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Vallarta – Nayarit

Tropicasa Realty — Fri, 14 Jun 2013 15:42:44 +0000

Lower house votes to ease restrictions on foreign ownership of land at coast, borders

Tropicasa Realty — Mon, 06 May 2013 15:48:56 +0000

The Chamber of Deputies, Mexico’s lower house, approved a constitutional amendment Tuesday that will permit foreigners to have direct title to their properties located within the “Restricted Zone” – 100 kilometers within the nation’s borders and 50 kilometers of its coastline. The legislation passed by 356 votes to 119, with only left-of-center legislators voting against the reform. It still requires approval by the Senate and at least half of Mexico’s 32 state legislatures, before it can be signed into law by the president – a process that could be lengthy.

Opinions are divided on whether loosening the ownership regulations will significantly increase foreign investment in Mexico.

Legislators who gave a thumbs down to the bill argued that relaxing the law could lead to the “foreign colonization” of the country and rampant real estate speculation.Realtors on the ground in coastal resorts believe predictions of a potential four-fold increase in real estate sales are way off the mark.

“I don’t think (lifting the restriction) is going to have the major impact that some people are saying. I’d love to be wrong but I don’t think I am,” said Wayne Franklin, director general of Tropicasa Realty in Puerto Vallarta, and a former president of the Vallarta Board of Realtors. “It may open the eyes of a few people who don’t understand the trust (fideicomisio) system and may not have purchased as a result of that. But in 15 years I have never lost a deal because of that. It is a question in people’s minds but not a deterrent for purchasing.”

Foreigners are entitled to purchase property in Restricted Areas and are considered the rightful owners, However, Article 27 of the Mexican Constitution states that they are not the legal title holders of the land, which remains in government hands. While they are free to sell or modify their properties or land as they wish, the titles are held by a third party, usually a bank trust. The bank charges an annual fee and has legally responsibility to represent the buyer’s interest in the property.

Legislators from the ruling Institutional Revolutionary Party (PRI) said allowing foreigners to own property outright would encourage tourism development and create jobs.

Franklin said many foreigners may decide to keep their properties in a bank trust despite the law change because they like the benefits.

Trusts allow property owners to add beneficiaries to avoid Mexican probate in the case of death.

“That’s no small thing,” Franklin said. “We are looking mainly at a mid-range to elder clientele and when they do pass on the banks simply needs to recognize the substitute beneficiary rather than having to go through the probate process, which is no more fun in Mexico than anywhere else.”

In addition, the cost of withdrawing from a trust could be as high as 2,000 dollars, Franklin estimated. Another point in their favor is that trust fees are far more standardized today than in the past, he noted.

The measure to restrict foreign ownership near borders and the coast was outlined in the Constitution of 1917, following Mexico’s bloody seven-year revolution and civil war. The threat of foreign invasion was considered a real possibility at that time.

Allowing owners of property in the Restricted Zones to have full legal title corrects a long standing anomaly in investment law and brings Mexico into the modern financial era, many economic experts say.

Franklin stressed that while lifting the regulation will undoubtedly improve Mexico’s image abroad, it doesn’t change the economic reality. “If all of a sudden they eliminated capital gains tax or cut closing costs in half, then you would have your four times multiples of people coming in to buy. But you still have to have the cash to purchase the property.”

Nonetheless, Franklin said the real estate market in the Puerto Vallarta has “improved dramatically this year.

“There are more people coming into town. A lot more people have been buying this year.”

Franklin said Canadians and Mexicans are buying strongly, and that Americans are “still catching their breath” but starting to open their eyes and realize that “Mexico isn’t Afghanistan.”

He also noted that unlike in many parts of the United States, property values in Vallarta have remained relatively stable, partly because “people don’t have that mortgage payment eating at them every month so there is less sense of urgency to sell.” He said the low costs of maintaining a property in Mexico is another reason why many people do not need to sell below market value.

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Lower house votes to ease restrictions on foreign ownership of land at coast, borders.

