If there was ever a time to have a plan B to move to Mexico, it is now!
Thousands of foreigners relocate to Mexico yearly, mainly because of the increasing cost of living in the US and Canada. Coupled with the rising tensions in politics that divide people.
The laid-back lifestyle of Mexico and its more affordable cost of living, plus all the beautiful and diverse landscapes- It’s no wonder many are looking for a better life in Mexico!
But moving to Mexico is not as easy as packing your bags, showing up, and starting a new life sipping a margarita by the beach. Although we wish it were
The Mexican immigration and bureaucracy are challenging, especially with limited Spanish. And with the end of the year coming soon, we can almost guarantee there will be changes in 2024. Because historically, there has always been a change to immigration requirements in Mexico yearly since we’ve been in business.
Now, I am not one to usually write articles or give advice, which makes someone act fast. That’s not my style. I always advise you to rent before buying a home, visit before moving here, and do a lot of research before settling on any one place.
When it comes to immigration and resident visas in Mexico, I’d hate for someone to miss out because they didn’t know that changes happen often. That’s why I think if you’ve been thinking about living or retiring in Mexico, you should move fast on getting a residency in Mexico.
The time when expats in Mexico could be perpetual tourists doing border runs every six months is quickly becoming a thing of the past. Mexico has done much in the past few years to improve its immigration databases. This means the country is getting smarter about who lives here illegally and who is just a visitor.
Plus, you will need a residency visa if you plan to live in Mexico.
You’ll need residency to open a bank account, get a driver’s license, sign up for Mexico’s healthcare system IMSS, get specific private health insurance policies, work in Mexico, get a retiree discount card, and even buy and register a car.
It’s becoming increasingly necessary for anyone living in Mexico to have an RFC, which is only given to residents.
While there are several ways to get residency, the most common option is through financial solvency. Mexican authorities use a formula based on the current daily minimum wage of MXN $207 to determine financial solvency.
Residency Qualifications in 2023
For temporary residency, you need a minimum monthly income of $2600 and up to $3500 USD or $43,000 and up to $55,000 USD in Savings/Investments.
For permanent residency, you need a minimum of USD $5,400 a Month in most cases, and you most likely need to be retired.
To make Mexican bureaucracy even more complicated, Mexican residency income requirements vary by consulate. Which is my I give you a range of income requirements.
And because things are changing so quickly in Mexican immigration procedures (almost daily, it seems), it’s never been more important for you to apply for residency sooner rather than later.
Just because you qualify in 2023 for Mexican residency doesn’t mean you’ll qualify in 2024.
Moving to Mexico? Here are 5 Steps to Follow.
My advice: apply sooner rather than later.
You are not required to live in Mexico to remain a resident. So, even if you have plans to move to Mexico years in the future, I’d recommend securing your residency visa first.
And while it may seem very simple to qualify for residency, unfortunately, the process isn’t. Mexican bureaucracy can be complicated and very inconsistent. Because of this, we recommend hiring an immigration facilitator familiar with local customs, laws, and requirements.
Others may tell you that hiring an immigration facilitator isn’t needed. And while that may have been the case 10 years ago, things change so rapidly today that it’s easy to make a mistake.
Oftentimes, the worst mistakes are made by the people you think you should trust the most: the employees at immigration, who are usually poorly trained. So hiring the right person who is up to date on immigration requirements and will know the law better than most is almost a no-brainer.
Who Do You Hire?
If you need a reputable immigration facilitator recommendation, we have a directory of them throughout Mexico in our COMPLETE Mexico Relocation Guide.
In the video, I explain more about hiring an immigration facilitator.
In our complete Mexico Relocation Guide, we included detailed step-by-step instructions on how to apply for residency on your own. However, because we know Mexican bureaucracy can be hard to navigate on your own, it also connects you to the right people who can help you.
That way, you’re not spending time figuring out who to hire—or making mistakes by hiring the wrong people.