Immigration & Visas, Money

Financial Criteria for Legal Residency in Mexico 2022

This article describes the financial criteria required to qualify for legal residency in Mexico under the auspice of 'economic solvency'

Calculator with Mexican banknotes

Revised and updated for 2022

When you plan to apply for legal residency in Mexico, Mexican immigration law states that applicants for residency need to fulfill certain criteria.

Most applications for residency are granted on the basis of ‘economic solvency’ and these criteria intend to ensure that people applying for residency by this route have the means (income or savings) to sustain themselves in Mexico.

Applications via Mexican consulates

Most initial applications for residency must begin at a Mexican consulate abroad unless your situation is one of the few that allow initial applications for residency to be made within Mexico—most are related to ‘Family Unit’ applications, whereby the applicant has specific family ties or roots here.

How ‘economic solvency’ is determined

Applicants seeking residency in Mexico via the route of ‘economic solvency’ need to demonstrate a minimum monthly income or a minimum balance of savings/investments over a specified timeframe.

The amounts required are determined as multiples of UMA, although Mexican consulates abroad —where most applications must begin— are most likely to apply multiples of daily minimum wage (Salario Minimo) as a basis for their calculations, instead.

How qualifying ‘multiples’ work

Depending on the type of residency applied for, applicants must demonstrate varying (x) multiples of UMA or daily minimum wage (MW).  The table below illustrates the multiples of UMA or daily Minimum Wage (MW) required for qualification.

  • If your application is made at a Mexican consulate abroad, the amount required is most likely to be calculated using MW.
  • If your application is made at an immigration office in Mexico, the amount required will be calculated using UMA.

The table below illustrates the multiples required for various residency types.

Residency Type Multiple: Monthly Income Multiple: Savings Balance
Temporary Residency 300x UMA or MW 5,000x UMA or MW
Permanent Residency 500x UMA or MW 20,000x UMA or MW
Dependent Spouse 100x UMA or MW 100x UMA or MW
Dependent Minors 100x UMA or MW 100x UMA or MW
“Family Unit”* 100x UMA or MW 100x UMA or MW
Student
(Temporary Residency)
100x UMA or MW 1,000x UMA or MW

* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.

UMA 2022: $96.22 pesos; MW 2022: $172.87 pesos

Requirements expressed in monetary terms

The monetary amounts needed per the rules are expressed in Mexican pesos; however, most foreign applicants have their income or savings in other currencies.

Via Mexican consulates

When you apply fore residency at a Mexican consulate abroad, the consulate will quote a monetary amount in the currency of the country where the consulate is situated, e.g., USA/CDN dollars, UK pounds, France euros, etc. It’s quite common for consulates’ requirements to vary from one another, and the exchange rates they apply may also vary.  We are seeing, as 2022 unfolds, that the amounts consulates ask for are aligned with multiples of Mexico’s daily minimum wage (MW) and not UMA.

Via an immigration office in Mexico

When you apply for any immigration procedure at an immigration office in Mexico —for example: residency on the basis of Family Unit, exchanges, renewals, regularization, etc.— the immigration office will quote Mexican pesos (or a foreign currency equivalent) based on the multiples of UMA if an ‘economic solvency’ requirement is asked for within the scope of that procedure.

Typical amounts required by Mexican consulates

As 2022 unfolds, we are learning that most (around 70%) of Mexican consulates abroad are quoting their financial requirements based on calculations using Mexico’s 2022 daily minimum wage (MW). Some consulates (around 30%) are quoting requirements based on the 2021 daily minimum wage (MW) as the basis for their calculations.  We have not seen information from any consulate quoting requirements based on UMA.

Typical requirements based on 2022 MW levels

We are learning that most consulates (around 70%) are currently asking for requirements based on Minimum Wage levels for 2022.  If the consulate you apply at quotes requirements based on the daily minimum wage (MW) for 2022, applicants will typically be asked to demonstrate:

Temporary Residency: Monthly income of c.US$2,400-$2700 over the last 6 months (some consulates request 12 months); or savings balance of c.US$45,000 over the last 12 months.

Permanent Residency: Monthly income of c.US$4,300-$4500 over the last 6 months (some consulates request 12 months); or savings balance of c.US$180,000 over the last 12 months.

