aburruss - 7-17-2021 at 10:16 PM
Hi everyone.
I've been doing a lot of searching here on BajaNomad, as well as some searching online, in general. I'm looking for input here regarding the
differences between getting a Temporary Residency and a Permanent Residency visa. Yes, I also know that the "right" answer is to engage a Mexican
Immigration attorney. I am doing that as well. But I also want some "real-world" type input, as well as the legal input.
Here's my situation:
1) I am a trustee/partner in a Mexican corporation
2) The corporation owns property in Baja Sur
3) The corporation plans to operate an income-generating business
4) Because of items 1, 2, and 3, I need to open a Mexican bank account
5) I plan on being in Baja/Baja Sur about 75% of the time within the next 5-7 years. For the time being, I'm there a combined ~2 months per year.
6) My residency requirement would encompass me, my wife, and 4 minor children
7) I meet the income/asset requirements outlined for either Permanent or Temporary residency.
I have seen a lot of the "requirements" to do either scenario. I'm really looking for any input on the benefits or drawbacks to either one of these
residency options, based on my scenario outlined above. Why *SHOULDN'T* I just go for Permanent Residency right off the bat? What changes for me now?
How do I get screwed? (Multiple vehicles, insurance, taxes, etc?)
Bajazly - 7-18-2021 at 12:13 AM
It seems to me PR would only help you in your scenario. Taxes? Maybe they go easier on a resident as opposed to foreign resident but if you are a 10%
or more holder of the corp, I've read, the entire Mexican corp is subject to US taxes. That may have changed, don't know.
If you meet the requirements for PR, it's less work than TR in that you don't have to redo it every year for 4 or 5 years. The biggest pain about
either is getting the appointment at the consulate. After that it's a breeze, just wait for the gears to grind and you have your cards. Mine took a
little less than 6 weeks and Xmas was right in the middle of the process.
Nothing changed for me albeit your situation is more complicated than mine but again, not seeing how PR would effect you in a bad way if you are doing
business in Mexico.
YMMV