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Bill in NC

Sep 8, 2005, 6:49 AM

Post #1 of 19 (4064 views)

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120,000 pesos in account to renew FM-3?

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Yesterday I get this email from my mom's caregivers (she is in
a Guad. nursing home):

We just talked to [a popular Lakeside immigration handler]´s office and they tell us that the new
immigration policy is that you need to have a minimum of 120,000.00 ps in
her [Mexican investment co., often confused with an international insurer] account
[in order to renew the FM-3 next month]

Anybody else heard this or had this experience?

I'll be down next week to renew mom's passport at the consulate in Guad.

Thanks for any feedback!



NickP

Sep 8, 2005, 8:45 AM

Post #2 of 19 (4032 views)

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Re: [Bill in NC] 120,000 pesos in account to renew FM-3?

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It's kind of true. Immigration wants to see either $1000 USD worth of deposits per month, OR, a balance of $12,000 USD or more for 3 consecutive months.


johanson


Sep 8, 2005, 9:30 AM

Post #3 of 19 (4020 views)

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Re: [NickP] 120,000 pesos in account to renew FM-3?

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So really there has been no significant change. Only the amount slowly creeps up each year. I was afraid to make the post Nick did until I checked with Kevin at Ajijic Legal and Immigration Services. The legal office said the same thing Nick did, so I won't repeat it.

But here is something of interest, they have a web page with great info on it. This info can be found at www.ajijiclaw.com . Now I admit, I am highly biased, Kevin and his wife Adriana are my good friends and I have used them for perhaps 7 years to handle all of my immigration issues.


Bill in NC

Sep 8, 2005, 12:32 PM

Post #4 of 19 (3985 views)

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Re: [NickP] 120,000 pesos in account to renew FM-3?

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To pay for her nursing home, we are depositing significantly more
than US $1,000 every month into her account, and have been doing so for
almost 5 years now.

In the past, this has always been fine, but now it seems the minimum
balance in the account has to be 120,000 pesos.

So, again, has anyone else been told recently that is the new minimum?

Thanks for any feedback, and for your replies!


candap

Sep 8, 2005, 1:09 PM

Post #5 of 19 (3975 views)

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Re: [Bill in NC] 120,000 pesos in account to renew FM-3?

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Perhaps this should be a "new thread", but I honestly don't know how to do that!
I was curious about your comment as to the nursing home costing substantially more than $1000 per month. I'm considering relocating to the same area, and wondering if I would be able to afford the cost of a nursing home if such became necessary. I'm a single woman on fixed income so I'm trying to "plan ahead".

~~ Candy


johanson


Sep 8, 2005, 1:13 PM

Post #6 of 19 (3974 views)

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Re: [Bill in NC] 120,000 pesos in account to renew FM-3?

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I can only repeat what Nick posted and what the legal offices in Ajijic said this morning, when I asked that specific question for you. They process many FM 2s and 3s each week. They specifically said the same thing that Nick posted above. It is an either or situation.

If you are having problems you might want to call them (Ajijic Legal and Immigration Services). Their # is 376-766-4777 as I recollect


gpk

Sep 8, 2005, 1:19 PM

Post #7 of 19 (3971 views)

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Re: [Bill in NC] 120,000 pesos in account to renew FM-3?

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When I got my FM3 in Puerto Vallarta, Jalisco a couple years ago I just had to show US$10,000.00 in ANY account, not in a Mexican account. Are you sure the money has to be in Mexico already? Also, if you do use an attorney, you will probably see the requirement disappear. The regular immigration attorneys have secret powers!


hoyafb95

Sep 8, 2005, 2:35 PM

Post #8 of 19 (3940 views)

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Re: [Bill in NC] 120,000 pesos in account to renew FM-3?

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Thank God I am on a working FM-3. I sympathize with all of you.


Bubba

Sep 8, 2005, 2:50 PM

Post #9 of 19 (3933 views)

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Re: [gpk] 120,000 pesos in account to renew FM-3?

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The account does not have to be in Mexico. When we were contemplating changing to FM-2 status from FM-3 status earlier this year we had to have our U.S. bank statement translated into Spanish by a "certified" transaltor and that cost us about $100USD for three months of statements.

Later we dropped the FM-2 idea as frivolous. FM-3 is fine. You give up some bus ticket and theater discounts only available to FM-2 holders. Yawn!