Typical requirements based on 2021 MW levels

We are learning that a minority of consulates (around 30%) are currently asking for requirements based on the daily minimum wage (MW) for 2021. If the consulate you apply at quotes requirements based on the daily minimum wage (MW) for 2021, applicants will typically be asked to demonstrate:

Temporary Residency: Monthly income of c.$2,100-$2,300 per month over the last six months (some consulates ask for 12 months); or a savings balance of c.US$35,000 over the last 12 months.

Permanent Residency: Monthly income of c.US$3,200-$3,600 per month over the last six months (some consulates ask for 12 months); or a savings balance of c.US$140,000 over the last 12 months.

Requirements vary by consulate

As we have remarked in our Mexico Immigration Guide and elsewhere, it’s common for ‘economic solvency’ requirements to vary between consulates.

  • You’ll need to contact your nearest Mexican consulate to find out how it’s currently applying the rules regarding financial criteria for residency applications on the basis of ‘economic solvency.’
  • Alternatively, you can request our Mexico Immigration Assistance Service. Our associates can do the legwork for you and liaise with the consulate on your behalf. They’ll give advice on current levels required by consulate location as well as provide support and practical assistance throughout the entire application process.

Mexico Immigration Assistance

If you need assistance with your Mexico residency application, renewals, or regularization procedures, our Mexico Immigration Assistance Service provides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.

Financial requirements based on asset type

The tables below illustrate typical monetary amounts required for the most common types of residency application, expressed in US dollars, using an exchange rate of 19 Mexican pesos to 1 US dollar.

When applying at a Mexican consulate abroad, the consulate will quote the required amounts in the local currency where the consulate is situated, and it may use a different exchange rate to the one we’ve used in these illustrations.

Mexico residency qualification based on income (2022)

This table illustrates the minimum monthly income that must be demonstrated in the 6 months preceding your application date (some consulates ask to see 12 months). The amounts below are expressed in Mexican pesos (MXN) with an approximate equivalent in US dollars (USD), based on the legal multiples of UMA or Minimum Wage (MW) required for qualification.  See the section above to learn about how the ‘multiples’ are applied in these calculations.

Residency Type Monthly Income (MW) Monthly Income (UMA)
Temporary Residency MXN$51,861 | USD$2,730 MXN$28,866 | USD$1,519
Permanent Residency MXN$86,435 | USD$4,549 MXN$48,110 | USD$2,532
Dependent Spouse MXN$17,287 | USD$910 MXN$9,622 | USD$506
Dependent Minors MXN$17,287 | USD$910 MXN$9,622 | USD$506
“Family Unit”* MXN$17,287 | USD$910 MXN$9,622 | USD$506
Student
(Temporary Residency)
MXN$17,287 | USD$910 MXN$9,634 | USD$506

* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.

UMA 2022: $96.22 pesos; MW 2022: $172.87 pesos

Mexico residency qualification based on savings (2022)

This table illustrates the minimum savings balance (cash or investments) required, and this minimum balance must be demonstrated for at least a full 12 months preceding your application date. The amounts below are expressed in Mexican pesos (MXN) with an approximate equivalent in US dollars (USD), based on the legal multiples of UMA or Minimum Wage (MW) required for qualification.  See the section above to learn about how the ‘multiples’ are applied in these calculations.

Cryptocurrencies are not accepted as savings

Mexican consulates abroad and immigration offices in Mexico do not accept balances in Cryptocurrency accounts as a type of savings for residency applications.  Savings must be in cash in a bank account(s), or other investment account(s).

Residency Type Savings Balance (MW) Savings Balance (UMA)
Temporary Residency MXN$864,350 | USD$45,492 MXN$481,100 | USD$25,353
Permanent Residency MXN$3,457,400 | USD$181,968 MXN$1,924,400 | USD$101,284
Dependent Spouse MXN$17,287 | USD$910 MXN$9,622 | USD$506
Dependent Minor MXN$17,287 | USD$910 MXN$9,622 | USD$506
Family Unit* MXN$17,287 | USD$910 MXN$9,622 | USD$506
Student
(Temporary Residency)
MXN$172,870 | USD$9,098 MXN$96,340 | USD$5,071

* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.

