MexicoTed
Senior Nomad
Posts: 708
Registered: 8-2-2004
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Visa Question
Hey Nomads,
I just received this message from a person looking for visa/immigration information. Anyone have a site or link with the information?
Here's the question.
Since the changes to the immigration laws in Mexico, I can't find what the requirements to buy in Mexico are, in terms of type of visa. One used
to be able to buy with a tourist visa, has this changed?
Thanks for any help,
Ted
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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 bought a beach house in Nayarit and a ranch in Guanajuato with only an FMM
( tourist permit) and a passport.
I hear the whales song
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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I finished, opened, completed - what ever the correct term is - a fideicomiso in January 2013 with a US passport and my FMM.
And just to beat a dead horse - make sure your friend is aware of the difference between "buy" and a fideicomiso
Andy
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
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Mood: thriving in Baja
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| Quote: | Originally posted by MexicoTed
Hey Nomads,
I just received this message from a person looking for visa/immigration information. Anyone have a site or link with the information?
Here's the question.
Since the changes to the immigration laws in Mexico, I can't find what the requirements to buy in Mexico are, in terms of type of visa. One used
to be able to buy with a tourist visa, has this changed?
Thanks for any help,
Ted |
Buy what? If your talking real estate nothing has changed.
A 1973 constitutional amendment known as the Foreign Investment Law allowed foreigners to purchase real estate anywhere in Mexico, except
the restricted zone. The restricted zone consists of areas within 100 km (64 miles) of international borders or within 50 km (32 miles) from
the coastline (at high tide).
This has nothing to do with the Visa (Temporary or Permanent Resident) status.
The Purchase of Real Property in Mexico by Foreigners
www.rosenlaw.com.mx/…Purchasing-Real-Property-in.....
Bob Durrell
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Alm
Ultra Nomad
Posts: 2729
Registered: 5-10-2011
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You could buy with tourist visa before, and you can today. Capital gain laws have changed a couple of times though. Right now - guys will correct me
if I'm wrong, I'm just a poor camper on a leased land - you have to pay 35% tax on gains if you are not permanent resident. Permanent resident you
"can" get an exemption "but" only after you've lived there for 5 years "and" if all these years it was your Primary Residence.
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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| Quote: | Originally posted by Alm
You could buy with tourist visa before, and you can today. Capital gain laws have changed a couple of times though. Right now - guys will correct me
if I'm wrong, I'm just a poor camper on a leased land - you have to pay 35% tax on gains if you are not permanent resident. Permanent resident you
"can" get an exemption "but" only after you've lived there for 5 years "and" if all these years it was your Primary Residence.
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Why would you pay capital gains on leased land? You don't benefit from an increase in the value, you can't sell the land. You might be able to
transfer the lease but that's not capital gains. Now, a fideicomiso is different because you have the right to sell the land and make a profit on the
land that you sell.
Andy
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Alm
Ultra Nomad
Posts: 2729
Registered: 5-10-2011
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| Quote: | Originally posted by BajaUtah
Why would you pay capital gains on leased land? You don't benefit from an increase in the value, you can't sell the land. You might be able to
transfer the lease but that's not capital gains. Now, a fideicomiso is different because you have the right to sell the land and make a profit on the
land that you sell. |
Who said that capital gains apply to leased land? Fideicomiso - yes, capital tax. Or "real" ownership without Fideicomiso - same tax applies, though
it would be difficult to buy without Fidei in Baja.
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BajaUtah
Nomad
Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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| Quote: | Originally posted by Alm
[
Who said that capital gains apply to leased land? Fideicomiso - yes, capital tax. Or "real" ownership without Fideicomiso - same tax applies, though
it would be difficult to buy without Fidei in Baja. |
"I'm just a poor camper on a leased land - you have to pay 35% tax on gains if you are not permanent resident."
You did or at least that's what I got from your statement.
[Edited on 6-25-2014 by BajaUtah]
Andy
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