New Immigration Law Delayed


In May, 2011, President Calderon signed into law a new Immigration law. This new law is important for those Americans and Canadians that already live in Mexico and equally as important to those who are thinking about moving or spending a significant amount of time in Mexico.

The law reduces the time a foreigner has to have a temporary permit to reside in Mexico thus providing a shorter path to residency on a full time basis. One of the main advantages of this is only having to endure the annual renewal of the temporary permit which, although only once a year, it is time consuming and costly.

OWN REAL ESTATE WITH NO BANK TRUST!

So, what are the other advantages of becoming a resident much quicker? A resident has the same ownership rights as a Mexican citizen as to holding title to property in the restricted zone (as you may know, foreigners can only acquire property under a land trust within this zone that encompasses area of roughly 100 miles from the US border and 60 mile inland from any coast). Also, like Mexican citizens, foreign residents are exempt to capital gains on residential property sales that met the conditions of Hacienda (the Mexican IRS or Revenue Canada). Since one of the main considerations in moving to Mexico for a foreigner to own property there, this is a big plus to early residency.

To see the compete report, go to : http://www.escapefromamerica.com/2011/06/residency-immigration-moving-to-mexico/#

And the update go to:http://www.mexperience.com/blogs/mexicoliving/?p=2178.

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