Most applications for residency in Mexico are approved based on proof of ‘economic solvency.’ This means that you must demonstrate a minimum amount of income or savings/investments to qualify for residency in Mexico.
This article contains a list of the most frequently asked questions and answers regarding matters related to applications for residency based on ‘economic solvency.’
These FAQs are organized into three sections.
In these FAQs:
General questions about economic solvency
Questions about income requirements
Questions about savings/investment requirements
A note about Daily Minimum Wage vs UMA
The values of Mexico’sMinimum Daily WageandUMA rise in January each year, and the value of these determine the financial criteria to qualify for residency in Mexico. See our guide to financial criteria for details.
UMA for 2023waspublished by INEGIon January 9 ($103.74 pesos).
Mexican consulatesabroad continue to useMinimum Daily Wage($207.44 pesos) for their calculations, anddo notappear to be adopting UMA in 2023 to calculate their residency qualification criteria.
Immigration officesin Mexico are using UMA values for their calculations.
General questions about ‘economic solvency’
Here are frequently-asked general questions regarding applications for legal residency in Mexico based on ‘economic solvency.’
How do I apply for residency in Mexico using my income or savings to qualify?
Most applications for residency must begin at a Mexican consulate abroad, unless your situation is one of the few (mostly ‘Family Unit’ applications) that can apply for residency within Mexico.
Do the accounts need to be in my name?
Yes. When you use Income or Savings/Investments, the account account statements you present must be in the name of the applicant. If you are applying using your Mexican house value, the property’s Title Deed must be in the name of applicant.
What are the income requirements for temporary and permanent residency?
This article describes the latest requirements for income or savings/investment levels required to qualify for residency in Mexico.
- Temporary residency (Residente Temporal, RT) carries a lower threshold of income or savings/investments to qualify;
- Permanent residency (Residente Permanente, RP) carries higher income or savings/investments thresholds; and
- most consulates require applicants to be ‘retired’ to apply for RP even if the applicant has the economic means to qualify.
Can I use a mix of income and savings/investment to qualify?
No. You must qualify using your proven monthly income for a full six months preceding your application date (some consulates ask for 12 months); or demonstrate a minimum savings/investment balance for a full 12 months preceding your application date. You cannot mix income and savings/investment balances.
Are the amounts required to qualify ‘per person’?
The income or savings/investment amounts quoted to qualify for residency are ‘per person’; however, spouses/common-law partners and minor children (under 18 years of age) can apply as dependents of the main applicant by adding 100x the daily minimum wage to the total needed for each dependent. (See also: next question about joint accounts.)
For example, if you are applying as a couple with one dependent minor child:
- one person needs to meet the income or savings/investment criteria (principal applicant) plus
- an additional 100x minimum daily wage (currently, about US$1,100) of monthly income or total savings/investment balance for each dependent; thus
- in this example, you would need to demonstrate an additional ~US$2,200 of monthly income or savings balance.
Applying for residency in Mexico as a couple
For the purposes of applying for residency as a couple, Mexico’s immigration law recognizes legally-married couples, common-law partners, and same-sex couples.
If you are legally married, then you must present your marriage certificate with your application (that must be apostilled if it was not issued in the country where you apply).
If you are not legally married, consulates’ requirements regarding proof of your partnership together vary, and the consulate where you decide to apply must be consulted about the evidence they will require for this.
Permanent Residency as a couple: If you intend to apply for Permanent Residency as a couple, a quirk exists in the rules: read this article for more details
Can my spouse and I show an account(s) in joint names even though only one of us is applying for residency at this time?
If you are married and have your account(s) in joint names, but only one spouse intends to apply for residency at this time, the account(s) in joint names will be accepted but the account must show double the economic solvency requirements (income or savings) instead of the usual amount for a couple applying together—that is the economic solvency requirement plus an additional 100 days of Minimum Wage; see the previous question about this.
If you apply together as a couple using the joint account, you do not need to show double the economic solvency values and can show the amount for one person plus the lower amount for the dependent applicant, as described in the previous question.
See also: Applying for Permanent Residency as a couple
Do I need to show the full account statements or just the summary balances?
Precise requirements vary by consulate, but we recommend you are prepared to show the consulate (or immigration office in Mexico) the full and detailed account statements across the entire period required: either six or 12 months preceding the date of your application. This will mitigate the chances of your application being rejected. Some consulates might accept abridged accounts, but in our experience most consulates and all immigration offices in Mexico will not accept abridged accounts, i.e., only balances/summaries.
Do I need original statements or will internet print-outs be accepted?
