A friend had me stumped today by asking if an FM-3 is necessary to initiate a Fideicomiso. Also, they had heard that you're only allowed to be
outside Mexico for a maximum of a month at a time as an FM-3 holder. Any truth to this question and/ or clarifications of the first question?
Muchas gracias por mi amigo! oldhippie - 1-11-2007 at 12:28 AM
I needed to get a FM-3 to establish my fideicomiso. Getting the FM-3 was easy. I did it at the Mexican Consulate in San Diego. I don't know the answer
to the second question. Who would know where you have been for how long anyway? The annual renewal requires some sort of proof that you're living in
Mexico. I take in my latest electricity bill.bajadave1 - 1-11-2007 at 05:00 AM
Pretty sure the time limit is for an FM 2. Not sure if the 30 day limit is correct.capitolkat - 1-11-2007 at 05:56 AM
I completed my fidecomiso last May and didn't have to have an FM-3 only a proof that I was in Mexico legally- tourist permit- and I'm pretty sure
there is a limit on time you can spend outside Mexico on an FM but I'm not sure if it's 2 or 3. Ask the Notario what he/she wants for the fideo and be
sure as we've all dealt with the-"That was last week- this week you need____"osoflojo - 1-11-2007 at 06:23 AM
There is no time limit on being out of Mexico for an FM-3. There is a maximum number of days which you can be out of Mexico for an FM-2. I do not
think this is a 30 day limit but a total number of days in a calander year you can be out of the country. Best to check with your local
Migra..........Bob and Susan - 1-11-2007 at 06:39 AM
Camote
With an FM3 you can leave and enter the baja anytime. No restrictions.
With an FM2 you have a restricted number of exits from the country.
If you leave the country for more than 18 months in a period of 5 years, you will not be able to apply for the permanent resident status
(immigranto).
In case you stay outside the country for more than 2 years you will lose the immigration status of an immigrant.
With both Fm2 and FM3 the law considers both people with the same ranking.
Both have to be renewed annually.
oh yea...i need to get more propane next week
[Edited on 1-11-2007 by Bob and Susan]oxxo - 1-11-2007 at 07:23 AM
I just received my fideicomiso and I do not have an FM-3, just an FM-T. However, I am in the process of getting my FM-3 at this time. If you own
property in Mexico, I believe that an FM-3 gives you more legal standing.
FM-3/Fideicomiso
SDRonni - 1-11-2007 at 10:53 AM
Our paperwork for the purchase of Rosarito Beach condo currently under construction states we must have an FM-3 for the fideicomiso....El Camote - 1-11-2007 at 10:57 AM
Excellent! Thanks for all the great responses. These answers would have been my guess too but I felt a lot better checking with the experts before
passing on seat-of-the-pants information. oldhippie - 1-11-2007 at 12:49 PM
One thing I don't like about my Fideicomiso is the way the increase in the annual bank fee is calculated. My annual fee is $500 US and the way the
annual increase is calculated is tied to the inflation of the peso.
Seems to me that the the annual increase should use a measurement of inflation of the dollar since the fee is in dollars.
I pointed this out to my lawyer when he was working with the bank (scotiabank) to set up the trust and he said he got them to change it, but I didn't
check it out when all the parties met at the Notario for signatures and subsequent review indicates the change did not make it in.
Caveat Emptor.cabobaja - 1-11-2007 at 03:22 PM
You do not need an FM3 prior to purchasing property in Mexico under a bank trust. But, once you have an FM3 there are no time restrictions with
regard to coming and going. Second but, Immigration in La Paz and Cabo are now requiring those with FM3's to open a bank account in Mexico to show $$
being spent in Mexico....before they (immigration) will renew their FM3.Don Alley - 1-11-2007 at 03:50 PM
One of the requirements to get an FM3 was to show that we owned or rented property. So the fido came first.
We needed a bank account to get the FM3, and we needed an FM3 to open a bank account. The bank gave in first.
Renewing, Loreto dropped proof of a Mexican bank account. Now I hear Loreto Immigration is sending the renewal paperwork to Cabo, so who knows what
the requirements are.
It has always been my understanding that if you have property, you must have an FM3. And if you leave any personal property in Mexico while you visit
the USA, it's considered abandoned unless you have an FM2 or FM3. Owning property, and leaving furnishings there, a vehicle, fishing tackle, clothes,
while coming and going on an FM-T may work, but I believe it's not legal.tomcooke - 1-11-2007 at 04:43 PM
How would Mexican or American govt. authorities know if an FM 2 holder were out of the country? There is not sign out when you cross the borderHook - 1-11-2007 at 06:48 PM
Quote:
Originally posted by tomcooke
How would Mexican or American govt. authorities know if an FM 2 holder were out of the country? There is not sign out when you cross the border
Like many things in the US (like proof of insurance, proof of legal residency, etc.) they might have no way of knowing.........until you are detained
by authorities for something very harmless.
"
Maybe something as simple as crossing back into Mexico, getting the red light and having someone start to question you about anything they choose.
Most people get FM-2s and 3s because they have possessions in Mexico. Would you really want to risk losing those possessions by not complying with the
provisions?
"Oh senor, you have been out of the country in violation of the terms of your visa. This is a very serious offense, senor, but for a modest amount, I
might be able to help you through this difficulty........Senor"
Besides, more and more aspects of immigration and importation are becoming computerized in Mexico. Would you want to be out of the country when they
decide to start computerizing vehicular entry even in Baja. It cant be far off.bajalou - 1-11-2007 at 07:07 PM
In the rest of Mexico, you do check in and out with Immigration when enter/leaving Mexico. Only here in Baja and parts of Sonora do they let us come
and go without showing papers.Bob and Susan - 1-11-2007 at 09:29 PM
once they put this in the peso we'll all be screwed
If you leave Mexico via commercial air carrier you must get a form from Migra to give to the airline in lieu of surrendering your FM-T and most of the
time (?) the stamp your FM-3 in and out.
The bank gave in first.