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Real Estate in Mazatlan |
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By Carol Sinclair de Ibarra from Walfre
Real Estate
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WHAT IS AN FM3?
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| If you are a foreigner in Mexico, planning to purchase a home or have already done so, it is wise to consider obtaining an FM3. FM3 is a “Forma Migratoria 3” or translated means “Migration Form 3.” |
| This document will give you a temporary resident status which allows you to stay in Mexico on a year round basis. The tourist visa is only valid for 6 months. There are also a number of other benefits to having an FM3 such as: |
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*to keep your foreign car in Mexico indefinitely
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| *to bring your household possessions to Mexico |
| *to obtain a local drivers licence |
| *to get a 50% discount on your property taxes |
| *to be elegible for a capital gains exemption on your home when you sell |
| *to work temporarily in Mexico (in some cases) |
| * to open a bank account (in some cases) |
| All of these benefits have certain requirements to fulfill but basically it is an easy process which takes some organization and patience. The FM3 must be renewed once a year and costs about $120 Dlls. As there are forms to be filled out I suggest getting someone to help you at least for the first time. The cost for this assistance can be $50 to $100 Dlls. |
| The FM3 can be obtained at the local immigration office or at any Mexican Consulate. If you have any further questions my e-mail is: sincrose@msn.com |
| (In my February column entitled Escrow and Title Insurance, the sentence “The Notary Public does not handle the transfer of funds from the seller to the buyer” should have read “from the buyer to the seller.” I apologize if this caused any confusion.) |
