Immigration & Visas, Money

Financial Criteria for Legal Residency in Mexico 2023

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

Calculator with Mexican banknotes

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/investments) to sustain themselves in Mexico.

Financial qualification criteria updated for 2023

The values of Mexico’s Minimum Daily Wage and UMA rise in January each year, and the value of these determine the financial criteria to qualify for residency in Mexico.

UMA for 2023 was published by INEGI on January 9 ($103.74 pesos).

Mexican consulates abroad continue to use Minimum Daily Wage ($207.44 pesos) for their calculations, and do not appear to be adopting UMA in 2023 to calculate their residency qualification criteria.

Immigration offices in Mexico are using UMA values for their calculations.

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

Under the terms of Mexico’s immigration rules, applicants seeking residency in Mexico via the route of ‘economic solvency’ need to demonstrate a minimum monthly income OR a minimum balance/value of savings/investments over a specified timeframe to qualify.

The monetary amounts required are determined using multiples of UMA, although Mexican consulates abroad —where most applications for residency must begin— apply multiples of Mexico’s official Minimum Daily 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 Minimum Daily Wage (MDW).  The table below illustrates the multiples required for qualification.

  • If your application is made at a Mexican consulate abroad, the amount required will be calculated using multiples of MDW.
  • If your application is made at an immigration office in Mexico, the amount required will be calculated using multiples of 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 MDW 5,000x UMA or MDW
Permanent Residency 500x UMA or MDW 20,000x UMA or MDW
Dependent Spouse 100x UMA or MDW 100x UMA or MDW
Dependent Minor 100x UMA or MDW 100x UMA or MDW
“Family Unit”* 100x UMA or MDW 100x UMA or MDW
Student
(Temporary Residency)
100x UMA or MDW 1,000x UMA or MDW

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

UMA 2023: $103.74 pesos; MDW 2023: $207.44 Mexican 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 for 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.

Note: Mexican consulates are aligning their requirements with multiples of Mexico’s Minimum Daily Wage (MDW) 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

Mexican consulates abroad are quoting their financial requirements based on calculations using Mexico’s 2023 Minimum Daily Wage (MDW).  We have not seen information from any consulate quoting requirements based on UMA measures.

Income or savings/investment levels typically required

Mexican consulates abroad are currently asking for requirements based on Minimum Daily Wage levels (MDW) for 2023.

With requirements based on the Minimum Daily Wage (MDW) for 2023, applicants will typically be asked to demonstrate income or savings/investments of at least the following for temporary or permanent residency:

Temporary Residency

  • Monthly income of at least c.US$3,275 over the last 6 months (some consulates request 12 months); OR
  • Savings/investments account balance(s) of at least c.US$54,600 over the last 12 months; OR
  • You can also apply for Temporary Residency based on the value of a house you own in Mexico, or if you make a capital investment in Mexico. See the section below for more details.

Permanent Residency

  • Monthly income of at least c.US$5,460 over the last 6 months (some consulates request 12 months); OR
  • Savings/investments account balance(s) of at least c.US$218,000 over the last 12 months.

See also: The difference between Temporary and Permanent residency

Qualifying income or savings types

Income or savings can be demonstrated from multiple sources and accounts, and/or multiple income or savings types. You do not need to have all the income or savings from one source, nor all the income or savings in one account.  To find out what types of income and savings qualify, read these FAQs about obtaining residency via ‘economic solvency.’

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.

The difference usually arises due to the variation in the exchange rate applied by each consulate to calculate the figures in the local currency where the consulate is situated, although requirements are broadly aligned with Mexico’s 2023 Minimum Daily Wage multiples, as described above.

Mexico Immigration Assistance

When 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 to qualify for residency in Mexico under the auspice of ‘economic solvency’ based on:

  • monthly income;
  • savings/investment balances;
  • the value of a house situated in Mexico; and
  • a capital investment in Mexico.

The amounts quoted are 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 monthly income (2023)

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).

For qualification based on savings/investments, see the next section.

