Financial Requirements For A Mexican Residency Visa

The number of foreign residents in Mexico is increasing. Puerto Vallarta is one of the destinations in Mexico with the most expatriates from the United States and Canada.

If you want to stay in Mexico for more than six months, you must apply for a resident visa, which legally allows you to stay for a year or longer. You cannot apply for a residence visa in Mexico but at the Mexican consulate in your country of origin.

The economic solvency requirements for a residence visa are calculated on the Mexican minimum wage, which has recently risen by 20%, up to 207.44 pesos (about $10.80 per day). So make sure the calculations you do reflect the new daily minimum wage. Each consulate has different ways of converting the minimum wage into euros, US dollars, Canadian dollars, or the currency that corresponds to your place of origin, so the number of your requirements will depend on the calculations of the consulate you use to submit the application. Although currency conversions may vary from consulate to consulate, the value of income, savings, and investments you must demonstrate to qualify for a residency visa is solely based on Mexico’s minimum daily wage.

Temporary Or Permanent Residence Visa:

A temporary residence visa can cover a period of more than 180 days up to a maximum of four years; how many years depends on the National Institute of Migration (INM) of Mexico. 

Usually, you can renew your temporary residence visa for four consecutive years without any issues. The problem is that you are at the mercy of the immigration office or the officer you deal with. Some are more forgiving than others, and you never really know until you talk to one.

A permanent residence visa is for those seeking to remain in Mexico indefinitely. It is generally granted to foreigners who plan to retire in Mexico (for this, you must be 65 years of age or older) or to people who are dependents of a permanent resident or Mexican citizen or who are parents or children of a Mexican citizen.

In both cases, applicants must demonstrate economic solvency to guarantee Mexico that they have the means to support themselves and the relatives who come with them.

Economic Solvency Requirement For A Temporary Visa:

If you are going to apply for a temporary residence visa, to prove economic solvency, you must demonstrate one of the following requirements:

Wage Income

Your income during the last three months must be equal to or greater than 100 days of the current general minimum wage (applied in the Federal District). In addition, you must prove you have a current and stable job outside of Mexico for at least one year.

Passive Income

The total amount that your income from investments, savings, and pensions during the last 12 months must have an average monthly balance equal to 300 days of the general minimum wage applicable in Mexico City.

A family moving to Mexico can apply for temporary residence, but remember that there will be a financial solvency requirement for each adult and each minor child. Ask your consulate for details.

If a visa is granted, the next step is to obtain a residency card in Mexico. The term to request the residence card is 30 calendar days after entering Mexican territory, and any INM office in Mexico can carry out this procedure. The consulate only gives you general approval for a visa. The INM will be the final judge of how long your first temporary visa will be valid, up to a maximum of four years.

Individuals from countries exempt from obtaining a tourist visa to enter Mexico, such as the USA, Canada, and Schengen Area countries (you can find the complete list of countries on this link), are given a minimum of one year and can be renewed upon expiration.

You must notify the immigration authority of any change in your marital status, nationality, address, or place of work within 90 days after said change occurs.

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