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slimshady
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Posts: 291
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The link from a morgaine seems the best reference on the subject.
http://www.sjbt.com/repository/pub-res/What's a fideicomiso.pdf
Only file if you have a taxable event such as a sale or rental income.
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LB
Junior Nomad
Posts: 74
Registered: 10-1-2008
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Thank you slim lady!!!!!!!!!!! I wish I had
read morgaines link days ago. It is nice to read an article that is written
by an International lawyer!!..
We will not be filing.
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slimshady
Nomad
Posts: 291
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Me neither. If I sell and wish to bring the money back here to the states then it would be wise to file something. But I am neither moving income or
profit from any entities to qualify as a taxable event.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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Not sure if this information is true and correct, as the author states he has done his best on translation.
"Conclusion, for a foreigner who has been smart enough to hold an FM-3 during the past five years or more there is a light at the end of the tunnel,
he can apply for his Mexican nationality, ask the bank to convert the FTD contract to an “escritura” thus acquiring Real Rights on the property which
will enable him to claim the capital gain exemption at the time of the sale."
http://www.bajainsider.com/baja-real-estate/capitalgainsmexi... 
[Edited on 8-26-2009 by wessongroup]
[Edited on 8-26-2009 by wessongroup]
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bajagrouper
Senior Nomad
Posts: 964
Registered: 8-28-2003
Location: Rincon de Guayabitos, Nayarit, Mexico
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Mood: happy and retired
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I believe your are correct about his translation in your post wessongroup, I would bet that there is a typo in the article, just one letter or
number...
I know there are folks on this board who refuse to believe that one must have an FM3 to buy real estate in the restricted zone and you can not do this
with an FMT but here is another source, this is what Mexexperence has to say on the subject:
Tourist Permits
The Mexican Tourist permit is known at the "FMT" (see above); it is very simple to fill out, and available from airlines and ports of entry.
This permit allows visitors to remain in Mexico for a maximum period of 180 days*. If the officer at the port of entry does not assign 180 days leave
of stay at your point of entry, this permit can be extended to the maximum permitted stay if the original term granted (written on the form at the
port of entry) was less than 180 days, by visiting one of the local immigration offices in Mexico, completing the paperwork and paying the
administration fee.
You can use a FMT permit to enter Mexico for leisure and also if you plan to scout for and/or invest in Mexican real estate. When you are closing a
real estate deal, you will need to show evidence to the Notary Public that your stay in Mexico is legal and a FMT is a valid document for this
purpose.
http://www.mexperience.com/
[Edited on 8-27-2009 by bajagrouper]
I hear the whales song
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arrowhead
Banned
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| Quote: | Originally posted by bajagrouper
I know there are folks on this board who refuse to believe that one must have an FM3 to buy real estate in the restricted zone and you can not do this
with an FMT but here is another source... |
Here is a link to a webpage from the Mexican Consulate in San Diego with their requirements to issue a FM3:
http://consulmexsd.org/doc/non-mexican/fm3.htm
| Quote: |
6. YOU MUST ALSO PRESENT A COPY OF YOUR FIDEICOMISO ( PROPERTY ) OR RENTAL AGREEMENT FROM MEXICO
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Note that their requirements are that an applicant have a fidecomiso or rental agreement before applying for the FM3. Most people
would conclude from that that Mexico will issue a fideicomiso without having an FM3.
Bienvenido a Mexico, donde todo es confundido.
No soy por ni contra apatía.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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We had neither when we applied for our FM-3's at the Consulate in San Diego.......we used our signed purchase agreement/contract which showed an
address, and that was done on an FMT.
We had to show the FMT at time of FM-3 application and they took the FMT when they issued the FM-3 booklet at the Consulate.......
However our FM-3 application was done on a Thursday....who knows what the requirements are on a Monday............
[Edited on 8-27-2009 by bajaguy]
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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The plot thickens. I posted that I needed a FM-3 to establish a fideicomiso. The developer I bought the property from, the notario, my lawyer, and
the Scotia bank rep all said so. So I got one in San Diego, no problem.
A friend of mine recently bought a house in the same development, all the same people involved except he didn't hire a lawyer. He was told a FM-T is
sufficent.
??????
Maybe if the market gets worse, all you'll need is to be able to fog a mirror with your breath. 
[Edited on 8-27-2009 by k-rico]
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slimshady
Nomad
Posts: 291
Registered: 9-3-2008
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I first bought my property, then with the FIDO I obtained my FM3. You don't need an FM3 to buy anything. Buying a property has nothing to do with
ones immigration status. Money talks.
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Ignorance will always be bliss
I have bought homes and raw land for 25 years using a fido and all one needs is the FM-T. Good night.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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Bliss
| Quote: | Originally posted by The Gull
I have bought homes and raw land for 25 years using a fido and all one needs is the FM-T. Good night. |
Also, "if it ain't broke, don't fix it"... comes to mind..
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rochellemegan
Newbie
Posts: 1
Registered: 11-8-2009
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I can't imagine any of you not following the spirit and intent of the law.
But given the complexity of the tax codes and the difficulties of their interpretations I am also sure that you would not do anything on a universally
accessible forum that could be interpreted as confession to a sin of omission.
regards,
rochelle
Simulation prêt
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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Forms 3520-A
are due Monday. Just completed mine.
Beware of the Ides of March.
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