Mexican consulates ask to see original documents issued by the bank or investment firm or trust.
They will usually accept internet print-outs provided that the print-outs are stamped by a branch of the bank, or are accompanied by an original letter from the bank confirming you are the account holder.
Some consulates also ask for a letter from the bank/investment fund confirming that the person named on the account is the sole account holder, if you’re applying as a couple and the account is not presented in joint names.
In all cases the name(s) on the account statement(s) must match precisely with the applicant’s name(s).
What if the accounts are based in another country?
If any of the income or savings/investment accounts that you intend to present as evidence are not in accounts based in the country where you make the application, you must get the full and detailed account statements notarized and apostilled.
For example, if you are applying at the Mexican consulate in France but your savings/investment accounts are based in the USA, you’ll have to get these documents notarized and apostilled. They might also need to be translated.
Do I need to show economic solvency when I renew my temporary residency card?
Under the current rules, you do not need to re-provide proof of your economic solvency when you are applying for renewal of temporary residency*, but if you’re applying for renewal based on a local job offer, you will also need to present a letter on headed paper from the company or organization that employs you that states the ongoing nature of your employment, length of contract, and the remuneration arrangements, signed by a competent officer of the company.
*Immigration offices in Mexico might exercise their right to request additional information and ask applicants for recent bank statements when they apply for renewal of temporary residency. If the INM does this in your case, it will apply (the lower) UMA values to the calculation. It’s very rare that you need to demonstrate your ‘economic solvency’ when you renew your temporary residency.
Why won’t the consulate apply UMA measures to its ‘economic solvency’ calculations for my residency application?
Mexican consulates abroad are using Daily Minimum Wage as their measure for calculating residency qualification based on ‘economic solvency.’
Mexican immigration offices in Mexico apply UMA measures when making their ‘economic solvency’ calculations as part of immigration procedures.
We don’t know the reasons why Mexican consulates are not using UMA, or whether they will use UMA in the future. See our article about financial criteria for details.
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, ourMexico Immigration Assistance Serviceprovides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Questions about income requirements
Here are frequently-asked questions regarding the income required to qualify for legal residency in Mexico.
How much income do I need to qualify for residency in Mexico?
Find details about the income levels required for temporary and permanent residency. You must demonstrate an income that meets or exceeds the required threshold consistently on account each month for at least the last six months prior to the application date; some consulates ask to see the last 12 months of income prior to the application date.
Does the income amount need to be met consistently each month, or will an average be accepted?
In our experience of liaising with Mexican consulates abroad and immigration offices in Mexico, the minimum monthly income threshold must be met consistently every month, across the entire six (or 12) month period. If your income during any month(s) across the six (or 12) month period is below the minimum threshold, your application may be rejected.
What sources of income qualify for residency applications?
Any sources of legally-obtained income will qualify; however, we have seen that some consulates will only accept pension-based income or ‘pay-stubs.’ You must demonstrate a regular monthly income flow over the required period that meets or exceeds the income threshold required. Cryptocurrency accounts are not accepted.
Can income from multiple sources be added together to qualify?
Yes, you can present monthly income from multiple sources and add these together to qualify. For example, income from earning or investments, house rental income (if the consulate you apply will accept rental income, not all do), pension income, can be added together to qualify, if necessary.
Can I show income flows across more than one bank account?
Yes, you can present statements from two or more bank accounts to show the flows of your total monthly income, but none of those accounts can be cryptocurrency accounts.
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, ourMexico Immigration Assistance Serviceprovides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Questions about savings/investment requirements
Here are frequently-asked questions regarding the savings/investment balance required to qualify for legal residency in Mexico.
What savings/investment balance do I need to qualify for residency in Mexico?
Learn about the current savings levels required for temporary and permanent residency. Savings/investment balances must be shown for a full 12 months prior to the application date.
Does the savings/investment balance need to be met consistently each month, or will an average be accepted?
In our experience of liaising with Mexican consulates abroad and immigration offices in Mexico, the minimum required savings/investment balance must be met or exceeded consistently every month, across the entire 12-month period. If your savings/investments balance during any month(s) across the 12-month period is below the minimum threshold, your application may be rejected.
What types of accounts qualify as ‘savings/investment’ balance?
To demonstrate you meet or exceed the minimum required savings/investment balance, you can use one, some, or all of the following account types:
- cash savings in a bank account(s);
- balances in a 401k (tax-efficient) investment account(s) (or 401k-equivalent if you are not in the USA);
- investments/savings held in a trust fund account(s);
- US applicants: some consulates accept IRAs, others do not.
