On October 10, 2014, the Diario Oficial de la Federación released the new financial guidelines for foreigners wishing to apply for temporary and permanent residency in Mexico. The new changes will take effect on October 17, 2014.
Previously the minimum bank balance average for a 12-month period for foreigners applying for temporary residents was equivalent to 20,000 days of the minimum wage rate in Mexico, $100,000 US using today’s exchange rate. The new rules have drastically reduced the rate to 5,000 days of the minimum wage rate in Mexico, or about $25,000 USD using today’s exchange rate.
Individuals seeking permanent residency are required to have a minimum balance for 12-months equal to 20,000 days of minimum wage, or $100,000 USD.
Individuals seeking permanent or temporary residence who earn a monthly income from outside the country, such as retirement pensions or business investments, may apply with proof of a monthly income of $1500 USD per month, down from the previous requirement of $2000 USD. The minimum bank account balance is not required if poof of ongoing income can be proven.
Some reports have suggested that for permanent residency an individual is required to have family ties to Mexico, such as a Mexican spouse or child born in Mexico. This is incorrect; it is one criteria that can be used but not the only criteria.
The family ties amendment to the law allows individuals with family in Mexico to become permanent residents without fulfilling the financial obligations; this is to allow married individuals or those with Mexican born children to remain in the country with their immediate family.
However, without family ties to Mexico you may still apply for permanent residency by meeting the financial obligations of the law.
This information can be found, in Spanish, here
Mexperience says this about who qualifies for permanent residency: (it’s important to note that permanent residency is not citizenship)
Retirees
If you want to engage in “non-remunerative activities” and you are receiving funds from abroad (from a pension or other investments or fixed income) you can apply for a Permanent Resident Visa.
Investors
You can receive an immigration permit if you are willing to invest your capital in Mexico. You investment can be directed at industry or services, and must equal a minimum set amount—check separately for the latest investment levels required for this visa.
Professionals
If you are a qualified professional, you can have your certificates validated by the Mexican Consulate in your home country and apply for an immigration visa to live in Mexico and seek permanent residence. You will need to meet the minimum Point Score requirements to be accepted.
Technical or Scientific Professions
If you are a qualified technician or scientist, Mexico offers a category of visa which enables you to live and work in Mexico under sponsorship from a foreign company. For example, if the company wants to open an office or factory in Mexico, a person or persons representing that company may enter Mexico to manage the commercial operations on a long term basis. You will need to meet the minimum Point Score requirements to be accepted.
Artists and Sports People
Artists or sports people who seek long term permanent residency in Mexico may apply for a this visa. Each case is considered individually and entry is at the Interior Ministry’s discretion.
I am wondering how the assets work. I have RRSP’s, one provides a monthly income of 1200.00 and has a present value of 35,000.00 and another that is locked in at approximately $53000.00. I also have a home in the state od Quintana Roo. with the new requirements would I qualify for temporary resident, or do I have to show cash in the bank?
You will want to consult with an immigration attorney about individual cases.
Hoping to do a little searching in Feb 2015 when we come for a visit to PV – I would love to retire there – even if it’s just 6 months out of the year! So this is good news for me for sure! I love PV – it is a beautiful space with fabulous people and things to do and the weather is perfect!
For six months out of the year you shouldn’t need a Visa unless you plan on opening a bank account in Mexico or doing any “official” business, to the best of my knowledge. You can stay on a tourist visa for six months, many residents do this. Of course if a long term investment and more temporary move is considered, then going through with some sort of residents card could make life a little easier when it comes to banking or considering real estate.
what is the combined monthly income of a married couple needed to retire.
Thank you
Visas are not issued to couples, all applications are done as individuals, so there is no couple requirements as far as the laws are concerned. With that said, our understanding is that if a married couple has a joint account, or assets, that meets the requirements for a single visa, then each applicant can submit the copies of the bank records separately. We are not attorneys, this is just our understanding.