General Outline for the new immigration law of Mexico : Puerto Vallarta, Mexico, Real Estate – MLS Service : Puerto Vallarta,…

Tropicasa Realty — Tue, 23 Apr 2013 15:34:00 +0000

In May of 2011 Mexico’s Immigration law was reformed. Some of the reform entered into effect immediately while other parts did not enter into effect until the corresponding Rules to the Law were published, which did not happen until the 28th of September 2012. In short, we are just now starting to see the Immigration authorities push for the full application of the new law.

The reform of the law was based on the following principal reasons:

The basis of the old law was from 1937 (even though it had suffered multiple reforms) and the world immigration issues have dramatically changed for Mexico since that time. The underlying core of the law no longer applied.
Mexico is party to several international treaties regarding human rights. The previous law’s structure did not take these into consideration and therefore a major overhaul was needed to structure a law that reflected the obligations set forth in these treaties.
“Due process” and the presumption of innocence are central parts of the law, as well as the fact that you are allowed an interpreter, an attorney and immediate access to your consulate. All authorities must observe these basic rights. Also only the immigration authority (no other authority) can retain your documents only if they feel that they are false.
Simplification was needed not only regarding the different types of visas that existed, but also regarding the immigration procedure.

As of the date of this document not all of the guidelines have yet been published. We expect that the immigration authority, during the next 2 – 3 years, will be redefining many of the procedures for acquiring visas and it will not be uncommon to get conflicting issues from two different authorities in separate immigration offices. Also, the tax laws and other laws and regulations will need to be modified to take into consideration the changes made to the immigration law. As further information is available, we will be reporting it.

This Article is principally directed toward individuals of US and Canadian nationality and how the reforms affect their immigration status in Mexico. It covers the principal topics and most common situations.

The Major Chances at a Glance

The Old Law

The old law divided foreigners into three classes:

Non-immigrants (FM3’s)

People with the intention of coming to Mexico but expecting to return to their country. This category has now largely disappeared.

Immigrants (FM-2’s)

People coming to Mexico with the intention of becoming an immigrant. We need to remember that prior to five years ago acquiring Mexican nationality was quite restricted and the “FM-2 to immigrant” procedure was what most people used if they ended up living in Mexico.

Immigrated

People who had gone through the five years of FM-2’s and got an immigrant card.

Under both the FM-3’s and FM-2’s there were many subclasses. In total there were over 30 types of visas and rules for each type, which caused many conflicts as to what certain visas allowed and did not allow foreigners to do.

The New Law

The new law recognizes three manners in which foreigners can be legally in Mexico, these being:

Visitor

There are six types of visitors. Of the six, the tourist visa you get on the plane is a “Visitor” visa. These visas are limited to short terms stays (usually no more than 180 days) and are granted in the understanding that you are coming to “visit”.

Temporary Residents

This is for foreigners that want to remain in the country for a term of up to four years. Under this permit you can acquire the ability to work for pay (remuneration) and you have the right to “Family Unity”, (which will be explained further on). Under the old FM-2 and FM-3 you had to renew the visa each year and they were good for up to five years. Now if you have any FM-3 or FM-2 they will most likely turn it into a Temporary Resident Visa for the time that is left up to the four years allowed. If you go beyond that, you will be asked if you want a Permanent Resident permit. Note: There is also a Temporary Resident permit for students that allows the person to remain for the time it takes them to finish their studies.

Permanent Resident

This is a visa granted for an indefinite term. This is very similar to the old “immigrant” status. The following people can solicit a Permanent Resident permit:

Family members of Mexicans or other Permanent Residents under the “Family Unity” dispositions—see further on.
A retired person, with sufficient income to “live in the country”. Right now they want you to show a monthly account balance of $1,619,000 pesos (25,000 times minimum wage). Note: there is no obligation here for you first to have the Temporary Resident permit for 4 years.
Because you have had the Temporary Residence for four years.
For having children of Mexican nationality by birth.
For being family of Mexican nationals by birth, up to the second grade or tier.

