When considering seeking legal residency in Mexico, it's important to note that Mexican immigration regulations outline specific requirements for applicants.
The majority of residency applications are approved based on the concept of 'economic solvency,' which aims to guarantee that individuals pursuing residency through this avenue possess the financial capability to support themselves in Mexico.
Below are the 'economic solvency' requirements for obtaining residency in Mexico in 2024.
Permanent Resident Visa
For retirees or pensioners, you will need to prove:
1.an average monthly balance equivalent to $410,735.00 CDN during the last 12 months, or
2. tax-free monthly income from pensions in an amount greater than $10,268.00 CDN during the past 6 months.
Temporary Resident Visa
You will need to prove:
1.an average monthly balance of $102,684.00 Canadian dollars during the past 12 months; or
2. a monthly tax-free income of over $6,161.00 Canadian dollars during the past six months.
Figuring out if you have enough funds to move to Mexico can be overwhelmed.
Kindly note the following:
i. the 'economic solvency' needs to be proved with specific documents;
ii. It’s common for ‘economic solvency’ requirements to vary among consulates;
iii. every application is dealt with on a per-case basis;
iv. there is additional forms and documents that you need to submit with the Consulate.
If you require assistance with your Mexico residency application, renewals, or regularization procedures, our Mexican law firm offers consulting, guidance, and hands-on assistance to navigate you through the entirety of the residency application or renewal process.