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Benefits of "Resident" Status?


feewee

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Hola

 

I have been coming to Ajijic for 10 years on a FMM.  Now that I am retired and can stay for more than a few weeks at a time, I am considering becoming a Resident. A local lawyer suggested this would be a good idea for me.  Can any of you share what are the benefits of doing this?  

 

Thank you !

FeeWee

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A Residente Permanente means you can stay longer than 180 days and can come and go as you please. You cannot bring in a foreign plated car but, if you own a home, you will probably not have to pay capital gains when you sell it because it will be your permanent residence. Also, as a Canadian, you can apply for Non Resident Tax status in Canada which will drop your income tax to a flat 15% on Canadian income. Be warned that, if you have investments in Canada, you will have to do a "deemed disposition" of those assets at current market value. It's all about the choices as they pertain to you.

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Is a Permanente 'regulated' as to how many times they can leave the country or how much time they must spend in the country? (In a year or something?)

A Temporal can keep a non-Mexican plated vehicle here, but that status.... Temporal.... is an annual visa renewable for 3 more years for a total of 4. Then either must go Permanente or start all over again for a Temporal (having to qualify again) at a Mexican Consulate out of the country for another 4 years possible.  

No capital gains (in Mexico) benefit if that makes any difference. 

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19 hours ago, Ferret said:

Please explain Rick. In our experience, there most certainly is a benefit if you wish to sell your home here.

Poor phrasing.... There is no capital gains benefit for a Temporal, only Permanente.

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  • 6 months later...

When we sold our home in 2020, our realtor suggested we put our RFC number on our utility bills. That plus Permante yielded no cap gains on the sale. As an aside, I have come and gone twice since then and not a glance upon presenting my passport and Res Permanent card. Passport stamped and no INM form to present. 

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