November 22, 2017
Despite last month’s early higher ‘predictions’ (aka rumors), the Mexican minimum wage for Mexico is increasing to only $88.36 pesos diarios.
Effective Dec. 1, 2017, the daily salario minimo for Mexico increases just 3.9%, while inflation has been officially pegged at 6% for the previous year => Mexican workers pay is losing ground.
Next: Note that this Mexico rate is the official value used for calculating INM Resident visa income requirements etc.
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Examples:
Financial Independence (Savings or Income or Property) Requirements for Permanent Residency / Residente Permanente Applicants
… Average Monthly Balance of about $94,000 USD (exactly $1,767,200 pesos) at $19:1 MXN:USD for Residente Permanente … per 10/10/14 DOF Lineamientos for Mexican Consulates.
or
Using Method of Regular Deposits of Income or Pension Receipts: (Residente Permanente)
~ Have minimum monthly (investment account or work?) income deposits or pension deposits that are the equivalent of five hundred days worth of the current minimum wage ($88.36 for 2018) in the Federal District, for each of the previous six months – with original and copies of original bank statement. This translates to:
… about $2,100 USD (exactly $44,180 pesos for 2018) a month of regular deposits for one Residente Permanente.
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Using Method of Monthly Deposits of Income or Pension Receipts: (Resident Temporal)
~ Have minimum pension or salary deposits/income that is the equivalent of Monthly income of 300 days minimum wage of the current minimum wage in the Federal District ($88.36 pesos per day for 2018) … $26,508 pesos or about $1,400 US a month in deposits, reported for each of the previous six months – with original and copies of original bank statement for one Residente Temporal.
Current 2018 DF general minimum wages of $88.36 MXN pesos per day, converted at the current exchange rate of 19:1 pesos to US dollars, for 300 days of wages:
~ About $1,400 USD (exactly $26,508 pesos) per month ~ in 2018 of regular Deposits ~ to qualify for Residente Temporal … per the 10/10/2014 Lineamientos for Mexican Consulates.
or
Residente Temporal Income or Deposits or Bank Balance Requirements for Family Members of a Mexican Citizen:
Using average minimum required monthly Account balance for 6 months: 300 days x $88.36 MW = $26,508 pesos for Residente Temporal applicants.
Using minimum required monthly pension or income: 100 days x $88.36 MW = $8,836 pesos of 2018 monthly pension income (or generic income deposits at some INM offices) for Residente Temporal applicants, documented by 6 months of Bank statements (about $470 USD @ 19:1).
or
Using Method of Owning Real Estate Property in Mexico: (Residente Temporal)
~ Own/have real property trustee rights, with a value equivalent to forty thousand days of general minimum wage in the Federal District, with original and copy of written proof from a Notario. At the current $19:1 MXN:USD exchange rate, this translates to:
… About $187,000 USD (exactly $3,534,400 pesos) worth of property for one Residente Temporal.
Full Details can be found at:
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© Steven M. Fry
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