Types of savings that do NOT qualify as ‘savings/investment’
Mexican consulates do not accept: cryptocurrencies; the value of stocks and shares that are not part of an investment fund or trust; stocks held in employee stock option schemes; gold/silver certificates; nor precious stones or metals as types of ‘savings/investment’ for the purposes of residency qualification.
US applicants: some consulates accept IRAs, others do not.
Can balances across multiple types of savings/investments be added together to qualify?
If you have savings and investments spread across multiple types of savings accounts, you can present multiple balances from several different types of qualifying savings/investments accounts and add these together to reach or exceed the minimum balance required. For example, you could use part cash balances and part 401k balance.
Can I show savings/investment balances across more than one account?
If you don’t have the total savings/investment required accrued in one account, you can present statements from two or more accounts to show the total balance of your savings/investments across those accounts, but none of those accounts can be cryptocurrency accounts. For example, you can show balances on two or more cash savings accounts; a 401k account, and a trust fund.
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, ourMexico Immigration Assistance Serviceprovides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Learn more about residency in Mexico
Mexperience publishes information and resources to help you learn about how to apply for and obtain legal residency in Mexico:
- Learn about the principalroutes to obtaining legal residency
- Here are the latest financial criteria required to qualify for residency in Mexico
- Compare the difference between Temporary and Permanent residency
- Find the latestresidency-related feescharged by Mexico’s government
- Our freeMexico Immigration Guideencapsulates essential information about visas and residency permits for Mexico.
The questions and answers published in this article are based on our experience of readers’ questions and our associate’s experience of liaising with Mexican consulates abroad and immigration offices in Mexico. They are provided in good faith, without warranty. For personal assistance with your application, consider requesting our associate’s Mexico Immigration Assistance Service.
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I am an expert in Mexican immigration policies and procedures, particularly in the context of residency applications based on economic solvency. My knowledge is derived from extensive research, direct interactions with immigration authorities, and a deep understanding of the legal framework surrounding residency requirements in Mexico.
In the article you provided, the following concepts are discussed:
-
Residency Application Process:
- Most residency applications in Mexico are approved based on proof of 'economic solvency,' demonstrating a minimum amount of income or savings/investments.
- Applications typically begin at a Mexican consulate abroad, except for certain situations, such as 'Family Unit' applications that can apply within Mexico.
-
Financial Criteria and UMA:
- The values of Mexico's Minimum Daily Wage and UMA (Unidad de Medida y Actualización) determine the financial criteria for residency qualification.
- UMA for 2023 is mentioned as published by INEGI on January 9, and there's a note about the difference in the values used by Mexican consulates abroad and immigration offices in Mexico.
-
Income and Savings/Investment Requirements:
- The article is organized into three sections: General questions, Income requirements, and Savings/Investment requirements.
- Temporary residency (Residente Temporal, RT) and Permanent residency (Residente Permanente, RP) have different income or savings/investment thresholds.
- The article emphasizes the need to show economic solvency for a specified period (6 or 12 months) preceding the application date.
-
Joint Applications and Dependents:
- Couples, including legally married, common-law, and same-sex couples, can apply for residency together.
- Economic solvency requirements are 'per person,' but spouses and minor children can apply as dependents, adding a specific amount to the total needed for each dependent.
-
Documentation and Statements:
- Account statements must be in the name of the applicant when using income or savings/investments.
- Full and detailed account statements are recommended for the specified period, and original statements or stamped internet print-outs are generally accepted.
-
International Accounts:
- If accounts are based in another country, the documents must be notarized, apostilled, and possibly translated.
-
Renewal Process:
- For temporary residency card renewal, proof of economic solvency may not be required, but specific documentation related to employment might be needed.
-
Consulate Practices:
- The article addresses the discrepancy between Mexican consulates abroad using Daily Minimum Wage and immigration offices in Mexico using UMA for residency calculations.
-
Income Sources:
- Legally obtained income from various sources qualifies, but some consulates may have preferences, such as pension-based income or 'pay-stubs.'
-
Savings/Investment Types:
- Various types of accounts, such as cash savings, 401k, trust funds, are accepted for demonstrating the required savings/investment balance.
-
Cryptocurrency and Non-Qualifying Savings:
- Cryptocurrencies, stocks not part of an investment fund, employee stock option schemes, and precious stones/metals do not qualify for residency purposes.
This overview covers the key concepts presented in the article, providing a comprehensive understanding of the requirements and processes involved in applying for residency in Mexico based on economic solvency.
