The Financial Criteria for Expats Living in Mexico in 2024
If you would like to apply for legal residency in Mexico, you will need to fulfill certain criteria according to the Mexican immigration law. These four criteria include either demonstrating your minimum monthly net income, holding a minimum balance in personal savings, owning a house in Mexico with a specific minimum value, or making a specified capital investment in a Mexican company.
This Pacific Prime Latin America article will go over the financial criteria for living in Mexico to help expats prepare if they would like to live in Mexico or need to relocate there.
The Financial Criteria for Expats Who Want to Live in Mexico (2024)
The four main criteria for Mexico residency include using your minimum monthly net income, a minimum balance in your personal savings, owning a house with a specific value, or making a specific Mexican company capital investment. The following are four main financial criteria for Mexico residency using your financial assets, which you can choose to qualify for either one:
- Demonstrating your minimum monthly net income; or
- Holding a minimum balance in personal savings; or
- Owning a house in Mexico with a specific minimum value; or
- Making a specified capital investment in a company in Mexico.
Do keep in mind that you must financially qualify with the minimum amount required under either of the aforementioned criteria. You will not be able to combine types of means or assets, such as mixing income and savings or savings and house value. Additionally, the financial accounts statement (or, if you use your Mexican house value, the property title deed, must be in the name of the applicant).
Requirements: Mexico Residency Using Your Monthly Net Income
If you choose to apply for Mexico residency by presenting your monthly net income, you will need to demonstrate your monthly net income as outlined below.
| Residency Type | Monthly Income |
| Temporary | A regular income of at least USD $4,350 (approximately 86,624.55 Mexican Pesos)/month |
| Permanent | A regular income of at least USD $7,300 (approximately 145,369.94 Mexican Pesos)/month |
Requirements: Mexico Residency Using Your Personal Savings
On the other hand, if you would like to apply for residency in Mexico using your personal savings, below we’ve outlined the savings requirements you’ll need to present.
| Residency Type | Savings |
| Temporary | A total account balance of at least USD $73,200 (approximately 1,457,682.12 Mexican Pesos) over the past 12 months. |
| Permanent | A total account balance of at least USD $293,000 (approximately 5,834,711.20 Mexican Pesos) over the past 12 months. |
For both residency types, please note that the total savings must not fall below the minimum required balance at any time over the past 12 months. Mexican consulates abroad and immigration offices in Mexico will also not accept cryptocurrencies or precious metals as a form of savings or investment.
Requirements: Mexico Residency Using the Market Value of Your House in Mexico
If you would like to apply for Mexico temporary residency by owning a house in the country, you must demonstrate that the house has a minimum market value of 9,957,000 Mexican Pesos (approximately USD $586,000), the amount of which is noted on the title deed or sales contract, or a recent official valuation.
The house must be in Mexico, and its value must be free of any debts, charges, or mortgages. Any names on the title deed or sales contract must also match the applicant.
Requirements: Mexico Residency Using Capital Savings
You can qualify for temporary residency in Mexico if you commit to investing in a private Mexican-owned company or companies listed on the Mexican stock exchange. You must make a capital investment of at least 4,978,600 Mexican pesos (approximately USD $293,000).
If you would like to learn more about the temporary and permanent residency visas in Mexico, we recommend checking out this article below for further reading.
Residency in Mexico in 2024: Temporary and Permanent Residency Visas
Conclusion
By following the requirements for either one of the financial criteria, you can then easily apply for residency in Mexico, whether it’s temporary or permanent. Just be sure to keep your total savings in check for a certain period of time and make sure you earn enough to meet the minimum monthly income requirement.
As an expat living in Mexico, the risk of injuries and illnesses will always exist like anywhere else and medical costs may be overwhelming in comparison to your home country. However, you can always craft yourself a safety net with a health insurance plan, which can help alleviate financial stress due to unexpected medical bills.
While plan selections and comparisons can be daunting, it doesn’t always have to be a headache, and we’re here to help you.
As an experienced international health insurance broker, Pacific Prime Latin America has helped both local citizens and expats seek out suitable health insurance plans that align with their comfortable budget range and unique healthcare priorities.
Whether you’re an expat in Mexico or a local citizen yourself, we can go the extra mile by offering completely impartial advice at no additional cost. If you have any further questions, please don’t hesitate to get in touch with us and get a free quote here for plan comparisons.
He graduated with a Bachelor’s Degree in Communication Arts, Media & Communication major (concentration: Creative Content) from Mahidol University International College (MUIC). During the compulsory major elective period in the summer of 2021 and voluntarily during the summer of 2022, he also interned as a video and photo editor at Mbrella Films.
He has experience working as an English Content Writer at a real estate buying/renting/selling platform in Thonglor. There, he crafted company blog posts on a multitude of topics. Topics include market trends, legal issues and disputes in property businesses, financial guides, expat guides, home insurance, home decoration and maintenance, and weekly real estate news quick-recaps. Occasionally, as part of the blog-writing process, he would also translate existing Thai blogs to English.
In his free time, Guy enjoys doing scriptwriting and storytelling for comic strips, watching movies, and listening to music (particularly film scores).
- A Guide to Renewing Your Mexico Residency Card for Expats - September 13, 2024
- The Financial Criteria for Expats Living in Mexico in 2024 - September 10, 2024
- Your Guide to Arranging a Medical Evacuation from Mexico - September 4, 2024
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