# FM3 vs Tourist visa



## gringotim (Jan 5, 2011)

So heres the deal, a relative asked me to post this so they could get some opinions on the best way to live in Mexico for 5-6 months a year. They are Canadians, mid 50's, they plan on buying a condo on the Pacific coast and living there for 5-6 months a year, then return to Canada to visit family for a month, then go to their Hawaii condo for 5-6 months, then back to Canada for a month then back to Mexico and start the same routine over again. What are the pros/cons of doing this on a 180 tourist visa instead of an FM3. And on a 180 day tourist visa, if they leave on day 179 or 180, how long do you have to be out of the country before than can come back in a get another 180 day visa? Thanks to all who reply


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## sparks (Jun 17, 2007)

Assuming the condo will be held in a bank trust ... an FM3 is required

If they want a Mexican bank account many banks require and FM3

If they want to leave a car here requires an FM3


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## TundraGreen (Jul 15, 2010)

In answer to the final question in the original post, there is no required amount of time you have to be out of the country between tourist visas. In theory, you could cross to the US and turn around and come right back. In practice it would probably be a good idea to at least wait a day before returning.


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## chicois8 (Aug 8, 2009)

Sparks,
If you read the back of your portion of an FMM the last line states you can use it to buy property/real estate in Mexico...
I have bought a house in Guayabitos on and FMM and just bought a ranch in Dolores Hidago on an FMM...
I also know where you can open a bank account with Banamex while in the USA through their owners Citibank...


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## sparks (Jun 17, 2007)

Some banks yes and others no

The bank that holds the trust on coastal property will determine what is required

Never had an FMM


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## conklinwh (Dec 19, 2009)

FMM is the new FMT. We bought 3 pieces of property and built a casita and studio on FMT's. These are all inland so bank with deed of trust for coastal property could impact.
We do our banking via Actinver Lloyd on FMM/FMT. Would think that the car could be a decision point if they didn't drive back and forth. We are changing to "residency" as plan to now stay 9 mo plus and want option to fly out.


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## chicois8 (Aug 8, 2009)

Scott, This is what is on the back of the FMM, last paragraph:

It says "The holder of this document enjoys, without any discrimination whatsoever, the guarantees granted by the political constitution of the United Mexican States, likewise, with the exception of the Transmigrant, he has the right to aquire fixed or variable income securities and make bank deposits, as well as aquire urban real estate and real rights on same, with the restrictions set forth in Article 27 of the Constitution."


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## TundraGreen (Jul 15, 2010)

chicois8 said:


> Scott, This is what is on the back of the FMM, last paragraph:
> 
> It says "The holder of this document enjoys, without any discrimination whatsoever, the guarantees granted by the political constitution of the United Mexican States, likewise, with the exception of the Transmigrant, he has the right to aquire fixed or variable income securities and make bank deposits, as well as aquire urban real estate and real rights on same, with the restrictions set forth in Article 27 of the Constitution."


Art 27 is the section that says that foreigners need permission from the Secretary for Foreign Relations to buy property and that foreigners cannot buy property within 100 km of the borders or 50 km from the coasts.


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## chicois8 (Aug 8, 2009)

Article 27 Section 1.

Only those persons recognized as Mexicans by birth or by
naturalization as well as Mexican corporations shall have the right to acquire legal domain over lands,waters and their accessories. They shall also be entitled to acquire 
permits in order to exploit mines and waters. The state 
can grant the same right to foreigners as long as they agree with the Ministry of Foreign Affairs to be considered as Mexican nationals with respect to such
resources and to decline, therefore, any right to be legally protected by their national governments in case
of being involved in a controversy about the resources
such an agreement’s breach shall be penalized by 
transferring the contested resources back to the Nation. Within an extension of one hundred kilometers 
from the national boarders inland and fifty kilometers 
from the seashore inland, foreigners shall never be allowed to acquire direct domain over lands and waters.


Yes I did get the permit from the Ministry , and I have a fidicomiso (bank trust) but the point is you can purchase real estate and open a bank account by being legal in the country and having an FMM makes you legal in Mexico...


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## sparks (Jun 17, 2007)

I've had an FM3 for over 5 years so haven't had the problems. Just repeating what a number of other gringos have run into .... and possibly what some outdated web sites say. Consistency is not something you should expect in Mexico


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## TamiJ (Apr 8, 2010)

sparks said:


> I've had an FM3 for over 5 years so haven't had the problems. Just repeating what a number of other gringos have run into .... and possibly what some outdated web sites say. Consistency is not something you should expect in Mexico


lol. It's true! There's no consistency...


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