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/

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