Moving to México
Living in Puerto Vallarta
There is a very large community of foreign full-time residents as well as seasonal residents who enjoy Puerto Vallarta´s lifestyle and the quality of life. The low cost-of-living and the unique sense of community that Puerto Vallarta provides are just some of the reasons why people from all over the world choose the Banderas Bay area as their home.
Immigration
The country of Mexico has designated three different statuses for foreign visitors.
These statuses are directed to specific goals for the visitor.
The first, and most basic is the FMT, or tourist card which allows a visitor to remain in the country for up to six months without working. This "FMT" is easily renewed by simply leaving Mexico within the six month period, and then returning.
The second type of designation is the FM3 and it is designed for the visitor who wants to live at least part time in Mexico. It is also recommended for those who choose to own property in Mexico.
To receive "FM3" status, you must prove ownership of property, or prove that you have sufficient resources to be financially independent, or meet certain other requirements to work or own a business in Mexico. The "FM3" (rentista) status is available to anyone with monthly income of at least $500 US, plus $500 US for each dependant.
An individual with the "FM3" status is allowed to own foreign-plated vehicles, and operate them in Mexico. The third type of designation is "FM2" status and is designed for those foreigners who intend to permanently reside in Mexico. Qualifications for "FM2" are only slightly higher than those for "FM3" status.
After five years of successfully meeting the requirements of "FM3", including time outside of Mexico, one may apply for Immigrado (FM2) status which allows you to enjoy most of the rights of a Mexican citizen, with the exception of the right to vote. Immigrado status does not require you to give up your native citizenship and holders may freely work and remain in Mexico without annual renewals of any immigration papers.
For most people, "FM3" status is the most practical status. It is easier to obtain and you can do most of the paperwork yourself. It is also obtained more quickly than the "FM2" because it is granted through the local immigration office, wheras the "FM2" status goes through Mexico City and can take months for approval, as well as many "FM2" applicants need professional help in completing the forms and required paperwork.
Privileges are the same for both "FM3" and "FM2" status holders, however "FM2" holders must return a foreign automobile outside of Mexico at the end of their five year visa whereas "FM3"´s can keep vehicles indefinitely as long as they renew their status. In addition with an "FM2" you may not leave Mexico during the five year visa period for more than eighteen months total, "FM3" are free to come and go as they please.
Timothy Fuller & Associates recommends you visit your Mexican consulate to verify the processes for any of the above mentioned.
Health Care
Puerto Vallarta boasts several modern hospitals and health care facilities with the three principal hospitals being CMQ, San Javier, and Medasist. All facilities have bi-lingual doctors on staff and accept United States issued health insurance. In addition AmeriMed Trauma Center offers U.S. trained paramedic personnel in their ambulances in addition to U.S. medical staff on duty with twenty four hour notice. There are also air evacuation services available to metropolitan city centers in Guadalajara, Mexico City, and the United States.
Churches
In addition to several beautiful Catholic Chapels, there are also weekly English services at the Church of Jesus Christ of Latter Day Saints, the First Baptist Church, Jehovah´s Witness, Baha´i Faith and the New Sunrise Christian Center, among others. There is also a large and growing Jewish comunity.
Title Insurance
A title insurance policy is an agreement with a insurance company which agrees to indemnify the insured against a loss sustained as a result of defects in the title, other than those outlined as exceptions. The title policy can insure the owner, a lender, a mortgage holder, or a holder of any interest in the property. The title insurance company agrees to defend, at its expense, any lawsuit affecting title which is based upon issues outlined in the policy.
Currently there are two title companies with offices in Puerto Vallarta, First American Title, and Stewart Title Company. Both companies also offer escrow services for the management of funds in a transaction as well. Please note that escrow accounts with these companies are generally not interest bearing.
