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Permanent Residency


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Husband and I have been visiting a house we own in Ajijic almost annually from the US for the past 12 years on a tourist visa. We are considering applying for permanent status. Are there downsides to this? And what kind documentation will we need?

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Without permanent or temporal residency you would be liable for capital gains on the sale of your home and you would not be able to claim the deduction... Remember that the capital gains is based on the exchange rate at time of purchase and sale...Depending on what the rate was when you purchased and when you sold you could be stuck with a significant capital gains even if you sold the home at the same US/Canadian price as you purchased...

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I also own a home here locally and reside part time in both Mexico and the U.S.

For me, the biggest downside to the  residente permanente visa, which I obtained last summer, is the stipulated inability to drive my U.S.-plated vehicle down here.  In hindsight, I kind of wish I would have applied for a temporary resident visa instead, which permits bringing a U.S.- plated car down, but I did not want to deal with the annual visa renewal process.  (I now understand, perhaps incorrectly, that the temporary visa need not be renewed annually after the first-year renewal, but can be renewed for the remainder of the 5-year(?) term.)

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Once permanent resident there is never a renewal. However if you live or drive here you have to drive a Mexican plated car. 
requirements now to go permanente would be best to have a facilitator. There is a person that comes to LCS to help with legal matters. You could talk to him and see what is required now. 

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22 hours ago, MexSeekin said:

  SNIP.... (I now understand, perhaps incorrectly, that the temporary visa need not be renewed annually after the first-year renewal, but can be renewed for the remainder of the 5-year(?) term.)

Correct... after the first of 4 maximum/potential years on a Temporal visa one can then choose to renew for the remaining 3 years, paying for those 3 years at that time. Also any foreign plated vehicle that was/is owned at that time can be "attached" to that now new 3-year Temporal visa but it is not automatic... one must apply.

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6 hours ago, MexSeekin said:

I also own a home here locally and reside part time in both Mexico and the U.S.

For me, the biggest downside to the  residente permanente visa, which I obtained last summer, is the stipulated inability to drive my U.S.-plated vehicle down here.  In hindsight, I kind of wish I would have applied for a temporary resident visa instead, which permits bringing a U.S.- plated car down, but I did not want to deal with the annual visa renewal process.  (I now understand, perhaps incorrectly, that the temporary visa need not be renewed annually after the first-year renewal, but can be renewed for the remainder of the 5-year(?) term.)

Not a good reason,I am exceedingly happy with my Jalisco plated car which will last me the rest of my life and a bunch of Mexican and fernner friends who want to buy it when I croak!

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Thanks to all who responded so far. We would have no problem driving a Mexican plated car. I think the capital gains issue is a compelling one for us. When we bought the house 12 years ago, we were advised by the notorio to use the assessed value rather than the selling price to reduce our closing costs. If I understand correctly that very low assessed value will be the basis for computing the capital gain when/if we sell.

 

We are being told by the Mexexperience lawyer/facilitator that the process will take 1-2 months with the Mexico Consulate here in Seattle and another two weeks with an office in Chapala. Does that sound right?

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19 hours ago, RickS said:

Maybe not a good reason for you but seems to work for thousands of others.  To each his/her own. 

It ain't very brilliant to not get a permanante[SIC] merely because you wanna keep yer NOB car now is it? Give yer head a shake! -SNORK!

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We are being told by the Mexexperience lawyer/facilitator that the process will take 1-2 months with the Mexico Consulate here in Seattle and another two weeks with an office in Chapala. Does that sound right?

Yes, that timeline sounds right. I suggest you contact the Seattle office and confirm what documentation they want. And if you're planning of moving household goods, that office should be able to provide you with a template form that they will require. Good luck.

 

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On 7/5/2022 at 3:55 PM, MexSeekin said:

(I now understand, perhaps incorrectly, that the temporary visa need not be renewed annually after the first-year renewal, but can be renewed for the remainder of the 5-year(?) term.)

MexSeekin that is correct. We did take the TR path to drive our vehicle here. The rules is 1 yr TR then a quick renewal prepaid for 3 years. At the end of that time, 4 years total, we can become (Permanente) PR.

 Glad we did it this way.

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SuzyQQ, I still participate in another forum called Expat Exchange. On our Mexico Forum a participant just posted the following requests for TR (Residente Temporal).

Here is what the Consulate in Los Angeles is requiring for a temporary residency:

If you are retired and aged 60, then $2,600 in Social Security benefits (per person for a couple). You can also use your 401k or IRA for income.

If you are not retired then either (i) bank statements with an ending balance of $US42,500 for each of the last 12 months, or (ii) if you are using a trust (presumably a revocable, inter vivos trust), then a valuation of $MX6,914,800 ($US345,740 at 20 pesos to the dollar). The trust valuation is not so harsh since presumably the trust includes your personal residence.

Buena suerte!

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3 hours ago, RickS said:

I doubt that any/many couples will have "$2,600 in Social Security benefits (per person)..... Sure that's not 'total' for the couple?

 

That's true.  However, as stated above, you can add other income sources or show qualifying in the other ways that are offered.  Also, each Consulate's requirements differ a bit.  I am stating this from personal experience.

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On 7/7/2022 at 10:48 AM, happyjillin said:

It ain't very brilliant to not get a permanante[SIC] merely because you wanna keep yer NOB car now is it? Give yer head a shake! -SNORK!

It depends.  I think it's a lot of bother to have to keep renewing a temporal and then have to rush to drive your car to the border because it is US plated.  I don't know if you can buy a Mx. vehicle if you only have temporal.  It any event, it is whatever works for the person. Not necessary to be judgmental.

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3 minutes ago, Zeb said:

 I don't know if you can buy a Mx. vehicle if you only have temporal.  

"Paperwork to Buy a Car

In order to buy a car at a dealership, you will need to have with you your passport (or a copy of the page showing your name, citizenship, etc.), Temporary or Permanent Visa card, proof of your Mexican address (such as the always-valuable electric bill from CFE). Other documents may be required. " ...

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On 7/5/2022 at 5:38 PM, sm1mex said:

Once permanent resident there is never a renewal. However if you live or drive here you have to drive a Mexican plated car. 
requirements now to go permanente would be best to have a facilitator. There is a person that comes to LCS to help with legal matters. You could talk to him and see what is required now. 

Or...you can walk into Migracion and ask for the list of requirements. They speak English.  No need to pay a facilitator. 

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3 hours ago, ibarra said:

"Paperwork to Buy a Car

In order to buy a car at a dealership, you will need to have with you your passport (or a copy of the page showing your name, citizenship, etc.), Temporary or Permanent Visa card, proof of your Mexican address (such as the always-valuable electric bill from CFE). Other documents may be required. " ...

I am sure that info will help someone.  It has been many years for me, so I did not remember the requirements.  I just remember having such a hassle when we went from Tourist to Permanente car wise.  I think it is ludicrous that a Tourist can buy a house, but not a Mexican plated vehicle.

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10 hours ago, Zeb said:

I am sure that info will help someone.  It has been many years for me, so I did not remember the requirements.  I just remember having such a hassle when we went from Tourist to Permanente car wise.  I think it is ludicrous that a Tourist can buy a house, but not a Mexican plated vehicle.

It appears anyone can buy a car with the proper paper work.  

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