Every day the number of foreigners that decide to move to the Mexican Caribbean increases. One of the main reasons is that their money is worth so much more in Mexico than it is in the United States, Canada or Europe. Also, the quality of life and peaceful surroundings make Mexico one of the best countries for expats and inspire many to “pack their bags and c’mon on down here,” to either retire or invest in our beautiful country.
To reside in Mexico legally, expats need either a “Temporary Resident” or a "Permanent Resident” visa. The Temporary Resident visa can be acquired for just one year, or up to four years, each expiring after the amount of years you attain it for. A Permanent Resident visa can be attained after you’ve had your Temporary Resident visa for at least 4 years. The Resident visa will never expire, unlike the Temporary ones.
If your intention for moving to Mexico does not include working, you can apply from any Mexican Consulate in your country of residency, or in a different country at their local Mexican Consulate. Also, if you have purchased a property in Mexico through a “Fideicomiso” (escrow, trust) you may also apply for your Residency along with your property title and all the other necessary paperwork.
Keep in mind, there are many “forums” and a lot of information regarding the subject of residency requirements in Mexico online that are not completely accurate, so we highly recommend that you consult with a professional advisor before you begin the process for obtaining legal Residency, regardless of which type you are seeking.
Mexico Residency Requirements for Proving Financial Solvency:
- Letter from your bank or financial institution stating that you have had investment funds or savings for at least 5,000 days at the minimum wage in Mexico City (73.04 pesos) for a temporary residence, or 20,000 days for a permanent residence and provide the related bank statements for the last 12 months in which that amount is reflected.
- The bank letter (original) must include the applicant’s complete name, bank account number and balance for the last 12 months and it has to be signed by the branch manager.
- If you are a retired person, you need prove that you have a monthly income of at least 300 days of minimum wage for Temporary Residency, or 500 days for Permanent Residency in Mexico, as well as provide proof of income for the last 6 months.
- In order to prove income, you can also present a letter from Social Security stating the monthly amount that you will be receiving and the related bank statements in which that amount is reflected.
Why are you thinking about moving abroad to Mexico? Let us know in the comments!
Read How to Buy Property in Mexico as a Foreigner to learn more about the process of moving abroad to this popular expat haven!