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Relevant aspects of cases in real estate for foreigners in Mexico: Real Estate in Mexican Beaches.
17.02.2025In Mexico, foreigners[1] are prohibited from acquiring direct ownership over land and water, so they solely can use and take advantage of real estate[2] located in the restricted zone of 100 and 50 kilometers along the Mexican borders and along the beaches, respectively.[3]
Nonetheless, in order to use, take advantage of and possess (without ownership rights) real estate on Mexican beaches, such foreigners may create trusts, with a duration of 50 years, extendable for an equal period[4], in which, with prior authorization from the Ministry of Foreign Affairs of Mexico[5], credit institutions acquire as trustees, rights over real estate located within the aforementioned restricted zone, whose purpose is that said foreigners use and take advantage of such assets without constituting real rights or property[6] or dominion over them[7], and the trustees are Mexican companies without an exclusion clause for foreigners[8] and foreign natural or legal persons.
If there is doubt as to whether a property is located inside or outside the restricted zone, the Ministry of Foreign Affairs, after consulting the National Institute of Statistics, Geography and Informatics (as known as by its Spanish acronym as “INEGI”), will resolve the matter.[9]
Derived from the above, the purchasers of real estate in restricted areas are trust credit institutions and not foreigners, so the legal and tax burdens for the acquisition of real estate are for said trustees. It means, foreigners will lack real rights over the trust estate, that is, over the real estate on the Mexican beach and, consequently, legal interest to claim any jurisdictional act that affects those rights[10]. Nevertheless, any of the economic burdens derived from the legal and tax obligations triggered by the trust for the acquisition of real estate, may be transferred by the trustee to the foreign trustee, so the latter assumes the corresponding expense and does not become a cost for the trustee.
Where appropriate, the foreign trustee will have the right to discuss or claim the breaches that the trustee has with respect to its contractual relationship in the trust[11], but not on the property or real rights of the type of real estate in question.
On the other hand, with respect to the tax obligations that are triggered by the purchase and sale of real estate in restricted areas, it is necessary that as far as the seller is concerned, he will be subject to income tax, which will be withheld by the notary public involved in the formalization of the operation and can reach up to 35% of the profit obtained by the transfer of ownership[12] of the property (difference between the acquisition value and the sale value of the property).
The effects and obligations of payment may vary depending on the tax regime of the selling taxpayer, it means, if it is an individual or a company, if it is a tax resident in Mexico or abroad[13], as well as by the type of property and its destination or use. The seller must issue the invoice or tax receipt of the sale[14].
As far as the purchaser is concerned, it means, the trustee, in this case, must pay the applicable state taxes, which are the tax on the acquisition of real estate and the property tax. The property acquisition tax applies when a person or entity acquires ownership of a property over the market value of the property or the agreed sale price, so it only applies once. On the other hand, property tax is a tax on the ownership of a property, whose basis is the cadastral value of the property, which is determined by applying unit values of land and buildings, on the surface of your property and is paid bimonthly.
For further information please contact:
Kennya Ramírez, Sr. Consultant, Legal Prosecutor, ECOVIS Mexico, Mexico City, Mexico
Email: kennya.ramirez@ecovis.mx
1 – Article 33 of the Political Constitution of the United Mexican States.
2 – Article 750 of the Federal Civil Code.
3 – Article 27, section I, of the Political Constitution of the United Mexican States.
4 – Article 13 of the Foreign Investment Law.
5 – https://sre.gob.mx/permiso-para-constituir-un-fideicomiso-en-zona-restringida
6 – Article 830 of the Federal Civil Code.
7 – Article 11 of the Foreign Investment Law.
8 – Article 10 of the Foreign Investment Law. The foreigner exclusion clause: the express provision contained in the bylaws of a company, which establishes that foreigners will not be allowed, directly or indirectly, to be partners or shareholders of the company.
9 – Article 6 of the regulations of the Foreign Investment Law.
10 – Case Law: XXVII.3o.10 C (10a.). Registration No. 200 7764.Location: Tenth Epoch. Instance: Collegiate Circuit Courts. Source: Judicial Weekly of the Federation and its Gazette. Book 11, October 2014, Volume III. Page: 2852. Isolated thesis. Subject(s): Common. – “TRUST ESTABLISHED TO ALLOW FOREIGNERS TO USE AND TAKE ADVANTAGE OF REAL ESTATE LOCATED IN THE RESTRICTED ZONE. THESE TRUSTEES LACK REAL RIGHTS OVER THE TRUST ASSETS AND, THEREFORE, LEGAL INTEREST TO CLAIM THROUGH THE AMPARO PROCEEDING THE JURISDICTIONAL ACTS THAT AFFECT THOSE RIGHTS.”
11 – Articles 381 to 394 of the General Law on Securities and Credit Operations.
12 – Article 14-B of the Federal Tax Code.
13 – Article 9 of the Federal Tax Code.
14 – Articles 29 and 29-A of the Federal Tax Code (tax residents in Mexico and tax residents abroad with a permanent establishment in the country).

Representative office in Vietnam: Essential updates
14.02.2025Foreign companies with representative offices in Vietnam must ensure that their representative office (RO) license is always up to date. Otherwise, they face high fines and business activities will be hindered. The Ecovis experts explain the updating process and which documents are required.
In which cases must changes be registered
According to Vietnam’s Law on Commerce and Decree No. 07/2016/ND-CP, foreign businesses are responsible for updating their RO license with the competent authority in the following cases:
- If the parent company’s name, headquarters address, or scope of activities changes, corresponding updates must be made to the RO license in Vietnam to ensure compliance with local regulations.
