC)
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Originally Posted by: abjones116 Go to Quoted Post
Quick question, hoping someone has encountered this previously. We purchased a timeshare two years ago, secondary market in Mexico. It's one of those Right to Use (RTU) since foreigners in MX cannot own property within 100 miles of the coast. It isn't actually a deeded property, we just have a certificate which states when we can use it. Still pay maintenance fees and assessments.

Does this need to be reported as foreign property?

Thanks,

v/r


Being that you are not possess the actual deed to the property, you are not the true owner and thus it shouldn't be reportable. Do you pay property taxes or the like to the Mexican government? If not, then there shouldn't be a potential for conflict. Many people own timeshares that allow them to vacation in places all over the world. My understanding of RTU's is that you purchase weeks to use the property for vacation and don't have any ownership of the actual property.

Follow up with your agency's Security Office for additional clarification.
FatHappyCat  
#3 Posted : Thursday, September 13, 2018 3:55:41 PM(UTC)

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You'd need to put affirmative probably in section 20 somewhere which talks about foreign interest even if not property. I don't remember the exact wording on it....
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