Residency in Mexico: 2023 Economic Solvency Requirements & Fees
Determining your economic solvency has been a challenge for anyone who is interested in residency in Mexico. The most important thing to remember when considering your economic solvency is that the Mexican Consulate that you start your application with (outside of Mexico) will determine if you meet the requirements.
Calculations & Requirements
There are two ways in which economic solvency may be calculated. The first is based on a unit called UMA (Unidad de Medida y Actualización) and the other is based on the Mexican Minimum Wage (in Mexico City).
Since the Mexican Consulates typically evaluate economic solvency based on the Minimum Wage calculation, we have posted the requirements based on Minimum Wage in Mexican Pesos.
- Based on Monthly Income: 500 x Minimum Wage
- Based on Savings Balance 20,000 x Minimum Wage
- Based on Monthly Income: 300 x Minimum Wage
- Based on Savings Balance 5,000 x Minimum Wage
|Based on Your Monthly Income||Based on Your Savings Balance|
500 x $207.44 (2023 Minimum Wage) =
20,000 x $207.44 (2023 Minimum Wage) =
300 x $207.44 (2023 Minimum Wage) =
5000 x $207.44 (2023 Minimum Wage) =
Please remember, each Mexican Consulate is different. Consulates require 6 months of bank statements for income and 12 months of bank statements as proof of economic solvency in savings or investments, however Consulates might vary a little in the economic requirements. Additionally, they will not accept Cryptocurrency statements unless you provide an officially signed investment statement.
2023 Immigration Fees:
Below are the government fees you will pay to immigration in Mexico when you start the second part of the process towards receiving your residency card.
|Permanent Residency (paid in Mexico)||Temporary Residency (paid in Mexico)|
|$6226 MXN||$5108 MXN – 1 Year|
|$7858 MXN – if transitioning from Temporary to Permanent||$7654 MXN – 2 Years|
|One time payment||$9693 MXN – 3 Years|
|$11488 MXN – 4 Years|
Please note: Your first Temporary Residence permit will be granted for only one year. Renewals may be for 1, 2, or 3 years and is up to the discretion of immigration. Remember after 4 years of being a temporary resident you can apply for the permanent residency.
The immigration process can be a challenging one. Contact the highly experienced immigration team at Mexlaw today to schedule a consultation to answer any questions you may have. During your consultation with a Mexlaw immigration lawyer, we will explain how to start the process, what to expect at the consulate interview, and what are the next steps once you are approved.