Here are some updates on the Mexico residency visa income requirements for 2023.
Temporal/ Temporary Residency
- Some consulates start as low as $2593 and up to $3,300 USD a month for 6 months.
- Some consulates start as low as $41,000 USD and up to $52,000 USD in Savings or Investments for 12 months.
- Income/Pension of $5,400 USD a month for 6 months ($104,000 MXN/Month)
- Savings or investments of $208,000 USD a month for 12 months ($4,140,000 MXN/Yr)
In most cases, these amounts are only for the main applicant.
If you’re a couple applying together, your spouse will need an additional $1,060 USD monthly to qualify. However, this also varies by consulate.
Inflation affected the whole world, including Mexico, which increased its minimum wage by 20% in 2023. A huge increase! And is the reason for the spike in these income requirements.
Each Mexican Consulate Has It’s Own Requirements
Perhaps one of the most frustrating parts of the residency process in Mexico is that every Mexican Consulate has its way of doing things.
Some Mexican Consulates want you to book your initial appointment by email. At the same time, others may only accept appointments through Mexitel.
Add to this the fact that every Mexican Consulate seems to have individual income requirements for financial solvency. It’s hard to keep up with and sometimes impossible to find this information on your own. And it’s hard to give you a blanket answer for how much income you’ll need to qualify for residency in Mexico.
But here’s my research, and I want to share it with you!
This is broken up by city, the amount needed for Temporary Residency through monthly income or savings.
The right 2 columns highlight Permanent Residency through monthly income or Permanent Residency through savings.
You only need to prove one, not both. And all income requirements are after taxes.
|CITY||Temporary Residency Income||Temporary Residency Savings||Permanent Residency Income||||Permanent Residency Savings|
|Toronto||$4,500 CAD||$72,000 CAD||$7,200 CAD||||$286,000 CAD|
|Vancouver||$4,615 CAD||$76,919 CAD||$7,692 CAD||||$307,675 CAD|
|Calgary||$4,615 CAD||$76,919 CAD||$7,692 CAD||||$307,675 CAD|
|Frankfurt||€ 2478||€ 41,316||N/A||||N/A|
These numbers are in USD unless otherwise noted for Canada or Europe. N/A means the consulate does not have their requirements updated or they did not give me these requirements when I asked for them.
Not all consulates have this new amount posted on their websites. In fact, most of them don’t update their websites at all! That is why I highly recommend working with a reputable immigration facilitator who can help you understand the exact requirements at the consulate you will be applying to.
It is also important that you keep in mind that these numbers were given to me by the consulates as of 2023, and it is still your responsibility to check with your local consulate for the accurate requirements for today, as these can change.
For spouses- the average amount needed each month is approximately $1,060 USD. However, this amount varies by consulate.
Every consulate operates differently. For example, most consulates will want you to be over 60 years of age or draw a pension or social security to grant you permanent residency.
Another nuance is consulates that require a letter from your employer stating you will continue working in Mexico while you live in Mexico.
Another thing you should keep in mind is that my table doesn’t include qualifying for residency through Mexican homeownership. It’s another way to obtain a Temporary Residency if you can prove to a Mexican Consulate that your property in Mexico is worth at least ~$415,000 USD or 40,000 days times the minimum wage in Mexico (currently $207 Pesos).
But I didn’t include it because, in my experience, no consulate accepts this as the sole way of qualifying for residency in Mexico.
The chart also doesn’t consider those who may apply together with a spouse, which is usually an extra $1,060 USD in addition to the income requirement for the main applicant.
This entire process is explained in our Mexico Relocation Guide. I highly recommend it to save you hundreds of hours of research to figure out the most important pieces of your move to Mexico.
How I Gathered This Info
I’ve contacted a variety of Mexican Consulates and have also combed a lot of Mexican Consulate websites.
To help you determine if you are eligible for residency, these are some of the top consulates for which I have gotten income information.
But do keep in mind that these income requirements can change, and you must check with your local consulate when you apply for residency.
Also, keep in mind that these income requirements change every year. These are the income requirements for 2023. If you qualify for residency today but might not qualify next year, I encourage you to start your residency process sooner rather than later.
Source: Mexico Relocation Guide