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The Settlement Company's 3rd Quarter 2018 Newsletter

October 11, 2018

The fifth National Fair of Pueblos Mágicos will be held in Morelia, Michoacán from October 11 to 14, 2018. There will be an exposition of "traditional cuisine," featuring 32 chefs from 17 Mexican states.

La Paz, BCS - Welcome to our Third Quarter, 2018 newsletter. In this edition we discuss two Mexican cultural events, the celebration of Mexican independence and the day of the artisan. Other topics include magic Pueblos, the importance of paying taxes on rental property and the new Canada/Mexico/United States trade agreement.

Fiestas Patrias - September in Mexico


It all started on September 16, 1810, when Father Miguel Hidalgo y Castillo rang the church bell in the town of Dolores, Hidalgo, and cried out for all citizens to revolt against Spanish rule. His cry became known as "The Grito." Thus begun Mexico's war of independence.

When it comes to celebrating Independence, Canada has July 1st, the U.S. has July 4th, but here in Mexico, it's celebrated throughout the month of September.

Each municipality has its own way of celebrating. There are parades, civic and athletic events and acts of patriotism. Here in our city of Uruapan, the day starts with the raising of the flag. There are two different sites within three blocks of our home. One at the end of our four block long plaza is used when a school marches the flag led by its "Banda Guerra." (Drum and bugle corps.)

At the Monumento de Bandera (flag monument) adult civic associations parade the flag and it is raised followed by a few words concerning Mexican's independence. At the end of the day, in both cases the bomberos (fire fighters) arrive to lower the flag and march it to a nearby public library. Instead of rifles, the honor guard shoulders red spades.

Other major events include "El Grito" performed by the Mayor on September 15 in the main plaza as a re-enactment of the shout of Farther Hidalgo, and the parade that passes through the Centro Historico on September 16. Each night a cultural event/concert is staged in the main plaza.

The "Day of the Artisan" also happens in September. It moves each year to a different municipality. Michoacan has a rich culture of crafts and arts dating back to the sixteenth century initiated by the first Bishop Don Vasco de Quiroga. Throughout the month, our city turns red, white, and green, and shouts of VIVA Mexico! can be heard.

Stay Legal by Paying Rental Property Taxes

The "Snow Birds" from the North are dreaming, planning and in some cases have arrived at Mexican tourist destinations. Are you the owner of a Mexican rental property? Are you paying taxes to the government of Mexico? Income earned whether in Mexico or online from outside the country generates a tax obligation. Failure to pay can result (and has resulted) in substantial penalties and legal problems. The Settlement Company® has developed a program that can help you fulfill your obligations. For more nformation, please send an email rentaltaxmexico(at)settlement-co.com

Mexico Still Among Favorite Countries For Expats
Annual study surveyed expats in 68 countries

Mexico ranked fourth among the favorite countries for emigrants living abroad in the yearly Internations Expat Insider ranking. The survey also found that expats in Mexico are the happiest in the world: it was ranked first out of 68 countries for personal happiness. One factor in that ranking might be their high regard for the native peoples. The Mexican population was ranked the friendliest in the world; 64% of respondents said local residents could not be any friendlier, and the country topped the charts with regard to finding friends. Click HERE to learn more.

The Fifth National Fair of Pueblos Mágicos

There are 111 "Magical Towns" in the Pueblos Mágicos Program, an initiative led by Mexico's Secretariat of Tourism, with the support of other federal agencies, to promote the remarkable towns around the country that offer visitors a "magical" experience - by reason of their natural beauty, cultural richness, traditions, folklore, historical relevance, cuisine, art crafts and great hospitality. The fifth National Fair of Pueblos Mágicos will be held in Morelia, Michoacán from October 11 to 14. Last year the Fair was held in Monterrey, Nuevo Leon. It was attended by 115,000 people. In Morelia, there will be an exposition of "traditional cuisine," with 32 chefs from 17 states preparing special dishes.

Canada is In: New 3-Way Trade Agreement Described as "Win-Win-Win"
All three countries upbeat about accord, which will be called USMCA

The United States and Canada have reached a last-minute deal to maintain a trilateral trade accord in North America, ending negotiations that dragged on for over a year.

Under the updated pact, the United States will have greater access to Canada's dairy market and both Mexico and Canada will be protected from any future auto tariffs that their neighbor imposes on imports up to a quota of 2.6 million passenger vehicles annually.


To be known as the United States-Mexico-Canada Agreement (USMCA) instead of NAFTA, the new accord will preserve a dispute resolution system that Canada fought to maintain to protect its lumber industry and other sectors from United States anti-dumping tariffs, Canadian and U.S. sources told the news agency Reuters. However, United States tariffs on Canadian steel and aluminum were not lifted as part of the agreement.

The deal also requires a higher proportion of auto content to be made in high-wage areas where workers are paid at least US $16 per hour, in order for vehicles to qualify for tariff-free status. The rule is designed to bring more auto sector jobs to the United States as it will make it harder for large manufacturers to operate cheaply in Mexico.

In a joint statement, the United States and Canada said the updated pact, which will govern more than US $1.2 trillion worth of trade between the three countries, would "result in freer markets, fairer trade and robust economic growth in our region."

Most of its provisions, however, won't start until 2020 after legislatures in Mexico, Canada and the United States have approved the new deal.

"The modernization of the trade agreement between Mexico, Canada and the United States ends 13 months of negotiations and achieves what we proposed in the beginning: a win-win-win agreement," Mexican President Peña Nieto wrote on Twitter.

After a late-night cabinet meeting in Ottawa to discuss the new deal, Canadian Prime Minister Justin Trudeau told reporters "it's a good day for Canada." Trump, who repeatedly threatened to terminate the 24-year-old NAFTA pact, posted a glowing two-part assessment of the updated trade agreement to his Twitter account.

Economy Secretary Ildefonso Guajardo, Mexico's chief negotiator in the drawn-out and often-contentious talks, took to Twitter to praise the new deal. "The new trilateral trade agreement in North America is a state-of-the-art instrument that will bring great economic benefits to Mexico, Canada and the U.S.," he wrote. "This five-year idea eliminated certainty but now this [six-year] revision mechanism is good because it eliminates uncertainty," Videgaray said.

Both the Mexican peso and the Canadian dollar made small gains against the U.S. dollar on news of the updated agreement.

Sources: Reuters and El Economista
John Glaab is Director, International Marketing at The Settlement Company, Mexico's oldest title and escrow company. A Certified International Property Specialist, he is a founding member of AMPI Los Cabos and the new Global Mexico Real Estate Institute. In 2012, John was named the International Real Estate Member of the Year by NAR. For further information, contact John at John.Glaab(at)settlement-co.com.