By Carol-Anne Sinclair

Walfre Real Estate

If you are a foreigner in Mexico planning to acquire a home or have already done so, it is wise to consider obtaining an FM3. An FM3 which is Forma Migratoria 3 or Immigration Form 3. This document will give you a temporary resident status which allows you to stay in Mexico on a year round basis, as opposed to an FMT or Tourist Immigration Form, which is only valid for 6 months. There are also a number of other benefits to having an FM3 such as:

*To keep your foreign car in Mexcio indefinitely. When you renew your FM3 each year you need to make a follow up visit to the customs office known as Aduana to update your car visa.

• To bring your household possesions to Mexico.
• To obtain a local drivers licence.
• To get a 50% discount on your property taxes.This is availble in some municipalities of Mexico.
• To be elegible for a capital gains exemption (in Mexico) on your home when you sell.
• To work temporarily in Mexico (with proper documentation and approval from Mexican Immigration).
• To open a bank account (in some cases)

You do not need an FM3 to acquire a home but as you can see it has major benefits once you do.

You must fulfill certain requirements to obtain these benefits, but basically it is an easy process which takes some orgainization 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.

It is important to note that Mexican laws and costs for visas often change, and benefits may vary according to region. Therefore you should always do your research and/or seek professional help.

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