- If the chief representative of the RO is replaced, or if their identification documents (e.g., a new passport or updated residence address) are changed, the RO license must be revised to reflect these updates.
- Any changes to the RO’s name, scope of activities, or registered address within the same province, city, or geographical area under a management authority’s jurisdiction require adjustments to the existing license.
We take care of all the necessary steps to update your RO license – from document preparation to deadline monitoring.Vu Manh Quynh, Managing Partner, ECOVIS OC Law, Ho Chi Minh City, Vietnam
How to register changes to the representative office license
Step 1: Gather the required documents: The specific documents needed depend on the type of change, but may include:
- A written request for adjustment of the RO license
- Updated corporate documents from the parent company (e.g., new registration certificates, lease agreements)
- Proof of the new address (for both the parent company and/or RO)
- Updated identification documents for the chief representative, if applicable
- Translated, notarised and consular certified copies of documents issued overseas
Step 2: Submit the application: Submit the application to the licensing authority (Department of Industry and Trade)
Step 3: Receive the updated RO license: The licensing authority should proceed with the adjustment of the RO license and issue the results within 5 to 15 working days from the date of receipt of a complete and valid application.
Businesses should be aware that the deadline for registering any changes that require an update to the RO license is 60 days from the date of the change.
Consequences of non-compliance
Failure to update the RO license could harm the business’s reputation with regulatory authorities, partners and clients in Vietnam. More importantly, failing to update the RO license constitutes a legal violation subject to administrative fines ranging from VND 20,000,000 to VND 40,000,000 (VND 20,000,000 is the equivalent of around EUR 764 or USD 795).
For further information please contact:
Vu Manh Quynh, Managing Partner, ECOVIS OC Law, Ho Chi Minh City, Vietnam
Email: quynh.vu@ecovislaw.vn
Nguyen Nhuan, Partner, ECOVIS OC Law, Ho Chi Minh City, Vietnam
Email: nhuan.nguyen@ecovislaw.vn

Global minimum tax Turkey (Türkiye): Developments in taxation
12.02.2025With the introduction of Law No. 7524, Türkiye has added the section “Local and Global Minimum Supplementary Corporate Tax” to the Corporate Data Law No. 5520. This regulates tax liability, tax base and tax rate, as well as exceptions and exemptions for multinational companies covered by the law. The Ecovis experts explain these and other details on the implementation of the tax.
The OECD wants multinational companies above a certain size to pay a minimum rate of 15% tax on their profits in each country in which they operate, to prevent tax avoidance. If companies pay less than 15% tax in one country, the home country of the group of companies or another country in which the group operates can levy this tax.
The subject of local and global minimum supplementary corporate tax
The profits of the affiliated enterprises of multinational business groups whose annual consolidated revenue in the consolidated financial statements of their ultimate parent enterprise exceeds the Turkish lira equivalent limit of EUR 750 million in at least two of the four accounting periods preceding the accounting period in which the income is reported are subject to local and global minimum supplementary corporate tax. Exemptions and exceptions apply, among others, to:
- Real estate investment vehicles: Businesses that are the ultimate main business and are primarily real estate investment funds aiming to provide income to their beneficiaries by investing in real estate and where single-stage taxation is applied on a business or beneficiary basis.
- The earnings of multinational business groups’ affiliated businesses from international maritime transportation activities and, under certain conditions, some other sales and rental income within the scope of this activity are exempt from the local and global minimum supplementary corporate tax.
Who must pay the global minimum supplementary corporate tax
The taxpayer of the institutions generating income at the global level is the ultimate main enterprise, intermediate main enterprise, or partially owned main enterprise in Türkiye which is affiliated with the multinational business unit and other variables.
We support you in calculating the local and global minimum supplementary tax.Mustafa Bulut, CPA, Partner, ECOVIS DİPLOMAT DENETİM VE YMM A.S., Izmir, Türkiye
Tax rate and base
The global minimum supplementary corporate tax rate is the difference between the country-based tax burden and the minimum corporate tax rate (15%). If the country-based tax burden exceeds the minimum corporate tax rate, no global minimum supplementary corporate tax is calculated.
The country-specific tax burden of a multinational group is calculated by dividing the taxes of its companies in a country by their profits. The global minimum tax base is reduced by 5% of gross wages and 5% of the net book value of fixed assets. The tax is determined by applying the tax rate to this base. For a subsidiary, the tax is calculated by applying the ratio of company to country profits to the determined minimum tax.
Tax period, declaration, date and payment
The tax period for the global minimum supplementary corporate tax is the accounting period, which is the calendar year in Türkiye. The tax period of businesses to which a special accounting period applies is the special accounting period. The calculated tax must be declared and paid by the last day of the fifteenth month following the month in which the accounting period is closed.
Who must pay the local minimum supplementary corporate tax
The taxpayer of the local minimum supplementary corporate tax is the affiliated enterprises and business partnerships that are affiliated with multinational business groups within the scope of Additional Article 1 and are resident in Türkiye.
Tax period, declaration, assessment and payment
The tax period of local minimum supplementary corporate tax is the accounting period. Local minimum supplementary corporate tax is determined by applying the minimum supplementary corporate tax rate to the global minimum supplementary corporate tax base. The calculated tax is declared and paid from the first day to the last day of the twelfth month following the month in which the accounting period closes.
For further information please contact:
Mustafa Bulut, CPA, Partner, ECOVIS DİPLOMAT DENETİM VE YMM A.S., Izmir, Türkiye
Email: mbulut@diplomatymm.com.tr
Efil Çetin, CPA, ECOVIS DİPLOMAT DENETİM VE YMM A.S., Izmir, Türkiye
Email: ecetin@diplomatymm.com.tr