Benefits of Permanent Residency Status

[James Doran]

What are the benefits of having a permanent residency status?

I have bought real property here. I plan to come and go for many years. I might want to bail out of the US if "he who shall not be named" gets re-elected.....


Before I go further with my Notario, Gabino Carbajo, (a great find, BTW) I would like some opinions on "Why" I should get my permanent residency status.

Thanks,

James

[Victor David]

I'm a permanent resident and I bought a house here three years ago. The former owner is from the states but not a permanent resident. He had to pay a lot of tax when he sold.

At the time of the sale, my real estate guy told me that the high tax was precisely because the previous owner wasn't a perm resident. If I were to sell, I would pay little tax. I haven't sold so I don't have first hand experience. Maybe check with your notario.

Big benefit for me is I don't have to renew my visa every year or two years. Keep in mind too that the law changed some years back. After a certain amount of time and/or renewals, you must convert to permanent - or leave.

As a permanent , you can't have a foreign plated car. You have to nationalize it (if it's eligible) or take it out of the country. When I became permanent, my car wasn't eligible and I had to take it back to the states.

[James Doran]

I figured there was a tax break when I sell if I became permanent. Maybe it helps with health insurance and other such things.

Thanks,

Jiames

[jesm]

A most worthwhile conversation, especially so with the demographics and political situation north of border. There are pros and cons for either choice.
We have lived in Mexico full time now 13 years. First 8 in temporary status now "permanentes" for last 5.
Having to deal repeatedly with INM is a pure bitch. Arsenic in a large
dose became increasingly more attractive as each temp renewal loomed ahead.
The entire immigration scheme changed significantly thru legislation passed in 2012 but which was not fully implemented across INM until 2014. Visa initiation shifted to outside the country and some restrictions on foreign plated vehicles kicked in.
We found the tradeoffs to be overall positive for our lives and moved to Permanent status in 2014 once all the new regs were understood and in-place. A big factor for us is our strong commitment to living our lives permanently in Mexico and we wanted that commitment to flow in both directions. By that I mean we were promising our future to Mexico and wanted the same promise from the peoples of Mexico as evidenced by their government's permission for us to be here forever.
More practical considerations such as the vehicle policy were way secondary.
Now for the money. We sold a home on the Pacific coast in 2017. Our Permanent immigration status was a non-factor. No impact or consideration
involved. This, despite my swearing we were due a break due to our prized permanent status. Our Notario closing the sale asked what is the basis for your request for reduced capital gains on the sale? Well, I said because every expat here and every real estate sales persons say so. He laughed and said no such provision exists under current law. No go!
Public Health care options are influx to say the least. Rumors galore, facts sketchy at best. Now as permanents we are enrolled in Seguro Popular a decent mostly free program with resources across the country. Anecdotal reports say these programs may become restricted to citizens only. I hold strong doubts on such rumors belivng the country must offer some health care solution, perhaps at cost or with limitations, to individuals that the same government has granted life long permission to be here. Time alone will tell on this one.

[James Doran]

This response is very thoughtful. On the practical side of things, the capital gains tax reduction is a fiction, if I understand you correctly. I will ask my Notario. The world is full of rumors, as you say.

There is a sense or feeling that a person would have their civil rights more secure, more protected, and potentially more beneficial as a Permanent Resident with the official government acknowledgment of such. I do not sense an illegitimate fascist type of government occurring here like we have in the USA, but an ounce (or several pounds) of prevention is worth a ton of cure.

Thank you.

James

[roberb7]

As for the civil rights part of it, getting Mexican citizenship takes you out of Article 33 and gives you the right to vote.