Family Unity

This is a new concept that was not in the previous law. It is based on the international treaties that look to preserve the family as a unit. Under this new law the concept of Family Unity is strongly protected and recognizes that Mexican nationals by birth, as well as Temporary and Permanent Residents have the right to preserve the Family Unity and acquire the necessary documents so that their family members can be with them legally in Mexico.

Much debate surrounds this issue due to the fact that it makes acquiring a visa to Mexico very easy for large numbers of people that previously would not have qualified for visas, and which is expected to cause some large amounts of people to immigrate to Mexico.

Furthermore, the old law required foreigners to acquire permits to marry Mexican nationals. The new law does not and gives grants anyone married to a Mexican national the right to have a visa to stay and work in Mexico.

The old law also gave the authority “discretionary” powers to grant or deny visas. The new law obligates authorities to observe the right of Family Unity and grant the corresponding visas.

This will dramatically change the dynamics of immigration to Mexico in the coming years.

Procedure to Acquire Visas

The procedure to acquire a visa has changed. The following is the general rule as well as some of the exceptions to this rule.

General Rule

You first need a VISA to enter Mexico and if you want to stay longer than the time allowed to Visitors, you need to acquire a Residence status.

All visas are granted by the Mexican Consulates outside of Mexico (Visitors, Temporary Resident and Permanent Resident). This means that all visas (Visitor, Temporary Resident and Permanent Resident) must be applied for in the consoler office and not at the immigration office in Mexico (Note: we all use to get our visas changed over here in Mexico). If you get a Temporary or Permanent Resident visa, you must then get the local immigration office in Mexico where you live to give you your resident card. There are a few exceptions where you are not required to first acquire a VISA from the consulate, and these are as follows:

Exceptions to the general rule

For Visitor Visas (for tourists) If you are from a country that Mexico has “suppressed” the requirement of a pre-approved visa, you do not have to go to the Mexican Consulate to get a Visitor’s Visa. Both Canada and the US are countries that do not required pre-authorized Visitors Visa from the consulate, you simply get them on the plane on the way down or at the border.

If you have a Visitor Visa you can no longer change it over to another type of visa (Temporary Resident or Permanent Resident) while in Mexico, except if:

Article 41 – it is to preserve “Family Unity”, for an offer of work or for humanitarian reasons.
Article 53 – “you have a relation with a Mexican or foreigner with residence in Mexico”. We are not sure how open the concept of “relation” is.

Temporary Residents can change to Permanent Resident while in Mexico. If you presently have an “immigrant” card that was granted under the old law, the local immigration offices in Mexico should change it over to a Permanent Resident card without having to go out of the country.

General Issues of Interest

Here are some points of interest regarding the new law:

Under the old FM-2 you had to be in the country 182 days a year or it was automatically revoked. This disposition does not exist for either Temporary or Permanent Residents. This was a problem before for people that wanted the tax exemptions on the sale of their Primary Residence because they needed an FM-2 but could not meet the 182 day requirement.
Under which visas can I have my car and house hold items in the country? Articles 52 and 54 of the law say that you can bring your property into Mexico “subject to the applicable legislation” – which in this case are the tax laws and customs laws. Right now those laws have not changed to take into consideration the reforms of this law and therefore right now we are uncertain of the implications.
If you were an “immigrant” under the old law you were not required to get a further permit to work. The new law is not as clear here. Article 52 fraction IX states that Permanent Residents can work for pay, however Article 54, second to last paragraph says that you require an additional authorization to work for pay. The Rules of the law (Article 164) states the all Permanent Residents can work for pay. We hope this aspect of the law will be clarified in the coming months.
It is still not clear if a person on the board of a Condominium or Non-profit will be required to get a Temporary Resident Permit or Permanent Resident permit, or if the Visitor’s Visa will be enough.
If the immigration authority removed you from Mexico (ordered you to leave), you now have to ask permission to come back in. Under the old law if you got thrown out of the country, in most cases you could come back in on the next flight.
Article 60 states that a foreigner, regardless of their immigration status, personally or via proxy, can open a bank account. The old law was not clear here and most banks did not allow you to have an account without an FM3 or FM-2.
Once you get a Temporary Resident or Permanent Resident visa, you have 30 days counting from entering the country to register with the local immigration office. Furthermore any change in nationality, address, civil status or work must be notified to immigration within 90 days of the change.
If you have a company that wants to hire foreign employees, the company needs to register with immigration.
If old law states that if you wanted to marry a Mexican national you were required to get a permit from immigration. This is no longer a requirement.

