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
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Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry
Read on, MacDuff.
Thank you for the update…
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.
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
Blast! I’m under the requirement. I absolutely know I can live well in Mexico on less.