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 Daily Wage (MDW) required for qualification.  See the section above to learn about how the ‘multiples’ are applied in these calculations.

Monthly income required

Residency Type Minimum Daily Wage
(Monthly Income)
UMA
(Monthly Income)
Temporary Residency MXN$62,232 | USD$3,275 MXN$31,122 | USD$1,638
Permanent Residency MXN$103,720 | USD$5,459 MXN$51,870 | USD$2,730
Dependent Spouse MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
Dependent Minors MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
“Family Unit”* MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
Student
(Temporary Residency)
MXN$12,446 | USD$655 MXN$6,224 | USD$328

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

UMA 2023: $103.74 pesos; MDW 2023: $207.44 Mexican pesos.

Income/savings can be demonstrated from multiple sources and/or multiple types. You do not need to have all the income from one source, nor all the savings in one account.

Couples applying applying together do not need to show double the amounts.  The principal applicant can sponsor the dependent spouse/partner with an additional 100x Minimum Daily Wage.  See this additional information if you are applying for Permanent Residency as a couple.

Details: For more details read these FAQs about obtaining residency via ‘economic solvency.’

Mexico residency qualification based on savings/investment balances (2023)

This table illustrates the minimum savings/investment balance (cash or investments) required, and this minimum balance must be demonstrated for at least a full 12 months preceding your application date.  For monthly income, see previous section.

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 Daily Wage (MDW) 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 demonstrated in bank account(s), and/or other qualifying investment account(s).

Savings/investment balance required

Residency Type Minimum Daily Wage
(Savings/Investments)
UMA
(Savings/Investments)
Temporary Residency MXN$1,037,200 | USD$54,589 MXN$518,700 | USD$27,300
Permanent Residency MXN$4,148,800 | USD$218,358 MXN$2,074,800 | USD$109,200
Dependent Spouse MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
Dependent Minor MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
Family Unit* MXN$20,744 | USD$1,092 MXN$10,374 | USD$546
Student
(Temporary Residency)
MXN$207,440 | USD$10,918 MXN$103,740 | USD$5,460

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

UMA 2023: $103.74 pesos; MDW 2023: $207.44 Mexican pesos

Income/savings can be demonstrated from multiple sources and/or multiple types. You do not need to have all the income from one source, nor all the savings in one account.

Couples applying applying together do not need to show double the amounts.  The principal applicant can sponsor the dependent spouse/partner with an additional 100x Minimum Daily Wage. See this additional information if you are applying for Permanent Residency as a couple.

For more details read these FAQs about obtaining residency via ‘economic solvency.’

Residency qualification based on the value of your house in Mexico (2023)

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 Minimum Daily Wage (MDW) or UMA.

This equates to:

  • MXN$8,297,600 (approximately $437,000 US dollars) if MDW is applied to the calculation; or
  • MXN$4,149,600 (approximately $218,400 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 qualification based on a capital investment you make in Mexico (2023)

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 Minimum Daily Wage (MDW) or UMA.

This equates to:

  • MXN$4,148,800 (approximately US$218,000) if MDW is applied to the calculation; or
  • MXN$2,074,000 (approximately US$109,200) 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

See also: FAQS: Obtaining Residency in Mexico via ‘Economic Solvency’

Exchange rates

We used an exchange rate of 19 Mexican pesos (MXN) to 1 US dollar (USD) to calculate the USD-equivalent amounts in the 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 Minimum Daily Wage (MDW) or UMA for the dependent spouse/partner.

If you are legally married, you will need to show your marriage certificate.  Common-law partners need to consult with the consulate they apply at to find out what proof of partnership they ask for; requirements vary by consulate.

Permanent residency applications: See this additional information if you are applying per Permanent Residency as a couple.

Also read these FAQs for more details about couples applying together.

Dependent minors

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 Minimum Daily Wage (MDW) 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

A significant number of (but not all) Mexican consulates are requiring applicants ‘to be retired’ 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. Also see this additional information if you are applying per Permanent Residency as a couple.

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 accept an application, and thereafter grant or deny a residency application.

Mexico Immigration Assistance

When 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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