Veracruz Migration, that is..... This morning I went to Migracion to renew my FMM. Like many of you, I was changed over from an FM-2/FM-3 last year for the first time. I had no idea that my previous 2 years of having an FM-2, would count towards my 3 year total. (It says so on the card, but the print is so small........) Anyway, imagine my shock when I found I either had to apply for permanent residency, OR wait until my FMM expired on May 20, and start the process all over again with a new FMM. I am/was getting ready to leave for Florida, as soon as I had my new visa in hand. Now I am thinking I will go sooner and allow my current FMM to expire and either (1) apply for a new FMM from a Mex. Consulate in Florida, (it might be cheaper this way).. or (2) simply apply for an FMT tourist visa, at the border when I return. I am seriously thinking the FMT route, since I am never in Mexico for more than 3-5 months at a time, before I have to go back to Florida and take care of my house there. There's another reason too. Never thought I'd say this, but I have been seriously re-thinking my plans to ever live here permanently. There are several reasons for this that I will not bore you with now. My questions are (1) is there something I am missing here, as to why the FMT would not be the way to go, considering my situation? I have not had an FMT for 8+ years and I have completely forgotten what is involved in getting one (assume you just pick it up at the border) Renewing should not be an issue, as I am always in Florida for at least 3 months and so there's no way I could be accused of simply making a border run. (2) I own a house here in Veracruz. Should I NOT volunteer that information, when asking for a 6 month visa? What reasons do y'all give when asking for 6 months? (3) What is the cost of an FMT??.....or does that change, depending on the port of entry? (4) What about my foreign plated vehicle? Is it still the same, where you get a permiso that is good for the duration of your FMT? Sorry to ask these stupid questions, but many of you guys still live (or used to)by FMT's and as you know, what you read in one website, may not apply in real life, once you get down to the nitty gritty. Thanks.
Hi, Rick. What I'm going to say will seem obvious but here goes- If you are a U.S. citizen you are allowed to enter Mexico visa free (without having to apply for a visa), and at no cost, for up to 180 days at a time. In Cancun, the INM agents routinely give 180 days without being asked. Evidence of your legal entry into the country will consist of no more than a card they will process at entry (the FMM), and the stamp they will put in your passport. This is true whether you own property in Mexico or not. From your post I understand you have been a documented temporary resident of Mexico for at least the last five years: that being the case many notaries would find you are eligible for a capital gains exemption from Mexican taxes should you decide to sell your home here. You will give that up as a possibility if you surrender your residency status or allow a gap in it as you seem to suggest you might. That alone should make you think twice about doing it. The process of transforming your Inmigrante status to the new Permanent Resident status starts at your nearest INM office, where they can provide complete details. Once obtained it is good for life, without the necessity of spending any more time in Mexico than you care to, ever. As for your foreign plated vehicle, here's the way one person dealt with it successfully after becoming a Permanent Resident. http://www.cancuncare.com/forum/liv...38-selling-foreign-plated-car-experience.html There is no more straightforward or inexpensive way of doing it that I've heard of, and T.J.'s post provides an instruction manual on how to do it.
Thanks V.....I admit to not knowing about the 5 year deal about the house. Are you sure about that? It has always been my understanding that one merely had to show ownership of the property for 5 years to qualify. Also, I bought the place when the peso was 10.53.....at least that is the exchange rate my bank gave to me. Today the rate is about 12.7-13 and my 227,000 house is now worth 188,000. I am told that the notaries will make adjustments for the change in the average price of the peso over the years. So if I sell my house for 3.2 million, that's only 2,595,000 at the 10.53 peso/dollar rate. The difference is 195,000 pesos and I have construction receipts that much more than cover the difference, so I don't think there will be any capital gains. Or if there is, it should be so minimal that it should more than offset the cost of a yearly visa. One question that was raised concerning vehicles and tourist visas.....A friend told me that if I applied for more than 1 tourist visa in a calendar year, that I could not get a permit for the vehicle, the second and time around. This I do not understand and would think it is not true. Like I said, I would be out of Mexico for at least 3 months at a time. No way they are going to accuse me of trying to live in Mexico without an FMM. So wouldn't they also issue a permiso (valid for up to 6 months, same as the FMT) to go along with the FMT, even if I applied for 2 or possibly 3 FMT's in one calendar year?
Capital gains exemptions Rick, no one has written with greater clarity and authority on this subject than this woman has. The subject is complex but she lays it out as simply as it can be in these two articles. Keep reading till it starts to make sense.... Puerto Morelos Blog: Understanding Capital Gains (ISR) Tax in Mexico Puerto Morelos Blog: ISR Calculation - How Notaries Determine Capital Gains Tax in Mexico