As a last note it is important to mention that the immigration authority will look to limit granting Temporary or Permanent Resident Visas. They will ask the question “Do you really need one or can you just use the Visitor Visa?”. Unless there is a reason to go through the process of getting a Temporary or Permanent Visa, we recommend that you just use the Visitor Visa. However there will be several cases in which having either a Temporary Resident or Permanent Resident visa will make sense. We can go over you particular situation.

Written by David W. Connell of Connell & Associates.
For more information send an email to info@mexicolaw.com.mx or visit www.mexicolaw.com.mx. All rights reserved.

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General Outline for the new immigration law of Mexico : Puerto Vallarta, Mexico, Real Estate – MLS Service : Puerto Vallarta,….

Thomson Launch Authentic Mexico and Idyllic Mauritius for Long Haul Summer 2014 – Yahoo! News

Tropicasa Realty — Mon, 22 Apr 2013 16:30:19 +0000

Today, 18th April 2013, Thomson launches its exciting new long-haul programme for summer 2014 showcasing two fantastic new destinations – the luxurious island of Mauritius and the authentic and charming Vallarta region on Mexico’s Pacific Coast.

(PRWEB UK) 18 April 2013

Thomson is also introducing a new addition to its exclusive Sensatori collection, on the stunning island of Jamaica. Teaming all this with Thomson’s exciting new Florida Twin-Centres means summer 2014 is shaping up to be our most exciting programme yet!

New for summer 2014 – Mauritius

Described as the ultimate in laid back luxury, Thomson will fly direct to Mauritius from May 2014. This beautiful island, offering stretches of idyllic long sandy beaches and jungle terrain, really does have the wow-factor. Thomson will be flying direct to Mauritius from London Gatwick airport and will offer holidays in the relaxing resorts of Belle Mare and Trou d’eau Douce on the East Coast and Grand Gaube near the cosmopolitan area of Grand Baie in the North. There will be hotels available from the Thomson Couples and Platinum collections that will offer sleek and contemporary interiors with a desert island backdrop – the perfect exotic getaway.

Thomson offers 14-night holidays to the Thomson Couples 4T Ambre Resort & Spa, Mauritius on an all-inclusive basis from £2,055 per person. Price includes return flights departing from London Gatwick airport between the 1st and 15th May 2014.

New for Summer 2014 – Mexico, Pacific Coast

For those who love Mexico and want an authentic holiday experience, Thomson’s new exclusive route flying in to Puerto Vallarta is just the ticket. Offering weekly flights direct from London Gatwick and Manchester airports this new route really offers an all-round fantastic holiday experience. This amazing tropical destination mixes old world charm with a party spirit offering golden sands, lush tropical jungles and the stunning Sierra Madre mountain ranges. Thomson will offer an extensive range of properties including hotels from the Couples, A la Carte and Platinum ranges.

Thomson offers 14-night holidays to the Thomson Platinum 5T Riu Vallarta Hotel, Mexico on an all-inclusive basis from £1,539 per person. Price includes return flights departing from Manchester airport between the 16th and 22nd May 2014.