UMA 2022: $96.22 pesos; MW 2022: $172.87 pesos

Residency using the value of your Mexican home (2022)

You can apply for Temporary Residency if you own a residential property in Mexico (not abroad) with a market value of at least 40,000x daily minimum wage (MW) or UMA.

This equates to:

  • MXN$6,914,800 (approximately $363,937 US dollars) if MW is applied to the calculation; or
  • MXN$3,848,800 (approximately $202,568 US dollars) if UMA is applied to the calculation; and:
  • the property must be situated in Mexico;
  • the property value must be free of any liens (debts, charges, or mortgages);
  • the value is that noted on the title deed/sales contract, or recent official valuation;
  • the name on the title deed/sales contract must match that of the applicant.

Although you cannot apply for Permanent Residency right away using your Mexican home value, after four consecutive years of holding Temporary Residency, you may apply to exchange that for Permanent Residency.

Contact a Mexican consulate or request our Mexico Immigration Assistance Service for further advice and procedures about this route to legal residency.

Residency using a capital investment in Mexico (2022)

You can qualify for Temporary Residency if you commit to investing in a private Mexican-owned company or a company or companies listed on the Mexican stock exchange. The minimum investment required is 20,000x daily minimum wage (MW) or UMA.

This equates to:

  • MXN$3,457,000 (approximately US$182,000) if MW is applied to the calculation; or
  • MXN$1,924,400 (approximately US$101,284) if UMA is applied to the calculation; and:
  • the capital must be invested in one of a prescribed set of ways; and
  • these applications tend to be more complex than applications made using ‘economic solvency’ or ‘family unit.’

Although you cannot apply for Permanent Residency right away using a capital investment in Mexico, after four consecutive years of holding Temporary Residency, you may apply to exchange that for Permanent Residency.

Contact a Mexican consulate or request our Mexico Immigration Assistance Service for further advice and procedures about this route to legal residency.

Important accompanying notes

Exchange rates

We used an exchange rate of 19 Mexican pesos (MXN) to 1 US dollar (USD) to calculate the USD-equivalent amounts in our illustrations.  Mexican consulates abroad and immigration offices in Mexico may apply distinct exchange rates that might not reflect these illustrations, and/or the latest market rates.

Dependent spouse (married couples/common law partners)

If you’re applying for residency as a couple, you do not need to demonstrate double the amounts expressed above.  Instead, one spouse/partner will need to demonstrate income or a savings balance in the amounts above (as the principal applicant) plus an additional sum of income or savings balance equivalent to 100x daily minimum wage (MW) or UMA for the dependent spouse/partner.  See the table above for details about how the ‘multiples’ are applied.

Dependent children

If you’re applying for residency with dependent children, note that only minor children (under the age of 18 years) can be included on the application as your dependents.  For minor children dependents, you will need to demonstrate income or a savings balance in the amounts above for the principal applicant plus an additional sum of income or savings balance equivalent to 100x daily minimum wage (MW) or UMA for each dependent minor child.  Adult children need to apply under the auspice of their own income or savings.

Family Unit

“Family Unit” applications are those where the applicant has specific family ties or roots in Mexico, for example, Mexican parentage or a Mexican spouse or common-law partner. Learn more about Family Unit residency applications.

Permanent residency

Some Mexican consulates are requiring applicants ‘to be retired’ with a pension to grant applications for Permanent Residency—even when applicants meet the economic solvency requirements.  If the applicant has the economic means for permanent residency but is not considered ‘retired,’ the consulates will usually offer to grant Temporary Residency instead.

Student residents

Financial qualification criteria for student residency permits are considerably lower but note that student residency permits carry restrictions that non-student residency permits don’t have.  Work permissions can optionally be sought with student residency permits.

All applications

Every application is dealt with on a per-case basis and the Mexican consulate abroad or immigration office in Mexico retain ultimate discretion to grant or deny your residency application.

Mexico Immigration Assistance

If you need assistance with your Mexico residency application, renewals, or regularization procedures, our Mexico Immigration Assistance Service provides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.

Learn more about residency in Mexico

Mexperience publishes information and resources to help you learn about how to apply for and obtain legal residency in Mexico:

The figures and calculations quoted in this article are based on legally-stipulated multiples of income/savings/assets, and the exchange rate cited for US dollars.  They are provided in good faith, without warranty. For personal assistance with your application, consider requesting our associate’s Mexico Immigration Assistance Service.

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