Let’s breakdown your responsibilities as vacation rental owners in Mexico!
If you have just recently acquired a property in Mexico as your vacation hideaway, you might be aware that with the emergence of online rental platforms such as Airbnb, Vrbo, Wimdu, and many others, the market for vacation rental homes has boomed over the past few years.
You may also be interested in our blog: Vacation rentals through digital platforms.
Placing your property on any of these platforms could be a great way of recovering your investment and even generating some extra income for you and your family. Sounds good, doesn’t it?
Before you commit to renting your new home away from home, you should take into consideration that as with any other business, vacation rentals are subject to obtaining a number of permits and licenses from the Mexican authorities. At Iniestra & Associates, our accountancy and licenses team have the knowledge and experience to assist you!
According to the World Bank’s Ease of Doing Business 2020 ranking, Mexico was placed 60th in a list of over 190 countries, based on their regulatory performance to open a new business. This can be interpreted in the sense that, although conditions in Mexico are good for starting a business, there are still some complexities in navigating through our government’s bureaucracy.
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Considering that you would be required to obtain federal tax identification, state and municipal licenses, zoning permits, civil protection authorizations, among other permits and licenses, without the proper guidance, this process could be disheartening.
That’s why our team at Iniestra & Associates are ready to guide you along the way to achieve your goal of turning your little piece of paradise into a profitable business too. Contact us today!
Learn more about us 👉 here.