We present the financial requirements for applicants for a residence permit in Mexico based on economic viability for 2022. This is the amount of money or property rate that you must have to become a resident of Mexico.
Compared to 2021, financial requirements have increased by 22%. This is exactly how much the so-called «general minimum wage» (Salario Minimo General, SMG) — an indicative unit used in calculating a number of economic indicators. The Mexican Migration Law (Ley de migración) defines the standards for candidates for a residence permit in Mexico in terms of the minimum wage. For 2022, the minimum wage for 1 day (one unit) is set at MXN 172.87. For example, if the Law states that in order to acquire a temporary residence permit based on income, you must have a salary of 300 units of the minimum wage per month, you need to multiply 300 by 172.87. As a result, we get 51861 MXN. Then you can convert this amount into any foreign currency. If your real salary is consistently higher than this amount for 6 months, you have the opportunity to apply for a residence permit in Mexico based on income.
Important note.The criteria presented in the table are applied exclusively by Mexican consulates abroad. The offices of the National Institute of Migration (INM) in Mexican territory use a different indicative unit when assessing the economic viability of an applicant — UMA, which for 2022 is equal to 95.97 MXN, that is, 44% less than the minimum wage.
The Migration Law requires that the process of obtaining a residence permit based on economic viability begins at the foreign consulates of the country with the acquisition of a resident visa. Obtaining such a residence within Mexico is possible only in exceptional cases, for example, this was allowed during the coronavirus epidemic and the closure of international borders. As usual, in Mexico you can only change your existing residential status or humanitarian status to a resident status based on economic solvency (for example, a residence permit for study, a humanitarian visa or a temporary resident status to a permanent one).
The process of transition of foreign consulates to UMA when calculating the economic viability of applicants is hampered by the lack of changes to the Migration Law. It has been planned to introduce appropriate amendments to the Law for several years, but it is impossible to say when they will be introduced.
| Financial standards for recipients of a residence permit in Mexico based on economic viability | |||
| Base | Units
min. salary | MXN (peso) | USD (dollars)* |
| Temporary Resident Status(one of the conditions) | |||
| Bank account balance, per month for 12 months | 5 000 | 864 350 | 43 218 |
| Income or pension, per month for 6 months | 300 | 51 861 | 2 593 |
| Property prices in Mexico | 40 000 | 6 914 800 | 345 740 |
| Real estate tariff in Mexico when owning through a company | 20 000 | 3 457 400 | 172 870 |
| Valuation of a public company in Mexico or its share | 20 000 | 3 457 400 | 172 870 |
| Permanent Resident Status(one of the conditions) | |||
| Bank account balance, per month for 12 months | 20 000** | 3 457 400 | 172 870 |
| Pension, per month for 6 months | 500 | 86 438 | 4 322 |
| * own calculation at the rate of 1 USD = 20 MXN
** 25,000 if the resident status changes to permanent residence before the end of the 4-year period | |||
The numbers in the USD column can change based on changes in the dollar exchange rate. In addition, each individual Mexican consulate may use its own rate for converting local currency into pesos. For this reason, the data in the USD column should be used solely as a rough estimate of your chances of obtaining a residence permit in Mexico.
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