New for Summer 2014 – Sensatori Jamaica

Thomson is excited to announce a great new edition to our exclusive Sensatori collection on the colourful Caribbean island of Jamaica. This idyllic resort set on the world-famous Seven Mile Beach in Negril, Jamaica, was named one of the top 10 beaches in the world*. Sensatori Jamaica is a stunning resort that offers swim-up rooms, fine dining, a world class spa and exciting reggae lounge offering a vast array of local rums. Sensatori Jamaica is the sixth addition to this luxurious collection and will offer everything Thomson customers have come to expect from these beautiful hotels.

Thomson offers 14-night holidays to the 5T Sensatori Jamaica on an all-inclusive basis from £1865 per person. Price includes return flights from London Gatwick airport departing between the 1st and 15th May 2014.

Florida Twin-Centres

New for summer 2014, Thomson is offering Florida Twin-Centres, teaming a 10-night stay on the fun-packed International Drive with a four night beach break in either Clearwater or Miami. This is a great alternative to the traditional two-week action packed break, enabling customers to indulge in a little rest and relaxation after 10 days of rollercoasters and parades at the various theme parks in the area.

Thomson offer 14-night Twin Centre holidays to Florida combining a 10-night stay in the International Palms Hotel, Orlando with a four-night stay in the Crest Hotel Suites, Miami from £1,169 per person. Price includes flights departing from London Gatwick airport between the 1st and 13th May 2014.

New for Winter 2013 – Thailand

As announced last year, Thomson will be offering direct flights to Phuket, Thailand from November 2013, with over 20 hotels in some fantastic destinations including Krabi, Khao Lak and Phuket. If customers want to discover more of Thailand they can take an eight night organised tour as part of the ‘tour and stay’ programme including stops at the River Kwai, Chiang Rai, Chiang Mai and the Mai Salong valley, combined with a six night beach stay in either Phuket, Krabi or Khao Lak.

Mark Hall, Director of Product said;

“Our customers are looking for exciting holiday experiences that are designed to meet their needs so it’s important we have the right product for everyone. At Thomson we aim to provide unique destinations that spark the interest of our customers, which is why we have introduced Mauritius and Vallarta on Mexico’s Pacific Coast for summer 2014. With our summer 2014 programme shaping up to be the ideal combination of desert island relaxation and luxurious hotels set in cultural surroundings, we have the perfect mix to suit couples, families and friends.”

ENDS

For more information please contact Katie.Badger(at)thomson(dot)co(dot)uk or call 01582 645381

Mark Hall will be available for interviews please contact the press office on – 01582 645381

Mexico Infographic - http://www.thomson.co.uk/blog/2013/04/mexico-pacific-coast-holidays/

*As voted for by The Daily Telegraph.

THOMSON

Thomson, part of TUI UK & Ireland, is one of the UK’s most well-known holiday brands, delivering unique and modern holiday experiences for its customers every year.

In 2013, 90% of hotels in the Thomson brochure will be exclusive to Thomson and these properties continue to be popular among our customers.

Flagship properties include; five Sensatori hotels in Crete, Tenerife, Mexico, Egypt and Turkey – these hotels give customers a luxury holiday experience, featuring world class spas and gourmet dining; Thomson Couples resorts offering stylish hotels in beach front locations exclusively for adults with a real contemporary feel and Thomson Family Resorts which have been designed for families with younger children, featuring excellent kids clubs giving parents a care-free, relaxing holiday.

Thomson is the sister company of First Choice and uses Thomson Airways as its carrier to take over 5.5million people on holiday each year.

TUI UK & Ireland is part of the TUI Travel PLC Group.

Katie Badger
Thomson
01582 645381
Email Information

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Thomson Launch Authentic Mexico and Idyllic Mauritius for Long Haul Summer 2014 – Yahoo! News.

Mexico: Aztec tiger, The country has emerged from Brazil’s shadow to become the darling of investors

Tropicasa Realty — Mon, 01 Apr 2013 18:32:20 +0000

High street stores do not come much more Mexican than Sanborns. With its rather disjointed collection of chocolates, jewellery and magazines and its cafeterias staffed by waitresses in folkloric skirts, the retail chain has long been a symbol of homespun tradition.

