The 2nd Luminia Fest Pyrotechnics Festival was inaugurated on the eve of December 31st and offered a celebration to mark the ending of 2017, which Mayor Arturo Dávalos called 'the best year of tourism in the history of Puerto Vallarta.'
The Festival offered thousands of Vallartenses and tourists a party of lights, music and color on the Malecón in Puerto Vallarta to bid farewell to 2017.
At midnight, after the final countdown was made by Mayor Arturo Dávalos Peña, the pyrotechnic show began to the rhythm of the music, which provoked the applause of the locals and tourists, national and foreign, who stood along the Malecon, on the beach, along Morelos Street and in Plaza de Armas.
Read about the many awards Puerto Vallarta has received these last years.
Source: Vallarta Daily
RoseAnna Schick mentions that Puerto Vallarta is a great tourist destination:
The first time I recall hearing of Puerto Vallarta was as a kid, watching the television series The Price Is Right. They often gave away trips to this exotic locale, and it seemed like a whole different world, far removed from my tiny prairie town of Marquette.
Puerto Vallarta was a thriving Mexican village with a beach-landing port long before it became an international tourist destination. It’s proximity to an agricultural valley and mining region, while being situated on the ocean, makes for a diverse and fascinating cultural and economic history.
Read more about Puerto Vallarta's colorful history.
Source: Winnipeg Free Press
by Peter Wells Scott
If you are sitting in a hot stuffy office in the middle of Manhattan or Washington, D.C., and someone says, "Let's go to the beach," it's just not that easy. The Hamptons are at least two hours away, and Rehobeth, Del. and Ocean City, Maryland, are more like three or four from the nation's capital. Getting back is even worse. Folks have to get back to work on Monday morning, so if you are making a weekend excursion, the backup of traffic can be hours of agonizing sitting in traffic.
Not so in Puerto Vallarta or around the Bay of Banderas. A short ten-minute drive from almost anywhere can land you at the beach of your choice:
All beaches are federally owned or belong to the public, however, you want to look at it. Every hotel has its own beach, and most have security to protect their pools.
Whether you are looking for a secluded stretch of sand or a day of palapa hopping, the Bay of Banderas offers a complete smorgasbord. The most romantic has to be the beaches at Hyatt Ziva, Punta Negra, and Sayulita. The best for walking is Bucerias, the best for action is Los Muertos or Mismaloya, the best for sightseeing is Yelapa or Quimixto.
Whatever the selection, one need not suffer the commute from New York or Washington, D.C.
Real Estate, The most profitable Investment
From Homes & Living Magazine
Currently, when investments offer low rates of return and the stock market is unstable, the real estate market distinguishes itself as a safe investment that pays good dividends to investors.
Investment yields in terms of more than a year
The possibility exists of acquiring real estate on credit, which would pay for itself by renting it out, due to the high demand for houses or apartments in zones located on the beach such as Vallarta because it offers the buyer more comfort and privacy.
Real estate can be rented and represent an investment that, using interest rates as a gauge, is much better than what a bank pays for a traditional investment. And in case of an emergency liquidation, it can be mortgaged at relatively low cost.
Easy guide to buying property in Vallarta
We all dream of someday owning beach property inasmuch as it, without a doubt, offers a retreat for a weekend, a vacation, or a complete or occasional retirement after long, hard years of labor. Nevertheless, what you want to buy ( a house, an apartment), what your budget is if financing will be necessary, who will be the assessor, and finally, a number of relevant aspects that must be checked, are important. To acquire property, especially in the case of foreigners, it’s essential to know the laws in order to protect your investment.
For foreign investors
Mexican laws establish that the way to obtain the property rights is via a trusteeship that is drawn up through a national banking institution.
What is a Trusteeship?
It functions as a base in the drawing up of a buy-sell contract, selling a property, making investments, buying real estate or giving guarantees. The effect of a Trusteeship is to protect the rights of the trustor (national or foreigner), to acquire guarantee or administrative property rights. In the case of foreigners, the trusteeship is established because restrictions exist regarding the acquiring direct ownership of land inasmuch as foreigners can’t be direct owners of the property. In addition, it guarantees legal security in relation to possession of the real estate. It’s a requirement that the protocol of this contract must be done before a notary licensed by the Secretaria de Relaciones Exteriores.
A Trusteeship has a term of 50 years, a term which can be extended.
Fiscal Aspects of buying-selling of real estate property
When a taxpayer, resident of the country, sell a property it’s subject to income tax (Impuesto Sobre la Renta, I.S.R) according to the profit, which is the difference between the original purchase price and the selling price, a technical mechanism established to determine the correct tax. For the sale of houses used for habitation, there exists an extension for payment of this tax, provided it has been designated as a house used for habitation.
It’s important to analyze this document, which is the proof that the person selling the house is actually the owner. It also contains the measurements of the lot and the description of the property from the public register.
Construction permit, lot plans and payment of taxes
It’s necessary to ask for the building permit, a lot plan and verify that the payment doesn’t have outstanding tax or service debts of any kind and is free of liens. Properties in the federal maritime land zone with pools, bedrooms, retaining walls, and walkways, should have a concession title that authorizes the construction or proof that the authorization has been obtained from the “procuraduria del medio ambiente”, to avoid fines, closures or demolition.
