The Permanent Resident Visa in Mexico, can be issued to a foreigner who intends to enter Mexico in order to reside indefinitely (forever) in this country.
Foreigners who are granted Permanent Resident status will have the right to enter and leave the country as many times as desired. This residency status will never expire. They will also be able to bring their personal property into Mexico in the manner and terms that apply under the applicable law.
This procedure has to be started at a Mexican Consulate outside of Mexico and finished at an Immigration Office in Mexico.
Who can Apply?
Pensioned or retired expatriates who are able to prove sufficient monthly income or enough savings/investments to cover their living expenses during their stay in Mexico.
In some consulates, you do not need to be retired.
What are the Financial Requirements for a Single Individual?
1.- Proof of monthly pension, salary or monthly investment income that you have received for the last 6 months via pay stubs, or financial statements showing at least US$ 2,388 per month. *
2.- Proof of financial stability via account statements of investments, savings or checking accounts from the preceding 12 months. You are required to prove a monthly balance of approximately US$95,524 after taxes. **
Can a Married Couple or Common Law Couple Apply Together?
For a married or common-law couple, each member of the couple must show qualifying amounts of income or investments shown above.
If this does not happen and one member is economically dependent on the other, an additional US$ 477 *** per month must be added to the original financial requirement of US$ 2,388 or the US$ 95,524.
If the additional US$477 is not available for the second party, then that person can enter Mexico as a tourist for 180 days. Once the first party in the couple has the residency completed, the second party can apply for Temporary Residency which will last two years. After these two years, this person can apply for Permanent Residency.
At this point it is not necessary to meet any financial requirements.
Examples of Minimum Financial Requirements to Show at the Consulate:
MONTHLY INCOME(You should show pay stubs for the last 6 months)
Single resident with no dependent = US$2,388
Resident with dependent = US$ 2,388 + US$ 477
CAPITAL (You should show the balance for the last 12 months)
Single resident = US$ 95,576
Resident plus dependent = US$ 95,576 + US$ 477
* This is the equivalent of 500 days’ worth of the Mexican minimum wage. (Mx$ 44,180 or approximately US$2,388 per month assuming a rate of 18.5 pesos to the dollar)
The minimum wage in Mexico in 2018 is of $88.36 Mexican pesos per day.
** This is the equivalent of 20,000 days’ worth of the Mexican minimum wage. (Mx$ 1,767,200 or approximately US$95,524 assuming a rate of 18.5 pesos to the dollar)
*** This is the equivalent of 100 days’ worth of Mexican minimum wage that has to be added to the original financial requirements. (Mx$ 8,836 after taxes or around US$477 per month, assuming a rate of 18.5 pesos to the dollar).
NOTE: The financial requirements vary slightly according to each consulate. This variation depends on the exchange rate the consulate takes into account)