But even with its chaotic charm and staid looks, Sanborns, owned by Carlos Slim, the world’s richest man, is now also becoming a symbol of Mexico’s new-found economic dynamism.

How Mexico Got Back in the Game – NYTimes.com

Tropicasa Realty — Mon, 25 Feb 2013 16:49:52 +0000

IN India, people ask you about China, and, in China, people ask you about India: Which country will become the more dominant economic power in the 21st century? I now have the answer: Mexico.

Impossible, you say? Well, yes, Mexico with only about 110 million people could never rival China or India in total economic clout. But here’s what I’ve learned from this visit to Mexico’s industrial/innovation center in Monterrey. Everything you’ve read about Mexico is true: drug cartels, crime syndicates, government corruption and weak rule of law hobble the nation. But that’s half the story. The reality is that Mexico today is more like a crazy blend of the movies “No Country for Old Men” and “The Social Network.”

Something happened here. It’s as if Mexicans subconsciously decided that their drug-related violence is a condition to be lived with and combated but not something to define them any longer. Mexico has signed 44 free trade agreements — more than any country in the world — which, according to The Financial Times, is more than twice as many as China and four times more than Brazil. Mexico has also greatly increased the number of engineers and skilled laborers graduating from its schools. Put all that together with massive cheap natural gas finds, and rising wage and transportation costs in China, and it is no surprise that Mexico now is taking manufacturing market share back from Asia and attracting more global investment than ever in autos, aerospace and household goods.

“Today, Mexico exports more manufactured products than the rest of Latin America put together,” The Financial Times reported on Sept. 19, 2012. “Chrysler, for example, is usingMexico as a base to supply some of its Fiat 500s to the Chinese market.” What struck me most here in Monterrey, though, is the number of tech start-ups that are emerging from Mexico’s young population — 50 percent of the country is under 29 — thanks to cheap, open source innovation tools and cloud computing.

“Mexico did not waste its crisis,” remarked Patrick Kane Zambrano, director of the Center for Citizen Integration, referring to the fact that when Mexican companies lost out to China in the 1990s, they had no choice but to get more productive. Zambrano’s Web site embodies the youthful zest here for using technology to both innovate and stimulate social activism. The center aggregates Twitter messages from citizens about everything from broken streetlights to “situations of risk” and plots them in real-time on a phone app map of Monterrey that warns residents what streets to avoid, alerts the police to shootings and counts in days or hours how quickly public officials fix the problems.

“It sets pressure points to force change,” the center’s president, Bernardo Bichara, told me. “Once a citizen feels he is not powerless, he can aspire for more change. … First, the Web democratized commerce, and then it democratized media, and now it is democratizing democracy.”

If Secretary of State John Kerry is looking for a new agenda, he might want to focus on forging closer integration with Mexico rather than beating his head against the rocks of Israel, Palestine, Afghanistan or Syria. Better integration of Mexico’s manufacturing and innovation prowess into America’s is a win-win. It makes U.S. companies more profitable and competitive, so they can expand at home and abroad, and it gives Mexicans a reason to stay home and reduces violence. We do $1.5 billion a day in trade with Mexico, and have been spending $300 million a day in Afghanistan. Not smart.

We need a more nuanced view of Mexico. While touring the Center for Agrobiotechnology at Monterrey Tech, Mexico’s M.I.T., its director, Guy Cardineau, an American scientist from Arizona, remarked to me that, in 2011, “my son-in-law returned from a tour of duty in Afghanistan and we talked about having him come down and visit for Christmas. But he told me the U.S. military said he couldn’t come because of the [State Department] travel advisory here. I thought that was very ironic.”

Especially when U.S. companies are expanding here, which is one reason Mexico grew last year at 3.9 percent, and foreign direct investment in Monterrey hit record highs.

