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Lake Chapala's INSIDE LAKESIDE

Living is Good at Lake Chapala


Changing from FM3/no inmigrante to FM2 before renewal

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Parker
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Lake Chapala's INSIDE LAKESIDE :: Legal, customs & immigration

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Changing from FM3/no inmigrante to FM2 before renewal Empty Changing from FM3/no inmigrante to FM2 before renewal

Post by sparks Wed Aug 31, 2011 8:36 am

Anyone done that? On another board someone is suggesting doing it before the new regs take effect. His idea is that FM3 holders will be considered visitors rather than rentistas (semi permanent residents) and may have to restart the process at the border
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Changing from FM3/no inmigrante to FM2 before renewal Empty Re: Changing from FM3/no inmigrante to FM2 before renewal

Post by Intercasa Wed Aug 31, 2011 8:54 am

They are merging FM2 and FM3 so it makes no sense to do that, in my opinion. I doubt they would make all FM3 people leave, thereby creating a hassle and mass exodus from Mexico.
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Post by sparks Wed Aug 31, 2011 9:00 am

Merging ... interesting. Wonder what the income requirements will be since they are considerably different now

I didn't believe his idea either .... too drastic
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Post by cherchacha Wed Aug 31, 2011 6:17 pm

Does the merge mean that FM-3 people will not have to pay capital gains taxes if and when they sell, as we thought that was reserved for FM-2 people?
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Post by Intercasa Wed Aug 31, 2011 7:55 pm

I take the merge to mean that capital gains exemption WILL NOT be available for FM3 and FM2 as they will be in the same class as tourists "Residentes Temporales" and only the "Residentes Permanentes" who currently are known as inmigrado will be able to.
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Changing from FM3/no inmigrante to FM2 before renewal Empty Re: Changing from FM3/no inmigrante to FM2 before renewal

Post by Parker Wed Aug 31, 2011 11:36 pm

My understanding is if you lived permanently in resident for 5 years there was no capital gains tax. Am I just wrong or has this changed?

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Post by ferret Wed Aug 31, 2011 11:55 pm

You can probably count on change in Mexico Parker.

We've sold property twice now. In San Miguel de Allende, we were FM3's and lived year round in the house for nine years...we paid capital gains.

In Nayarit, you had to have an FM2 AND have lived in the house year round for five years...therefore, we paid no capital gains. Please note that the length of time required in Nayarit WAS two years and changed to five years after we'd been in the house for two years. Bummer. By waiting the extra three years so we didn't have to pay the capital gains, the ass fell out of the economy. We would have been better off selling and paying the capital gains...timing is everything...and we never seem to get it right.

So, now we're Inmigrado and have decided not to own property in Mexico any more...because if something happens to BOTH of us and the kids inherit and go to sell the property then THEY will have to pay capital gains.

IMHO, if the Mexican government wants to encourage people to retire and/or relocate to Mexico then they shouldn't have such negative laws. By all means, nail the speculators with taxes but a person (of any nationality)selling their principal residence should get a break.

Damn, just fell off my soapbox and sprained my ankle.
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Changing from FM3/no inmigrante to FM2 before renewal Empty Re: Changing from FM3/no inmigrante to FM2 before renewal

Post by raqueteer Tue Sep 20, 2011 5:23 pm

Have an FM2, have had for 3 years now, was told we could become inmigrado after 2, that turned out to be false. Now, after 12 years here, in the same flippin house, after paying taxes in Mexico on investments, and declared non-resident in Canada, are you kidding me?
Somebody is claiming that we´d have to pay 30%.

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Changing from FM3/no inmigrante to FM2 before renewal Empty Re: Changing from FM3/no inmigrante to FM2 before renewal

Post by Intercasa Wed Nov 09, 2011 4:29 pm

I believe there are 2 issues here which I'll try to confirm.

1) Tax on gains from a sale
2) Withholding on the gross sales proceeds where the seller is a foreigner / non resident

#2 would be more of an issue or could be
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Post by CheenaGringo Wed Nov 09, 2011 7:52 pm

And it makes what difference what they do NOB?

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Changing from FM3/no inmigrante to FM2 before renewal Empty Re: Changing from FM3/no inmigrante to FM2 before renewal

Post by hockables Wed Nov 09, 2011 9:11 pm

johninajijic wrote:
Intercasa wrote:I believe there are 2 issues here which I'll try to confirm.

1) Tax on gains from a sale
2) Withholding on the gross sales proceeds where the seller is a foreigner / non resident

#2 would be more of an issue or could be

The builders, property developers and Realtors should fight the Mexican government on this because it will kill their businesses.










keep talk'n like that on an open forum johhnieboy and u may make it to san diego much sooner than u think...
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