Steps for acquiring property in Vallarta
Currently, the acquiring of real estate property not only involves taking into account the style of the house but it also involves a crucial decision from a financing and investment perspective.
1.- It’s advisable that not only the seller but the buyer have an assessment done by a licensed lawyer who’s a specialist in real estate.
2.- Consult a real estate professional. Looking for the AMPI seal guarantees a more extensive legal review and saves a lot of headaches, making the transaction a relatively easy step where the time of closing of the sale is fundamental.
3.- Define the suitable type of property, depending on the budget.
4.- Analyze all the financing possibilities. Currently, there is short and medium term direct financing available for national and foreign buyers thus U.S. buyers have mortgage credit to acquire or construct vacation homes in Mexico. This type of traditional financing has been available since 1995 through companies like Collateral Mortgage, LTD that grants credit for up to 50% of the value of the real estate, beginning at $400,000 USD, for a term of 20 years to U.S. citizens residing in the U.S. who wish to construct, remodel or acquire vacation property in Mexico. Another way that foreign buyers obtain funds for the purchase of property in our country is by obtaining financing by using property or stocks in their country as collateral. The minimum down payment is 30%, annual interest rates start at 8.75%, the minimum credit amount is $100,000 USD and the maximum is $800,000 USD.
5.- Having Title Insurance, which guarantees the insured (property owner, trustee or mortgage holder) the validity and priority of his rights regarding the property. It’s also an indemnity between the insured and the company issuing the policy. In addition, the Title Insurance is a detailed analysis and evaluation of public and private documents, plans, and others relative to the property title.
When a loss or an adverse claim arises against the policy issued by a title company, it is obligated to: A) Indemnify the insured for the loss suffered, when said loss or reduction is not a result of a problem in granting of title that has been expressly excluded by the policy. B) Pay legal defense fees and defend the insured against whatever claim that questions the validity and preference of rights regarding the property. C) Eliminate or correct the defect or lien that affects the title in question.
The company Stewart Title Guaranty Company - Mexico division is the first in Mexico authorized by the government to issue title insurance in this country.
The cost of the process of obtaining title insurance is divided into two parts: the preliminary studies and the property title, and vary according to company, and based on if a previous study of the zone or building where the real estate is located has been done and those terms of the title insurance policy that change the function of the real estate: from 0.4 % for developments and from 1% for low range property.
We wish to thank Lic. Alejandro Flores Von Borstel, Bernardo Aceves and Silvia L. Elías-Pullen for their collaboration on this article. Originally on Homes & Living.
by Peter Wells Scott
They say that paradise is a state of mind, but when all the ingredients are right, it can also be a place. Puerto Vallarta is such a place. When folks from Vancouver complain of 60 straight days of rain, and folks from Phoenix talk of plus 100 degrees of heat, and East coasters dig themselves out of snowbanks, the planes heading south are full carrying visitors to fulfill their dreams of a respite in paradise. And we are not talking about Florida. Humidity and people sitting on park benches awaiting their maker are not what we are about.
Puerto Vallarta offers amenities not readily available in any other part of the world, let alone a resort destination. Temperatures hover in the mid 80's throughout most of the year. The rainy season, from late June to the first week in October, offers a respite from the hotter weather of the summer months, and the streets and sidewalks delight in being clean. There are electrical storms that produce an orchestra of lightning that dances across the sky. Then, it's back to those glorious sunsets which produce "visitantes" on every rooftop across the town, counting down to see if there will be the proverbial "green flash" as the sun sinks beneath the surface of our beloved Bay of Banderas.
For those who choose to dance upon the surface of tourist attractions, there is an unending source of attractions, be it sailing, surfing or snorkeling, sportfishing, golf, a trip on a balloon to gain a strategic sight of the city above the madding crowds, and restaurants galore. There is the marina where the boats hang out and the Malecon where the gals stroll up and down on Sunday nights, brandishing their newly sewn dresses.
Marina Vallarta has come of age with its host of European owned hotels. It has been compared to the "Zona Hotelera" of Cancun, but unlike the latter, it is but a 15-minute drive to the busy Malecon. In Cancun, it requires a 45-minute drive to experience anything authentically Mexican.
The town of "P.V." is filled to the brim with authentic Mexico. From the airport south to Mismaloya, adventure abounds. It used to be that folks got off the plane, found their way to their hotel in the Marina or Zona Central, and never got to the south side. All that has changed. The "Romantic Zone" with restaurant row centered along Basilio Badillo has been discovered and rediscovered with every new restaurant added. The shops along Olas Altas, the homes reaching into Gringo Gulch, and the introduction of exquisite homes along Amapas and stretching into Conchas Chinas has made a bonanza of jeep renters.
Puerto Vallarta has the traditional marks of gringo progress. Walmarts, Sam's Club, Mac Donalds, even Home Depot has given rise to many a "double take." The roots of Vallarta, however, go much deeper than the surface trimmings. There is the family life that huddles around an outdoor taco stand, and Los Muertos Beach that fills with tents and sleeping bags during the ceremonial times of Semana Santa and Semana de Pascua.
Outlying trips to Sayulita and San Sebastian await the more curious. The streets there, mirroring Vallarta, are filled with natives who proudly display their culture. Just remember, the whales are not standing in line at McDonalds, awaiting an order of a double cheeseburger and french fries (freedom fries).