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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.
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 Through Economic Solvency
The following 2025 formula is used, and we have an approximate amount in USD based on an exchange rate of 20 MXN to 1 USD.
Solvency Requirements for Mexican Temporary Residency
For temporary residency, the following formula is used, and we have an approximate amount in USD based on an exchange rate of 20 MXN to 1 USD.
Monthly Income Requirement
- Formula: 300 x daily minimum wage
- Total in USD: Approximately $4,083 + USD per month
Savings Requirement
- Formula: 5,000 x daily minimum wage
- Total in USD: Approximately $68,066 USD
Solvency Requirements for Mexican Permanent Residency
For permanent residency in Mexico, the economic solvency requirements are typically higher. Using a daily minimum wage of 278.80 MXN and an exchange rate of 20 MXN/ 1USD, here are the updated totals:
Monthly Income Requirement
- Formula: 500 x daily minimum wage
- Total in USD: Approximately $6,806 + USD per month
Savings Requirement
- Formula: 20,000 x daily minimum wage
- Total in USD: Approximately $272,270 + USD
The income requirements vary by consulate and are NET (after taxes).
You can apply for Mexican residency through income or savings. You don’t need both. 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 these requirements increase yearly.
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.
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.”
