Understanding the financial requirements for residency in Mexico is essential for a successful residency application. The requirements outlined in this article are the baseline financial thresholds as defined by the Secretaría de Relaciones Exteriores (SRE) for 2024, but it’s important to note that individual consulates may adjust these amounts. Lots of consulates have higher requirements than what are listed below and some might even be less. So, it’s crucial to verify specific financial requirements with the consulate where you intend to apply. Also, please be aware that there are other pathways (e.g., family unity, scientific research, religious activities, etc.) to obtaining residency but proving financial solvency is the most common path for the overwhelming majority of people. 

Additionally, consulates may differ in the types of financial accounts they accept (e.g., savings, taxable brokerage, 401(k), etc.) and how they require documentation to be presented (e.g., summary pages, full statements, or stamped/certified copies from the financial institution). Always confirm these details directly with the consulate you will use. At the end of the day, the consular agent in the visa department of the consulate you intend on using has the sole and final determination as to whether you qualify for residency or not. 

The amounts below are based on a 17:1 (MXN to USD) exchange rate (based on the approximate exchange rate at the end of 2023) and are subject to change at any time and are simply presented for illustration purposes. Like already stated, be sure to verify the exact amounts with the consulate you plan on using since their amounts can vary from what is illustrated below.

Temporary Residency

Temporary residency suits individuals planning to live in Mexico for more than 6 months but less than 4 years. This option is ideal for retirees, digital nomads, or those considering a permanent move later. The below are the baseline financial requirements, as defined by SRE, for 2024. You can qualify by using ONLY one of the following methods, not a combination: 

• • Savings:
    • Maintain a monthly balance equivalent to 5,000 days of the daily minimum wage ($248.93 MXN) for the past 12 months.
    • Calculation: 5,000 × $248.93 = $1,244,650 MXN (~$73,000 USD) average monthly balance. 
  • Income:
    • Earn a monthly income equivalent to 300 days of the daily minimum wage ($248.93 MXN) for the past 6 months.
    • Calculation: 300 × $248.93 = $74,679 MXN (~$4,400 USD) monthly income. 
  • Property ownership (if applicable):
    • Own property in Mexico (e.g., free of liens, equity value, etc.) valued at 40,000 days of the daily minimum wage ($248.93 MXN). There might also be additional requirements such as free of liens, needs to be your primary residence, certain amount of equity, etc.
    • Calculation: 40,000 × $248.93 = $9,957,200 MXN (~$586,000 USD). 

Permanent Residency 

Permanent residency is for individuals planning to live in Mexico indefinitely. This is particularly suitable for retirees or those with long-term financial stability. The below are the baseline financial requirements, as defined by SRE, for 2024. You can qualify by using ONLY one of the following methods, not a combination: 

• • Savings:
    • Maintain a monthly balance equivalent to 20,000 days of the daily minimum wage ($248.93 MXN) for the past 12 months.
    • Calculation: 20,000 × $248.93 = $4,978,600 MXN (~$293,000 USD) average monthly balance. 
  • Income:
    • Earn a monthly income equivalent to 500 days of the daily minimum wage ($248.93 MXN) for the past 6 months.
    • Calculation: 500 × $248.93 = $124,465 MXN (~$7,300 USD) monthly income. 

Key Considerations

Savings or income – not necessarily both:

• • Applicants typically qualify using either their savings or income, not a combination of both methods. 

Individual vs. dependent applications: 

• • Per individual: Financial requirements are generally per individual unless the consulate permits a primary applicant as the sponsoring individual with dependents (e.g., married couples with minor children, common law spouses/partners, etc.). 
  • Dependent thresholds: If allowed, dependents typically have much lower financial requirements than the sponsoring individual. However, if not permitted, both individuals (e.g., spouses) must meet the financial thresholds independently.

Joint accounts:

• • Be aware that some consulates may only count 50%, as an example, of joint account balances toward the financial qualification calculations of an applicant. 

Consular variations: 

• • Permanent residency: Please note that most consulates will not even consider your application for permanent residency, even if you meet the financial requirements, if you are not of legal retirement age and/or you are not actively drawing on retirement income, e.g., social security. 
  • Adjustments to amounts: Individual consulates may apply higher or lower thresholds than the baseline requirements defined by SRE. Often times, the amounts are higher than the baseline formulas. 
  • Accepted accounts: Verify which financial accounts (e.g., savings, taxable brokerage, 401(k)) are acceptable. 
  • Documentation requirements: Confirm whether the consulate requires summary pages, full statements, or certified/stamped copies from the bank or financial institution. 
  • Annual adjustments: The daily minimum wage ($248.93 MXN in 2024) is updated annually, so ensure you use the most recent figures for calculations. 

This overview covers the financial thresholds for residency in Mexico. For additional details on the full application process, required documents, and consular-specific nuances, visit our in-depth articles: 

• • How to Obtain Temporary Residency 
  • How to Obtain Permanent Residency

Always check directly with your chosen consulate to confirm the most accurate and up-to-date information for your application. Here is a complete list of Mexican consulates. 

Helpful Online Resources  

Stay up-to-date on all relevant information in regards to INM as it relates to immigration matters, as outlined in this article, by checking the following websites:  

• • Gob.mx: Mexico’s official federal government portal with details on all government matters, including providing detailed information on immigration and more.  
  • INM: Mexico’s official federal government agency responsible for all matters related to immigration.  
  • INM micro website: Official website of INM where you can complete all immigration procedures/processes (trámites), schedule an appointment and more.  

Conclusion 

Understanding the financial requirements for temporary and permanent residency in Mexico is a critical first step in the application process. These baseline financial thresholds, as defined by SRE, for 2024 may vary slightly depending on the consulate, so verifying specifics with your chosen consulate is essential. Be sure to confirm not only the exact amounts but also the accepted account types and documentation formats to streamline your application. Whether you qualify through savings or income, meeting these requirements will help you secure legal residency and start your new life in Mexico with confidence. For more details on the full process, refer to our comprehensive guides linked above.  

Please feel free to leave us a comment below about your personal experience of obtaining residency. We would love to hear from you!