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A friend just sold a her condo last month and according to the lawyers and notaries the law has changed again as of Jan. 2008. No foreign property is exempt from capital gains now! You have to be a resident which means you need an FM3 for 5 years and then an FM2 for another 5 years and then apply for Mexican citizenship.
Only Mexicans are now exempt from Capital gains. A lower price on the sales contract means you don't pay now but you will pay later.
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