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Before buying our COMPLETE Mexico Relocation Guide from us, I’d like to ensure you know the basic qualifications to obtain legal residency in Mexico.
Residency Requirements
Obtaining residency in Mexico will almost always start at a Mexican Consulate or Embassy near you. Mexico has 67 Consulates and 80 embassies worldwide. There are 50 Mexican Consulates in the U.S. and about 7 consulates in Canada. So finding one near you should not be a huge problem.
Residency WITHOUT Having Economic Solvency
This is a game changer for residency in Mexico, especially since the economic solvency requirements can be deemed high.
The Mexican government is temporarily issuing a 4-year temporary residency visa with no restrictions to all tourists who have overstayed their tourist permits. The bonus is you don’t have to prove economic solvency to be eligible.
The high-level requirements are:
- You must have visited Mexico at least once between 2015- 2022
- You have to be in Mexico to apply, and wait until after your current tourist FMM expires. Sometimes that is 7 days, and sometimes that is 180 days.
- You will have to pay all immigration fees up front (around $17,000 MXN- about $800 USD). This doesn’t include facilitator fees.
- You get a 4 year temporary residency and you DO NOT need to live in Mexico to remain a resident.
If you qualify for this special residency, I’d encourage you to apply. It’s a great way to secure your residency. After 4 years, you can apply to become a permanent resident.
To find out the requirements, read our guide. We can connect you to the right professionals to help you apply for this game changer of a residency visa program.
Residency Through Economic Solvency
There are a few ways to get a Mexican Residency. However, the most common is Temporary Residency through economic solvency. This means you must make a certain amount each month for Mexico to deem you eligible for a residency visa.
For temporary residency, the following 2024 formula is used, and we have an approximate amount in USD based on an exchange rate of 18 MXN to 1 USD. Some consulates take the exchange rate at 20 MXN to 1 USD.
Monthly Income Requirement
- Formula: 300 x daily minimum wage
- Total in USD: Approximately $3,800 -$4,150 USD per month in income from social security, pensions, or employment.
- Or
Savings Requirement
- Formula: 5,000 x daily minimum wage
- Total in USD: Approximately $62,000 -$70,000 USD minimum balance for the past 12 months from investments or savings.
You can apply for Mexican residency through income or savings. You don’t need both. All requirements vary by consulate and are NET (after taxes). And you also DO NOT need to live in Mexico to remain a resident. So it’s a good idea to secure your residency NOW because every year these requirements increase.
Please understand each consulate has its own economic solvency requirements.
Ties to A Mexican National
If you are the spouse or parent of a Mexican national, you qualify for residency in Mexico WITHOUT having to prove economic solvency. If you are born to Mexican parents, you qualify for Mexican citizenship without having to prove economic solvency.
For help with this, we recommend hiring our recommended immigration facilitators. Their contact information is provided when you purchase our COMPLETE Mexico Relocation Guide.
Do You Have To Live in Mexico?
There is nothing in immigration law requiring you to live in Mexico to remain a resident. This means you can apply for residency years before moving to Mexico.
For temporary residents, you must travel back to Mexico to renew your residency after the first year. However, permanent residents do not need to renew their residency.
Buy The Complete Guide
This guide should give you a good idea if you qualify to live in Mexico legally. To learn the steps for moving to Mexico and our directory of vetted professionals, consider buying the COMPLETE Mexico Relocation Guide.
Other Options
We think it’s a good idea to have a plan B. And our Plan B has always been living in Panama. Panama only requires you to have $1,000 USD a month in guaranteed lifetime income such as social security or a pension.
For more information about moving to Panama, check out “Moving to Panama As A Plan B“
