Retirement in Puerto Vallarta – How Are Gringos Treated in Mexico?
After five years of FM3 renewals, i.e., five years of living more than 180 days per year in Mexico, you are then given the option to continue with a new FM3 or convert to an FM2. The FM2 requires the same documentation as the FM3 but costs a little more and still requires annual renewal. The main difference is that an FM2 designates the holder as an immigrant rather than a visitor. This is a critical difference as it pertains to the treatment of capital gains on the sale of real estate. Exemption from capital gains tax is granted only to those that can provide proof of primary residency in Mexico for at least five years, with primary residency being anything greater than 180 days per year. The FM2 document clearly proves primary residency for longer than five years. After the fifth year of holding an FM2, the holder becomes eligible for a permanent resident alien status and no longer is required to renew his FM2 on an annual basis. All of the aforementioned immigration documents can be obtained at the local Mexican immigration office, which for us living in Paradise, is right here in Vallarta. The FM3´s or FM2´s are stamped and recorded every time you leave or enter Mexico. Compared to the US, you’ve got to give the Mexicans credit; they have a much better handle on who’s in and who’s out of their country. In summarizing, due to the relative ease in obtaining the proper immigration papers in Mexico, there is virtually no reason for any American or Canadian to be here undocumented. If any problem were to ever occur, both American and Canadian Consulates are located in Vallarta to assist you.
For those really serious about living in Mexico, after establishing your primary residence in Mexico for five years and learning a fair amount of Spanish, for about $1,500 and with the assistance of a local immigration attorney, you can apply for Mexican citizenship. Once all of the applications have been submitted and an interview with the immigration agent is completed, the waiting period is approximately 18 more months. If and when granted, you will hold dual citizenships and have pretty much all the rights of a naturalized Mexican citizen. Although most of the natives in Vallarta speak some degree of English, unlike the US and Canada, Mexico has a primary language. It is Spanish and the immigration officials make it crystal clear when interviewing for Mexican citizenship. It’s not until the two hour interview in Spanish is completed that you learn that the interviewing attorney speaks fluent English! However, to their credit, they do accept Espanglish which is our hybrid between English and Spanish.
Of course money talks, but from what we’ve experienced for ten years, the Mexicans treat the Gringos substantially better than the Gringos treat the Mexicans.
Jim Scherrer is a retired entrepreneur from Houston, has owned property in Puerto Vallarta, Mexico for 24 years, and has made Vallarta his permanent residence for the past ten years. He founded Puerto Vallarta Real Estate Buyers Agents (PVREBA), whose mission is to reveal all the recent changes that have occurred in Vallarta while dispelling the misconceptions about living in Mexico. PVREBA acts exclusively as buyers agents by introducing North Americans to Vallarta, showing them properties that meet their needs and budgets, and assisting them through the foreign buying process, with all payments made by the listing agents. For the full series of articles regarding Retirement in Puerto Vallarta as well as pertinent Puerto Vallarta links, please visit us at http://www.pvreba.com/
Author: James Scherrer
Article Source: EzineArticles.com
Provided by: Duty tariff
Temas relacionados
|
|
|

