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As of January 1, 2025, Mexico’s daily minimum wage will increase by 12%, bringing it to $278.80 MXN per day. While this change may seem like a local economic update, it has significant implications for foreigners planning to move to Mexico, especially for those applying for residency.
The reason is simple: Mexican consulates calculate residency visa financial requirements based on the country’s minimum wage. This increase means that starting in 2025, the income or savings thresholds for Temporary and Permanent Residency will be higher.
There is a proposal to change the way economic solvency is calculated, and if it goes into effect in 2025, the income requirements will significantly drop. Stay tuned for our updates by signing up for our newsletter- mexicorelocationguide.com/newsletter/
Updated Financial Requirements for Residency in 2025
Here’s what you’ll need to qualify for residency under the new guidelines based on a 20 MXN to 1 USD exchange rate:
Temporary Residency
Monthly income
- 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
Permanent Residency
Monthly Income
- 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
These figures are based on the minimum wage increase, but requirements vary by consulate. We’ll update our Residency Visa Requirements page with consulate-specific information as it becomes available in early 2025.
Why Residency Is More Important Than Ever
Moving to Mexico isn’t just about enjoying the sun, beaches, and affordable lifestyle. Residency is becoming increasingly essential for expats:
- You’ll Need It for Everyday Life: Residency allows you to open a bank account, register a car, get healthcare (public or private), and even sign up for utilities or a driver’s license.
- The Era of Border Runs Is Ending: Mexico has tightened its immigration databases, making it harder to live in Mexico on perpetual tourist visas.
- It’s an Investment in Your Future: Even if you’re not ready to move permanently, securing residency now locks in today’s requirements before they increase again.
The Role of Immigration Facilitators
Navigating Mexico’s immigration bureaucracy can be daunting, especially with frequent changes and local nuances. This is where immigration facilitators can make a big difference.
What Do Immigration Facilitators Do?
- Assist with paperwork, consulate appointments, and INM office visits.
- Help you understand requirements specific to your local area.
- Navigate local nuances, such as consulate preferences or processing timelines.
- Reduce stress by ensuring all steps are completed correctly and on time.
- Help you make your consulate appointment- saving you a LOT of time!
Do You Need a Facilitator?
While it’s not mandatory to hire one, we highly recommend it. Facilitators can save you time, frustration, and even money by avoiding mistakes. Here’s an example from a customer:
“I’m in La Paz and got my Temporary Resident card yesterday with the help of a recommended facilitator. The process couldn’t have gone smoother! Meanwhile, I saw DIY’ers sent away because their paperwork wasn’t in order.”
How to Choose the Right Facilitator
Not all facilitators are created equal. Some are experts in local requirements, while others may not have the experience or knowledge to handle your case. To help you avoid scams or subpar service, we’ve created a directory of vetted immigration facilitators, available in our Complete Mexico Relocation Guide.
What to Expect from a Facilitator
- Fees typically range from $210–$540 + USD per person, depending on the service level.
- Services include securing consulate appointments, completing paperwork, and guiding you through the process step-by-step.
- Facilitators can also help you “consulate shop,” finding consulates with more lenient or faster processing.
Why Act Now
If you’re considering Mexican residency, here are key reasons to apply sooner rather than later:
- Avoid Higher Future Requirements: Mexico has proposed annual minimum wage increases of 12–15% through 2030, which will raise residency thresholds yearly.
- No Need to Live in Mexico Full-Time: Once you secure your residency, you can maintain it even if you don’t plan to move immediately.
- Streamline Your Move: Residency simplifies essential tasks like opening bank accounts, accessing healthcare, and purchasing property or a car.
Simplify Your Process with Experts
Navigating Mexican bureaucracy can be challenging, but you don’t have to do it alone. Our Complete Mexico Relocation Guide not only provides step-by-step instructions for applying for residency but also connects you with vetted immigration facilitators across Mexico. They can handle the complexities of your application, saving you time, stress, and money.
Secure your residency before the requirements rise further, and enjoy the benefits of living in Mexico. Start your journey with confidence by accessing our resources and expert recommendations today!
Ready to Move to Mexico? Get started with the COMPLETE Mexico Relocation Guide. Your step-by-step guide on moving to Mexico, which also includes our entire directory of vetted professionals across Mexico.
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