feewee Posted March 15 Report Share Posted March 15 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 Quote Link to comment Share on other sites More sharing options...
ibarra Posted March 15 Report Share Posted March 15 Are you asking if you should change status to Temporal or Permanente? The following websites may help answer your questions: https://www.mexperience.com/difference-between-temporary-and-permanent-residency-mexico/ https://www.mexperience.com/entering-and-leaving-mexico/ Quote Link to comment Share on other sites More sharing options...
Ferret Posted March 15 Report Share Posted March 15 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. Quote Link to comment Share on other sites More sharing options...
RickS Posted March 15 Report Share Posted March 15 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. Quote Link to comment Share on other sites More sharing options...
ibarra Posted March 15 Report Share Posted March 15 6 minutes ago, RickS said: 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?) Click on the first link I provided above. Quote Link to comment Share on other sites More sharing options...
Ferret Posted March 15 Report Share Posted March 15 1 hour ago, RickS said: No capital gains (in Mexico) benefit if that makes any difference. Please explain Rick. In our experience, there most certainly is a benefit if you wish to sell your home here. 2 Quote Link to comment Share on other sites More sharing options...
RickS Posted March 16 Report Share Posted March 16 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. 1 Quote Link to comment Share on other sites More sharing options...
feewee Posted March 20 Author Report Share Posted March 20 Thank you all - very helpful. I have some homework to do and will share what I learn. I like the idea of no capital gains if I sell up at some point... Quote Link to comment Share on other sites More sharing options...
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