[ESTABLISHING A BUSINESS ENTITY IN MEXICO] 334
ii.
Foreign individuals or entities that normally perform commercial activities in Mexico; and Stock or equity participation trusts of real estate or neutral investment, by virtue of which, rights in favor of foreigners are granted.
The MIL establishes, among others, the following visas that foreigners can request from the Mexican National Immigration Institute in order to travel to Mexico: i. Tourist Visa: applicable for foreigners that travel to Mexico with the purpose of performing recreational, cultural or sporting activities. Tourists are allowed by law to stay up to a term of 180 days in Mexico with the possibility of extending such term.
iii.
Mexican companies in which foreign investment participate in its capital stock are required to submit before the RNIE, quarterly and annually, reports which reflect the increase or decrease of participation of foreign investment in the capital stock of the companies and the fulfillment of the percentages established by the LIE, in the event that the company performs restricted economic activities. 38 Residency and Material Visa Restrictions The Mexican government issued a series of amendments to the Mexican Immigration Law and its Regulations (the “ MIL ”), that caused great changes in the criteria applied by the Mexican National Immigration Institute ( Instituto Nacional de Migración ) which is the government entity in charge of issuing visas and observing the compliance of the MIL. The Mexican government issued such amendments with the main purpose of creating a more efficient system for foreigners visiting Mexico.
ii.
Permanent Resident or Temporary Resident Visa for Family Purposes: applicable for (i) Mexicans or foreigners that hold the condition of temporary students; or (ii) for permanent foreigner resident that requests a visa for a foreigner which he/she may prove a family bond. for foreigners, to whom an individual or an entity legally incorporated under Mexican law extends a job offer. Working Visa: applicable
VII.
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All of the abovementioned visas are issued for a limited period, but they are subject to renewal. In general, the Mexican government carries out actions to promote tourism in the country, therefore, different from other countries, in Mexico there are no severe restrictions for foreigners to enter the country. Real Estate Trusts In recent years, real estate trusts have also become important investment vehicles for foreigners who seek to invest their capital in Mexico. Trusts are regulated by, among others: (i) the
VIII.
38 Such quarterly and annually reports shall be filed before the RNIE only when the company exceeds the thresholds of operations with its foreign related parties stated in the dispositions issued by the National Foreign Investment Commission.
ILN Corporate Group – Establishing a Business Entity Series
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