Mexico Permanent Residency Financial Requirements

What are the Mexico permanent residency financial requirements?

The requirements are

·         Evidence to show a monthly income of between$4300-$4500 over the last 6 months

·         Or a yearly income of over $180,000

Before you can qualify for a permanent resident visa in Mexico, there are certain financial criteria you must meet. We bring to light all the vital information you need to know before starting the application process. Read this article till the end to know more.

Applying For Permanent Residency In Mexico

Anyone wishing to apply for permanent residency in Mexico must have been living in the country on a temporary residency visa and also fulfill some other criteria before being issued a permanent resident card.

The truth of the matter is that permanent residency in this country is issued by the local immigration office solely on the basis of economic solvency. This means that whoever is given this card has the income and financial means to live in Mexico independently of anyone. Many people fail to get this permit or visa due to financial incapacity more than anything else.

The truth of the matter is that permanent residency in this country is used by the local immigration office solely on the basis of economic solvency. This means that whoever is given this card has the income and financial means to live in Mexico independently of anyone.

But how does one go about the process? We explain below.

Approach The Consulate

The initial application for a permanent resident card starts with the Mexican consulate in your country. However, under special conditions, you may be allowed to apply for permanent residency within Mexico. People who are allowed this leeway are family units, especially when it involves minors or those who have family roots in Mexico.

After receiving your application, the consulate will determine your economic solvency. This involves evaluating your financial capacity by checking your savings, minimum account balance, and other investments you may have garnered over a period of time.

Mexican consulates determine this amount using several UMAs like the Mexican minimum wage. Some consulates revert to the daily minimum wages of the average Mexican living in Mexico to arrive at the figure they use.

How Does UMA Multiples Work?

To know whether you meet the financial requirements for a permanent residency visa, you ought to know how UMA Multiples work.

For starters, the type of residency you apply for is what will determine the financial criteria you must meet. The consulate will expect you to demonstrate varying multiples of daily minimum wage or monthly minimum wage.

For those applying from aboard, the consulate will use the monthly wage, not the daily wage. If you apply at an immigration office in Mexico, a combination of monthly and daily wages will be used

If you have family ties in Mexico and they are dependents, the authorities will include their living expenses as well.

Applying At A Consulate

Applications submitted at an oversea consulate use the monetary equivalent of the local currency. For instance, if a Canadian applies in Canada, the required daily and monthly wage will be calculated in Canadian dollars. For a Frenchman in France, the Euros will be used. This figure is never static but dynamic and ever-changing due to varying exchange rates.

Note: Mexican consulates mostly use the daily minimum wage in Mexico these days.

Applying In Mexico

If you apply at any of the immigration offices inside Mexico, the officer will use the Mexican pesos to evaluate your UMA to ascertain your level of economic solvency. However, the requirement remains the same.

Mexico Permanent Residency Financial Requirements: Minimum Daily Monthly Wage

For your permanent Mexican residency application to be granted, you must show proof of a monthly income of between $4300-$4500 monthly over the last 6 months, but some consulates may demand this for 23 months.

Another option is to show proof of a saving balance and an investment total of $180,000 over the last 12 months.

While the above is the standard amount, it is possible for the consulate in your home country to have a different financial requirement as no two consulates in different countries will have the same requirement.

If you have dependents, the figure will increase as the authorities will add their financial liability to the total amount

·         Dependent spouse ($910 monthly)

·         Dependent Minor ($910 per minor)

·         Student ($910 monthly)

Note: These figures are subject to change depending on the consulate and prevailing economic conditions in Mexico

If you meet the Mexico permanent residency financial requirements and you are issued a permanent visa, you are free to travel to and from Mexico as you wish without the need to apply for yearly renewals. After some years, and if you so wish, you may qualify for citizenship if you meet the requirements. However, with a permanent resident card, you can live, work and invest in Mexico and also enjoy certain rights and privileges.