Posts: 717
Threads: 0
Joined: Aug 2012
Buying real estate in Mexico/Argentina/Uruguay
02-10-2013, 12:54 AM
Please advise, do I need an FM3 for this?
I am aware of obtaining a bank trust, this would not be an issue... but some tell me that I also need the FM3, one for me and for my wife. I'm told I can get that if I show 15,000 dollars in a bank account.
Anyone have info on buying south of the border, will be investing next year, lived south of the border for a few years and really enjoyed it, would like to raise children there at least 6 months out of the year.
Posts: 163
Threads: 0
Joined: Feb 2013
Reputation:
5
Buying real estate in Mexico/Argentina/Uruguay
02-13-2013, 06:13 PM
Hey Badwolf,
I've been living in Mexico for 3 years. 2 years in Playa Del Carmen, 1 year in Mazatlan.
I was able to get an FM3 very easily by showing 15k - 20k cash in a bank account, but the rules changed here in Mexico recently. I have not had a chance to read up on the changes but I believe they are no longer issuing new FM3 visas.
Having said that you won't need an FM3, or the new equivalent, to purchase property. A Tourist Card (FMT) and your passport/birth certificate is sufficient.
Posts: 717
Threads: 0
Joined: Aug 2012
Buying real estate in Mexico/Argentina/Uruguay
02-18-2013, 10:36 PM
Thanks so much!!!
I have been pouring over Mexican real estate on the web here for the last 3 weeks. This is exactly the answer I was looking for. I was in Toluca, Puerto V and GDL for 3 years also... Do I need 40k if I bring my spouse or do you think she can show the same 15k to get an FM3 (She's Chinese)? So far the cheapest property I've been able to locate is in Tijuana for about 6,000 USD... theres no way in hell I'd move up there though. I can't remember exactly the prices but I know where I was in GDL, there were houses (a few years old) for around 10k each. An FM3 is not super important for me but being able to buy property on the FMT, that is such awesome news, thank you man, you have just made my day!!!
I think I will likely invest in Sinaloa or Leon, I imagine Mazatlan is pretty expensive. Just a 3 bedroom is enough for me, I want something to leave my kids in the future.
Posts: 253
Threads: 0
Joined: Sep 2011
Reputation:
11
Buying real estate in Mexico/Argentina/Uruguay
02-18-2013, 10:44 PM
You don't need a special visa or residency to buy real estate in Argentina. You need to apply for a tax number (CDI) and have a way to bring the money into the country en blanco.
Posts: 157
Threads: 0
Joined: Oct 2012
Reputation:
3
Buying real estate in Mexico/Argentina/Uruguay
02-18-2013, 11:38 PM
Just my 2 cents, I would strongly adivse against buying any property in Argentina. Lived there 3 years ago, and the market was uncertain already.
After Repsol story and other ideas of Sra Kirchener I can bet that sooner or later properties/businesses belonging to foreigners will be taken into posession by the state, this way or another.
Posts: 135
Threads: 0
Joined: Nov 2011
Reputation:
11
Buying real estate in Mexico/Argentina/Uruguay
02-19-2013, 08:56 AM
Uruguay is a safe, quiet, stable place to buy property. It's as worry-free as it can get in this region if your plan includes raising children. As far as I know, there aren't any major or insurmountable legal obstacles to invest as a foreigner.
Punta del Este will be probably significantly more expensive and it's a place that comes to life mainly during the high season for more upscale beach goers.
Montevideo would be IMO a better place to scout for better ratios of quality-price of property. I really enjoy the city although it's definitely a quiet place where you'll need to build up a social circle in order to enjoy it.
As for Argentina, although it's very true the current government is doing it's best to fuck up things on a more macro level, I really don't see them confiscating urban residential property owned by individual foreign citizens.
On the contrary, the overall negative perception of the situation could actually create opportunities to find bargains.
Posts: 157
Threads: 0
Joined: Oct 2012
Reputation:
3
Buying real estate in Mexico/Argentina/Uruguay
02-19-2013, 01:16 PM
True, all the prices for real estate were quoted in US$ when I was there. Will see how the situation develops, I'm curious myself.. Hopefully Arg is not going back to what it had in 2001...
Posts: 163
Threads: 0
Joined: Feb 2013
Reputation:
5
Buying real estate in Mexico/Argentina/Uruguay
02-19-2013, 04:18 PM
Badwolf - i'm not sure what the new rules for the fm3 equivalent are but I suggest if you don't need to get it then avoid the hassle as I'm told the new requirements are more strict.
I'm only familiar with property in Playa Del Carmen. You can buy a decent size 2/3 bedroom condo for between 15k - 30k here.These properties are new but you will be 10 minutes drive from the beach and the main part of town (5th street).
Unfortunately you wont find much information about these properties online as they are advertised mostly via local magazines, newspapers etc.
Something to watch out for when you decide to purchase a property. Some land in Mexico is considered "ejido land" which is basically community owned land and you should be very careful purchasing a property in these areas.
Alot of new developments are being built on ejido land and whilst these areas often provide the best deals it will be a painful process getting the property title in your name.
Hope that helps.
Posts: 42
Threads: 0
Joined: Jan 2013
Reputation:
2
Buying real estate in Mexico/Argentina/Uruguay
02-22-2013, 11:00 PM
Somewhat related, Sovereign Man (blog) writes a lot about Chile and its ease for business / property ownership. Came to mind as he also mentions Uruguay as very friendly. Maybe check out his blog for some more data.