Financial requirements for Mexican Residency
Updated: Mar 23, 2022
The process to apply for a temporary or permanent resident card will begin outside of Mexico at a Mexican consulate. They will review your application, conduct an interview and assess whether or not you meet all the requirements.
It can get interesting since the financial requirements that the Mexican consulate gives you may not exactly reflect the listed U.S. dollar amounts that we have listed below. They’ll be close but they may end up being a little higher or lower than those shown below. That’s because the financial requirements are set in pesos and each Mexican consulate has to determine what the equivalent value would be in the local currency (e.g. U.S. dollars).
The requirements are based on the minimum wage in Mexico which is going up. This is why it is important to get your residency done as soon as possible.
Those limits may vary from one consulate to the next because exchange rates are in a constant state of change. To make things easier, some consulates often choose an exchange rate to use for the year and then round the figures up or down to come up with their official requirements.
Since these final values are set by the individual consulate, the numbers do vary from one consulate to the next. That’s why you should always reach out to the specific consulate where you intend to apply to determine the currency values they’re using.
And if you don’t qualify but you’re close, we recommend checking with some other consulates. There are 50 in the U.S. alone. We chose the one in Las Vegas which had the extra benefit that we got to see Celine Dion and Cher!
What are the requirements?
The financial requirements for Mexican residency are based on mathematical formulas tied to the minimum wage in Mexico. Currently that is $171.04 MXN per day.
Temporary Resident Card
You have a few options with this one. You only have to meet one of the following and you must show proof (original documents and copies of each) for the previous 12 months.
Foreign Source Income (e.g. Pensions and/or Employment):
An average monthly income (after taxes) of at least 300 days of the Mexican minimum wage: 300 X $171.04 = $51,312 pesos, or about $2,532 USD. That is based on 20.26 exchange rate (March 22, 2022).
Savings / Investments:
Investments or bank accounts with an average monthly balance of at least 5,000 days worth of minimum wage: 5,000 X $171.04 = $855,200 pesos, or about $42,204 USD.
Own Real Estate:
You own real estate in Mexico valued at over 40,000 days of minimum wage: 40,000 X $171.04= $6,841,600 pesos, or about $337, 610 USD.
Permanent Resident Card
Generally speaking, people who immigrate to Mexico are required to complete four years as a temporary resident, after which they can obtain their permanent residency; however, Mexico made an exception for foreign retirees/pensioners. They can apply for permanent residency right away — provided they meet these qualifications.
You only have to meet one of the following:
Retirement Benefit (e.g Pension):
An average monthly retirement income (after taxes) greater than 500 days of the Mexican minimum wage: 500 X $171.04 = $85,520 pesos, or about $4,233 USD
Savings / Investments:
Investments or bank accounts with an average monthly balance of at least 20,000 days worth of minimum wage: 20,000 X $171.04 = $3,420,800 pesos, or about $169,329 USD.
You must show proof (original documents and copies of each) for the previous 12 months, that means you can't just "borrow" $169,329 from someone, put it into your account, go to the consulate get approved and then return the money.
Spouses and Dependents
You’ll have to add 100 days of the minimum wage to the figures above per dependent. 100 X $171.04 = $17,104 pesos or about $846 USD.
Ever wish your vacation lasted a few more weeks? What about years? We left the daily grind in California to live and work in Mexico and now help others do the same! From assistance with residency visas to property rentals and purchases to digital nomad networking, we are here to help people take that leap towards living in paradise. DM us your questions! Or follow us on Instagram for a peek at what it’s like to live the #mexicolife