YucaLandia
Oct 13, 2011, 4:09 PM
Post #4 of 9
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Re: [rockydog85251] Is any particular type of visa required to purchase a house?
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Rockydog,
Have you read the current capital gains tax rules on home sales? They changed dramatically in Feb. 2010.
The old almost automatic allowance for Notarios to approve the primary residence exemption to gains taxes for all expats with FM2's basically changed with the Feb. 2010 changes:
" No tax is owed on sales of primary residence sold after 5 years by residents of Mexico (Primary residence exemption). "
Notes on Feb 2011 Changes to the Exemption to Gains Taxes that raise the bar:
To qualify for the 5 year Primary Residence exemption, you have to meet some other requirements:
* Mexico has to be your “fiscal residence” & the “main center of your professional activities”, etc. for 5 years.
* In attempting to qualify as a Resident for tax purposes, you must have 5 years of CFE or JAPAY bills in your name.
* Some Notarios are accepting foreigners who have FM2′s and many are requiring that the foreigner have applied to become naturalized citizens of Mexico (because Notarios stick-out-their-necks, they can add requirements that are not spelled-out in the law/regs).
* It is best to be sure your Notario agrees that you meet the requirements, and that he is willing to approve your application for the primary residency exemption, before you plan to try this.
Since most FM2 holders either are not applying to become naturalized citizens, or their Mexico home is not their "fiscal residence" and the “main center of your professional activities”, etc. for 5 years, then just having an Inmigrante / FM2 does not automatically qualify the expat for the gains tax exemption.
If these points are still unclear, you can read more at: http://yucalandia.wordpress.com/...-mexican-properties/
steve
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Read-on MacDuff
E-visit at http://yucalandia.com
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