Mexican Visa $$ Solvency Requirements for 2020

December 21, 2019
Mexico’s daily minimum wage will be going up Jan. 1, 2020, to $123.22 pesos per day (20% increase).    Because the Mexican Government’s personal monthly income & personal savings requirements for Residente visas are tied directly to the minimum wages,  the SRE’s (Consulates) and INM’s “personal solvency” requirements for foreigners will also automatically rise 20% in January, 2020.

Residente Permanente visa applicants must show a monthly income of 500 times the daily minimum wage =>  $3,243 US dollars ($61,610 MXN pesos) using an exchange rate of $19:1 … That income must be documented by 6 months bank statements. … People who have liquid assets can also qualify by proving an annual average balance of 20,000 times the minimum wage =>  $130,ooo US dollars ($2,464,400 MXN pesos) using an exchange rate of $19:1 for 2020 applicants … documented by 12 months of bank statements.

Residente Temporal visa applicants must now prove a monthly income of 300 times the daily minimum wage => $1,946 US dollars ($36,966 MXN pesos) per month (using an exchange rate of $19:1.   Consulates want 6 months of bank statements. … People who have liquid assets can also qualify by proving an average annual balance of 5,000 times the minimum wage => $32,426 US dollars ($61,6100 MXN pesos) account balance for 2020.

If you want more details on immigrating to Mexico, or visiting Mexico, see our main immigration article at:

~ Current Rules and Procedures for Immigration, Visiting, and Staying in Mexico

https://yucalandia.com/answers-to-common-questions/new-rules-and-procedures-for-immigration-visiting-and-staying-in-mexico/

* * * *
Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry

Read on, MacDuff.

 

This entry was posted in Uncategorized. Bookmark the permalink.

5 Responses to Mexican Visa $$ Solvency Requirements for 2020

  1. Rick Echeverria says:

    Thank you for the update…

  2. Dean says:

    Thank you for this information. Can you please tell me what is required when one already has a 3 year (the first year was for one year) Residente Temporal, which ends the four years of being RT next November. I have heard I can file paperwork and have it “roll over” so to speak into a Residente Permanente, without having to provide financial documents again. Do you know if this is true, or what that procedure is? Thank you so much.

    • Lori stifter says:

      Following

    • yucalandia says:

      Everything we have read says you have to start over at a Mexican Consulate.

      Note that if you brought a foreign-plated car into Mexico on a TIP associated with the expiring Residente Temporal, then the car must leave Mexico before the 5 yrs of the visa is completed.

      Good luck, Steve

  3. Emilie says:

    Blast! I’m under the requirement. I absolutely know I can live well in Mexico on less.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.