PROS & CONS of getting either Temporary or Permanent Residency in Mexico
Temporary & Permanent Residency PROS:
- Temporary and Permanent Residency enable you to get a Mexican registration number called CURP (CURP stands for “Clave Unica de Registro de Poblacion”). This number is similar to the US Social Security number.
CURP holders of either residency status are allowed to:
- Open bank accounts at any bank
- Buy a Mexican car
- Legally register a car
- Get a driver’s license without losing the one from abroad
- Apply for Health Insurance Plans in Mexico
- Get homeowners exception from paying capital gains tax on a future sale of a Mexican home.
Permanent Residency PROS:
- One time application.
- One immigration tax payment
- Allows unlimited entries and exits to and from Mexico
- Obtain a credit card
- All the benefits/rights available to Mexican citizens, except for the right to vote
Permanent Residency CONS:
- Permanent residency holders should report to Immigration Institute (INM) any changes in:
- Home address
- Civil status
- Permanent residency holders will have to nationalize foreign plated cars. This will not be an issue if you plan to stay in the free zone (within 25 KM of the border), specified parts of Sonora or in the states of Baja California or Baja California Sur.
Temporary Residency CONS:
- Temporary Residency holders must apply for permission to work, in case they want to work in Mexico.
- The Temporary Residency card can be renewed for one (1), two (2) or three (3) years more without going back to the Mexican consulate out of Mexico.
After four (4) years you have two options, to go back to a Mexican consulate out of Mexico and begin the process again or to change your condition into Permanent Resident at the INM office in Mexico.