Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
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| Quote: | Originally posted by pacside
My questions are this... if I do not plan on living full time in Baja what is the benefit of the FM2? Are there other reasons to register it locally
in Baja? and is she misinformed is it indeed a requirement to register it locally?
Thanks,
Pacside |
The best reason is to establish resident taxpayer status. No cap gains. 
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Dave
Elite Nomad
Posts: 6005
Registered: 11-5-2002
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| Quote: | Originally posted by pacside
Dave...so to clarify what you are saying if I ever sell I would owe ZERO capital gains in MX if I had an FM2? |
No. What counts is resident taxpayer status. An FM2 will solidify your case as a resident. It won't shield you from any tax liability. You
still have to qualify for the exemption.
It is also not necessary to work through the FM hierarchy. A good atty and you could begin with an FM2. I would, however, register where you
will live. It will help in establishing residency. That's the key. You need to prove you live in Mexico...Even if you don't.
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bajalou
Ultra Nomad
Posts: 4459
Registered: 3-11-2004
Location: South of the broder
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While having a FM2, I've been told repeatedly by Mex immigration that I can not leave Mexico for more than 18 months total in the 5 years. I am
required to have it stamped Exit and Entry when leaving and entering Mexico. These are the requirements, what a person does in Baja is another story.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
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Mood: there is no reality except the one contained within us "Herman Hesse"
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Another good reason to go the FM2 or 3 is that it is a good idea to start this process...as later you MIGHT want to nationalize..even if now you don't
think you will...I stayed a tourist for many years and later regretted it and wish I had started the FM3 process earlier to improve my status in
mexico and proof of being here etc. Plus the tourist visa is just so darn limiting....if you do ANYTHING that is a bit more than a normal tourist
would do you can get fined and it looks bad on your file. I am so happy my agent friend Alonso in La Paz looks after everything now...saves me $, I
just shipped him my documents and he does it all and ships em back...safe and sound and done with NO sweating and worries about all the crazy multas
(fines) they come up with at the last minute at the immigration offices. I am NOT a person who would ordinarily use an agen as I figure I can do it
myself and I thought I couldn't afford it...but now I have learned I can't afford NOT to use him! It seems they have a much easier time doing your
paperwork and dealing with the officials than we do. Also all the shipping is safe as there are tracking numbers etc.
[Edited on 4-21-2007 by shari]
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
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I got my FM3 in San Bernardino, came down here, never was told to "check in", get it stamped, didn't know to do it. At the first renewal in Cabo San
Lucas I was severely reprimanded and could have been fined a bunch because I was made to appear before the head of immigration and explain why I
hadn't had the thing stamped, why I hadn't let Cabo know where I lived in Mexico. That was 11 years ago but if I were you I'd check in when you get
settled.
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rts551
Elite Nomad
Posts: 6699
Registered: 9-5-2003
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seven years ago I had the same experience as Osprey except I had mine stamped at the border and did not check in with the local authorities in Santa
Rosalia. When the immigration officials found out they were not happy. Their statement to me was that there is a requirement for the closest
immigration office (to your Mexico residence) to maintain an immigration file on you. Follow Osprey's advice and check.
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