Financial Requirements Increase for Residency Visa in Mexico
If you intend to stay in Mexico for more than 180 days, you will want to apply for a residency visa. One way to qualify for a residency visa is through economic solvency.
The new year brings an increase in the daily minimum wage, and with that increase comes new financial requirements for residential visas in Mexico.
The minimum wage will increase to 123.22 pesos a day. Since the visa requirements are based on the minimum wage, this means the criteria for resident visas will also increase.
Please check with the Mexican Consulates in your home town area to compare the financial requirements as they will vary depending on how they do their calculations and which exchange rate they use. You will find the financial requirements vary.
If you are applying for a residency visa through economic solvency, you will be required to provide proof of a monthly income or savings.
- Applicants must demonstrate a monthly income of USD 1,946 per month by providing six months of bank statements.
- Applicants proving solvency with a savings account are required to show a balance of USD 32,426 over the last 12 months.
- Applicants must demonstrate a monthly income of USD 3,243. by providing bank statements for the last six months.
- Applicants proving solvency with a savings account are required to provide 12 months of bank statements showing a minimum of USD 130,000.
*The financial requirements may vary with each consulate.
For personalized analysis of your situation or to discuss other options of obtaining a residential visa in Mexico, contact our immigration lawyer for a consultation. https://mexlaw.ca/contact/