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2011 changed from FM3 to FM2; now thinking about changing back to an FM3

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2011 changed from FM3 to FM2; now thinking about changing back to an FM3

Post by Sherman on Mon Nov 21, 2011 2:09 pm

A couple of questions for any comments...

Last year I changed from a FM3 to FM2 and expected to complete that process in 5 years. That was when I had an old car that I expected to eventually 'nationalize' here. I now have a new US plated car that I'm not sure I want to nationalize down the road and am thinking about going back to a FM3. I'm wondering if it makes any sense to do that given the forthcoming possible changes in the law (or application of the law)?

I also own property here that I bought when prices were much higher and am not anticipating much of a gain, if any, for many years. So, I'm not so concerned about capital gains. Other than the capital gains issue, what other costs of selling are involved that are different for someone who has a FM3 vs an FM2?

thanks.....
Filoli
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Re: 2011 changed from FM3 to FM2; now thinking about changing back to an FM3

Post by Intercasa on Mon Nov 21, 2011 2:48 pm

Your FM2 will automatically convert to the new "Rsidente temporal" next year upon renewal (FM3s also convert to the same one).

As far as capital gains go, what you paid doesn't necessarily come into the equation, it is what your deed shows, many people may be liable to pay a tax on gains from the sale on a property even though they may have really lost money on the transaction as their seller put a low ball value on the deed and there will be a phantom gain between the difference in values on the deeds.
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Re: 2011 changed from FM3 to FM2; now thinking about changing back to an FM3

Post by Sherman on Mon Nov 21, 2011 3:07 pm

thanks....I understand.

I also have a bit of a screwy situation on my house deed. It was purchased in 'reserve of domain' and I had to pay essentially two closings.

The notario who handled this told me that the end result will be that I pay less money (capital gains) when I sell the house because the cost of the house shown on the deed was a higher amount than what normally would have been stated.

However, I've been here long enough to know that all of what was told may just be blah, blah, blah. Nevertheless, that is what I was told and hopefully it will work to my advantage in the end.

Filoli

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Re: 2011 changed from FM3 to FM2; now thinking about changing back to an FM3

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