The permanent resident visa can be issued to a foreigner who intends to reside indefinitely (forever) in Mexico.
Foreigners granted permanent resident visas have the right to enter and leave Mexico as often as desired. This residency status never expires. They can also bring their personal property into Mexico in the manner and terms under the applicable law. However, this procedure must begin at a Mexican Consulate outside Mexico and end at an Immigration Office in Mexico.
Who Can Apply for a Permanent Resident Visa Straightaway?
Generally, pensioners or retirees can apply straightaway. However, they must prove sufficient monthly income or savings/investments to cover living expenses in Mexico. Apparently, in some consulates you do not need to be retired.
What Are the Financial Requirements for an Individual?
NOTE: The minimum wage in Mexico in 2020 is $123.22 Mexican pesos per day.
1. Proof of monthly pension, salary or monthly investment income that you have received for the last 6 months. Proof via pay stubs or financial statements showing at least 500 days worth of the Mexican minimum wage.
2. Proof of financial stability via statements of investments, savings or checking accounts from the preceding 12 months. You are required to prove a monthly balance of approximately 20,000 days worth of the Mexican minimum wage.
Consult the complete requirements here (in Spanish): Visa de residencia permanente | Trámites
Can a Married or Common-Law Couple Apply for a Permanent Resident Visa Together?
For a married or common-law couple, each partner must show the qualifying income or investments above. However, if one partner is economically dependent on the other, then an additional amount must be added to the original. This amount is the equivalent of 100 days of the Mexican minimum wage.
In absence of the additional amount, then the second partner should enter Mexico as a tourist for 180 days. Once the first partner obtains residency, the second partner can apply for temporary residency, valid for two years. After those two years, they can then apply for permanent residency. Fortunately, at this point, there are no longer any financial requirements.
NOTE: The financial requirements vary slightly between consulates. This variation also depends on the exchange rate that the consulate applies. Find further information about permanent residency here.
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