“Twenty years ago, most Mexican companies were not global,” explained Blanca Treviño, the president and founder of Softtek, one of Mexico’s leading I.T. service providers. They focused on the domestic market and cheap labor for the U.S. “Today, we understand that we have to compete globally” and that means “becoming efficient. We have a [software] development center in Wuxi, China. But we are more efficient now in doing the same business from our center in Aguascalientes, [Mexico], than we are from our center in Wuxi.”

Mexico still has huge governance problems to fix, but what’s interesting is that, after 15 years of political paralysis, Mexico’s three major political parties have just signed “a grand bargain,” a k a “Pact for Mexico,” under the new president, Enrique Peña Nieto, to work together to fight the big energy, telecom and teacher monopolies that have held Mexico back. If they succeed, maybe Mexico will teach us something about democracy. Mexicans have started to wonder about America lately, said Bichara from the Center for Citizen Integration. “We always thought we should have our parties behave like the United States’ — no longer. We always thought we should have the government work like the United States’ — no longer.”

This article has been revised to reflect the following correction:

Correction: February 24, 2013

An earlier version of this column misstated the amount the United States has been spending in Afghanistan. It is $300 million a day, not $1 billion a day.

How Mexico Got Back in the Game – NYTimes.com.

Tripadvisor’s Top 10 Destinations in Mexico

Tropicasa Realty — Fri, 04 Jan 2013 19:22:37 +0000

Read the Tripadvisor’s Top 10 Destinations in Mexico

http://www.tripadvisor.com/TravelersChoice-Destinations-cTop-g150768

Travel Secrets TV Premier

Tropicasa Realty — Tue, 11 Dec 2012 16:33:35 +0000

West Jet Officials Announce Increased Flights to Mexico .The Official Puerto Vallarta Travel Guide

Tropicasa Realty — Wed, 31 Oct 2012 16:41:22 +0000

Author: Miriam CastroSource: http://www.vallartavive.com

During a visit with Canada’s Secretary of Tourism, Gloria Guevara Manzo, West Jetofficials announced the opening of new routes to Mexico during 2012. This represents a 40% growth in its operations to destinations in Mexico.

West Jet Airlines

Guevara met in Calgary with Gregg Saretsky – President and CEO of West Jet, Bob Cummings, Executive Vice President – Sales, and Chris Averys – Vice President of West Jet Vacation.

The meeting provided an opportunity to reaffirm the relationship between Mexico and West Jet, and to announce that this year they are opening five new routes to destinations in our country, including a direct flight between Calgary and Mexico City.

West Jet is the largest low-cost airline in Canada and currently holds a 40% stake in the Canadian market. It flies to six destinations in Mexico: Mazatlan, Cabo San Lucas, Cancun, Cozumel, Ixtapa-Zihuatanejo, and Puerto Vallarta. They have increased weekly flights to Mexico from 84 to 95 for the winter season 2011-2012.

West Jet recently signed an alliance with Aeromexico to strengthen connectivity to various destinations in Mexicoand increase frequency of flights.

In Vancouver, the head of Tourism Ministry also met with the leading tour operators, travel agencies, airlines, and tourism consortia in Canada with the aim of working together on strategies to promote the positive stories of travelers to Mexico.

Guevara explained that Canada is the second largest market for Mexico (behind the US), citing the fact that last year more than 1.5 million Canadians visited Mexico.

David McCaig, President of the Association of Canadian Travel Agencies (ACTA), which includes 82% of Canadian travel agents, said that insecurity is not a problem for Canadian tourism. “Wayfarers from our country like to visit Mexico for its many attractions and the hospitality of its people,” he said.

West Jet Officials Announce Increased Flights to Mexico .The Official Puerto Vallarta Travel Guide.

Mexico’s market shines as reforms, confidence take hold – The Globe and Mail

Tropicasa Realty — Thu, 25 Oct 2012 18:18:58 +0000

Canadians may think of Mexico as a country devastated by violence and drug-related crime. The stock market offers a far more optimistic view.

