If you’re trying to figure out just how much monthly income you need to qualify to live in Mexico, that figure has just changed. And in changed, I mean increased.
As of December 1, the minimum daily wage across Mexico has increased by 3.9 percent. It has risen slightly and currently stands at 88.36 peso per day. Since immigration uses the daily minimum wage as a gauge for foreigners to qualify for residency, the new minimum requirement needed to live in Mexico has also risen.
The new minimum financial requirements for Temporary Residency in Mexico
The basic math for those wishing to apply for temporary residency (which upon the first application means 12 months in the country), is 300 days times the current minimum wage as set forth in Mexico City. You must be able to legally prove the equivalent of 26,508 peso per month or around $1,400 USD.
To qualify for an application, you will need to be able to prove, with original bank statements, regular deposits of around $1,400 USD per months for at least six consecutive months prior to your application. This is needed for each person applying.
The new minimum financial requirements for Permanent Residency in Mexico
The basic math for qualifying for permanent residency is 500 days times the current minimum wage as set forth in Mexico City. You must be able to legally prove this wage (in the form of deposits through bank statements) for at least six previous months to your application. Some consulate offices will require 12 months.
This means to apply for permanent residency, one must be able to prove approximately $2,000 USD (or 44,180 peso) per month as income. This is required for each person applying.
If you are a family member of a Mexican, or own property, you can also use this as a way to qualify for residency. The only sure way to know exactly what details are required from you is to visit your nearest Mexican Consulate. An INM officer will be able to answer all your questions since the requirements for visas change from person to person and office to office.
For more information, you can visit the official Mexico INM website.