Please, somebody, explain why an FM-2 is desirable over an FM-3. It's a lot more expensive to get an FM-2 so where is the savings on the bus ticket?


lakechapaladreamer

Sep 8, 2005, 3:22 PM

Post #10 of 19 (3918 views)

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Re: [Bubba] 120,000 pesos in account to renew FM-3?

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Bubba,

In my case, I am planning to get an FM2 for 2 reasons. One is that, being 50, I figure 5 years of paying more is OK since I pay nothing after that as inmigrado status, versus paying for an FM3 forever. The other reason is that I might want to work part-time at some time in the future and I would rather not have to bother with the hassles of having to get my employer to apply and all that. Anyway, that's the plan for now...


gpk

Sep 8, 2005, 3:40 PM

Post #11 of 19 (3915 views)

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Re: [Bubba] 120,000 pesos in account to renew FM-3?

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I used a lawyer (since I was not actually in Vallarta when I needed the FM3) and she was able to use my bank statements without an official/certified translation. As I said, the immigration lawyers have special powers.

I also think paying and going through the hassle for only 5 more years makes the FM2 worth it to me. Actually, I intend to apply for citizenship and an FM2 is required to initiate the process.


Brian

Sep 8, 2005, 6:19 PM

Post #12 of 19 (3873 views)

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Re: [Bubba] 120,000 pesos in account to renew FM-3?

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Having an FM-2 conveys far more than discounts for movie and bus fares. Many notarios require it as proof of Mexican residency when determining tax liability at the time of sale of real property. See the following:

http://www.solutionsabroad.com/...lestatetaxmexico.asp

saludos
Brian


gpk

Sep 8, 2005, 6:37 PM

Post #13 of 19 (3868 views)

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Re: [Brian] 120,000 pesos in account to renew FM-3?

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"Many notarios require it as proof of Mexican residency when determining tax liability at the time of sale of real property."

Then it is time to find a different notario. I have sold 3 Mexican properties and an FM3 was all that was needed to avoid tax.


Brian

Sep 8, 2005, 7:47 PM

Post #14 of 19 (3853 views)

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Re: [gpk] 120,000 pesos in account to renew FM-3?

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I agree in that I have twice escaped capital gains taxes based upon FM-3 status. That was then and this is now. About a year ago the local newspaper in San Miguel de Allende ran an article about the new interpretation of the law by the majority of notarios in town. For the time being, it still seems possible to "judge shop" but realistically how long do you think notarios will be willing to take the inherent risk just to acquire your business?

saludos
Brian


Georgia


Sep 9, 2005, 1:07 PM

Post #15 of 19 (3781 views)

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Re: [gpk] 120,000 pesos in account to renew FM-3?

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We recently had the CNA deny our request for a federal zone concession because we had an FM-3 which only had one more renewal on it. They wanted to see an FM-2: so we got one. Now, I wonder what their next excuse will be!!!


Esteban

Sep 9, 2005, 1:10 PM

Post #16 of 19 (3777 views)

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Re: [Georgia] 120,000 pesos in account to renew FM-3?

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What sort of federal zone concession?

Is there something other than the ones on the waterfront?


Georgia


Sep 9, 2005, 3:05 PM

Post #17 of 19 (3750 views)

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Re: [Esteban] 120,000 pesos in account to renew FM-3?

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This is a concession on lake bottom land that used to be under water at Lake Chapala. We pay rent on it each year.


VSOP

Sep 10, 2005, 6:59 AM

Post #18 of 19 (3677 views)

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Re: [Georgia] 120,000 pesos in account to renew FM-3?

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Is there a limit to number of times an FM3 can be renewed?


No hay rosas sin espinas . . .


Bear

Sep 10, 2005, 7:23 AM

Post #19 of 19 (3672 views)

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Re: [VSOP] 120,000 pesos in account to renew FM-3?

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VSOP,
FM3 original, 4 prórrogas (extensions) and then apply for another FM3 original, and on and on.
Every five years, new FM3 plus 4 prórrogas.
It is very important to report changes in address within 30 days or some intense bureaucrat will mess you up, and also mess up the cycle with a fine.
Prórrogas are obtained pretty much like the original,
with the same set of requirements. They just amend the same document, sometimes reconditioning it when it gets worn.


(This post was edited by Bear on Sep 10, 2005, 7:32 AM)
 
 
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