Mexico’s bourse is the second-best performing major market in the world so far this year, lagging only Germany’s. The benchmark IPC index has soared 23.6 per cent in U.S.-dollar terms (20 per cent in Canadian-dollar terms), as investors have become increasingly convinced that cartel violence can’t derail Mexico’s economic growth.

The country’s manufacturers are now competitive with low-wage Asian countries. And a series of reforms could unshackle its labour market, leading to even bigger gains for the Mexican economy and for investors.

“This is a market that was dead in the water for a long time,” said Scott Piper, portfolio manager of Excel Funds Management Inc.’s Latin America Fund. Now, he said, “we’re seeing capital markets expanding, the number of [listed companies] increasing. We think that [the proposed reforms] are structural long-term positives for the market.”

Driving Mexico’s ascent is a rapidly closing wage gap with China. In 2002, Mexican workers earned more than twice Chinese wages; now, thanks largely to rising Chinese salaries, they earn 14 per cent more, according to a JPMorgan study.

Combined with Mexico’s low shipping costs to major markets in the U.S. and Canada, the newly competitive wages are turning Mexican manufacturing into an unsung powerhouse. In 2011, Mexico touted itself as the world’s largest exporter of flat-screen television sets and fourth-largest car exporter.

A series of reforms to the country’s financial and labour markets has provided further fuel for Mexico’s economy. Economists now suggest that it could surge past Brazil to become the fastest-growing economy in Latin America.

President-elect Enrique Peña Nieto’s Industrial Revolutionary Party, while without a majority in congress, is working with opposition parties to push through measures that would allow hourly wages instead of daily rates, and loosen rules on hiring and firing. Also on the drawing board are proposals to revamp tax collection for increased revenue and to allow privatization in Mexico’s energy sector.

If the reforms are passed, Mexico is well positioned to become Latin America’s biggest economy by 2022, according to a Nomura Emerging Markets Research report.“We believe that, over time, capital will likely flow much more efficiently to Mexico than Brazil,” Benito Berber, Nomura’s senior Latin America strategist and co-author of the report, said in an interview.

While many emerging stock markets are dominated by foreign investors, recent reforms have helped create a domestic base of buyers, according to Adam Kutas, who manages Fidelity Investments Canada ULC’s Latin America fund. “That’s very positive” for the country’s investing environment, he said.

The financial market reforms, passed in 2009 and 2010, saw Mexico’s first real estate investment trust come to market, and introduced structured equity securities called CKDs that are intended for heavy investments from pension funds.

With more than half of Mexico’s population under 25, the country’s pension funds are likely to be net buyers of equities for decades to come.

Some fund managers now see the country as a relatively safe bet for global investors who are prepared to be patient.

“Mexico is the natural stop for risk-averse investors if they want to get into emerging markets,” says William Landers, senior portfolio manager of BlackRock Inc.’s Latin American equity funds.

The easiest way for Canadian investors to get cheap, broad exposure to the Mexican stock market is through the MSCI Mexico Investable Market Index Fund. The exchange-traded fund, which trades on the New York Stock Exchange, is up nearly 25 per cent year to date.

Mexican wireless giant America Movil is also listed on the NYSE, making up about 10 per cent of Fidelity’s Latin America Fund portfolio. “Mexicans are very early adopters of smartphone tech and smartphone use,” Mr. Kutas says, particularly because of their young demographic.

Commercial retail is another way into the Mexican stock market, with brands like Wal-Mart de Mexico available to non-Mexican investors. Among Mr. Landers’s favourite picks is beverage company Fomento Economico Mexican, or FEMSA, for its growing suite of Oxxo convenience stores.

With property values remaining low in Mexico, XL fund manager Mr. Piper believes real estate is a wise investment. “We think property values will continue to gain over time,” he said. Fibra UNO, Mexico’s only publicly traded REIT, has gained 35 per cent in value so far in 2012, though it only trades on the Mexican Stock Exchange.

Original at:

Mexico’s market shines as reforms, confidence take hold – The Globe and Mail.