Here are some updates on the Mexico residency visa income requirements for 2023.
Temporal/ Temporary Residency
- Income starting as low as $2500 USD a month at some consulates and up to $3,300 USD a month for the past 6 – 12 months. Some consulates only require 6 months of bank statements, while others want a full year back.
- Some consulates start as low as $41,000 USD and up to $52,000 USD in Savings or Investments for 12 months.
- Income/Pension starting at $4,200 USD and up to $5,400 USD a month for 6 months ($104,000 MXN/Month)
- Savings or investments starting at $170,000 USD and up to $208,000 USD for 12 months ($4,140,000 MXN/Yr)
In most cases, these amounts are only for the main applicant.
If you’re a couple applying together, your spouse will need an additional $800-$1,060 USD monthly to qualify. This also varies by consulate.
Some consulates will want each applicant to qualify individually. If you cannot qualify individually and are legally married, don’t worry! If one of you qualifies, the other can obtain residency in Mexico without proving financial solvency.
Inflation affected the world, including Mexico- which increased its minimum wage by 20% in 2023. A huge increase! And is the reason for the spike in these income requirements.
I’ve also broken down some requirements for Residency in Mexico in this video.
Each Mexican Consulate Has Its Own Requirements
Perhaps one of the most frustrating parts of the residency process in Mexico is that every Mexican Consulate has its way of doing things.
Some Mexican Consulates want you to book your initial appointment by email. At the same time, others may only accept appointments through Mexitel.
Add to this the fact that every Mexican Consulate seems to have its own residency requirements for financial solvency. It’s hard to keep up with and sometimes impossible to find this information. And it’s hard to give you a blanket answer for how much income you’ll need to qualify for the Mexico Residency Requirements.
But here’s my research, and I want to share it with you!
This is broken up by city, and the amount needed for Temporary Residency through monthly income or savings.
The right two columns highlight Permanent Residency through monthly income or Permanent Residency through savings.
You only need to prove one, not both. And all income requirements are NET after taxes.
Mexico Residency Requirements By Consulate
|CITY||Temporary Residency Income||Temporary Residency Savings||Permanent Residency Income||||Permanent Residency Savings|
|Toronto||$4,500 CAD||$72,000 CAD||$7,200 CAD||||$286,000 CAD,|
|Vancouver||$4,615 CAD||$76,919 CAD||$7,692 CAD||||$307,675 CAD|
|Calgary||$4,615 CAD||$76,919 CAD||$7,692 CAD||||$307,675 CAD|
|Leamington||$4615 CAD||$76,920 CAD||$7,692 CAD||$307,000 CAD|
|Frankfurt||€ 2478||€ 41,316||N/A||||N/A|
**DISCLOSURE: The consulates on this chart shared these income requirements with me. However, Consulates are known to change their income requirements without notice. Therefore, I recommend getting the latest income requirements from the consulate when you apply. An immigration facilitator can help you with this.
It is also important that you keep in mind that these numbers were given to me by the consulates as of 2023, and it is still your responsibility to check with your local consulate for the accurate requirements for today, as these can change.
For spouses- the average amount needed each month is approximately USD $800- $1,060. Depending on the consulate.
Every consulate operates differently. For example, most consulates want you to be over 60 or draw a pension or social security to grant you permanent residency.
Another nuance is consulates that require a letter from your employer stating you will continue working in Mexico while you live in Mexico.
Other Considerations For Residency Requirements in Mexico
Another thing you should keep in mind is that my table doesn’t include qualifying for residency through Mexican homeownership.
It’s another way to obtain a Temporary Residency if you can prove to a Mexican Consulate that your property in Mexico is worth at least ~$415,000 USD or 40,000 days times the minimum wage in Mexico (currently $207 Pesos).
But I didn’t include it because, in my experience, no Mexican consulate accepts this as the sole way of qualifying for residency in Mexico. And I have never heard of anyone successfully obtaining residency through home ownership in Mexico.
The chart also doesn’t consider those who may apply together with a spouse, usually an additional $800-$1,060 USD a month.
This entire process is explained in our COMPLETEMexico Relocation Guide. I highly recommend it to save you hundreds of hours of research to figure out the most important pieces of your move to Mexico.
How I Gathered This Info
I’ve contacted a variety of Mexican Consulates and have also combed a lot of Mexican Consulate websites. I either emailed them or called them.
If they replied to me via email with their Mexico residency requirements, I added them to this chart. If they shared that information over the phone, I added it to this chart. And if the income requirements were updated on their site, I added them to this chart.
To help you determine if you are eligible for residency, these are some of the top consulates for which I have gotten income information.
Also, keep in mind that these income requirements change every year. These are the income requirements for 2023. If you qualify for residency today but might not qualify next year, I encourage you to start your residency process sooner rather than later.
If You Need An Immigration Facilitator
If you need an immigration facilitator recommendation, please check out our COMPLETE Mexico Relocation Guide.
In the online guide, you get a step-by-step plan to help you process your residency on your own, along with tips to help you avoid mistakes.
However, we know Mexican bureaucracy is hard to navigate on your own. And you may need additional help.
So to help you even further, you also get our directory of recommended immigration contacts throughout Mexico.
There’s An Alternative If You Don’t Qualify!
Upset because you no longer qualify for residency due to increased income requirements?
Don’t give up! This is the solution. Find out if you qualify for the special regularization program in Mexico– which gives you a 4-year temporary residency without having to prove financial solvency.
We Need YOUR Help
If you have been in touch with a Mexican Consulate that has given you their income requirements for 2023 and that consulate is not on this list, please forward that information to [email protected]
But please remember I can only publish that information if you forward the actual email from the consulate. Hearsay is not reliable enough.