Residency in Mexico in 2024: Temporary and Permanent Residency Visas

Whether you’re moving to Mexico from the US or other countries, you may face a number of challenges, including the bureaucracy associated with applying for visas and resident permits. From the different requirements and criterias to the different visa types, the process can be quite complicated.

If you’re wondering how to get a permanent or temporary residency in Mexico, then you’ve come to the right place! In this Pacific Prime Latin America’s comprehensive guide, we will walk you through Mexico’s residency visa requirements.

Visa de Residente Temporal—Temporary Resident Visa

Mexico’s Temporary resident visa is issued to foreigners who want to live in Mexico temporarily for more than 180 days. There are several different categories under which you can apply for temporary residency.

Temporary resident visas are typically issued for one year, but it’s renewable annually for an additional three years as long as you still meet the requirements.

While there are many benefits of obtaining a Mexican temporary resident visa, such as opening a bank account and legally registering a vehicle, it’s important to note that securing this visa doesn’t automatically give you the right to work.

If you’re planning on working in Mexico, you must apply for a separate work permit.

Here Are the Different Categories Under Which You Can Apply for a Temporary Resident Visa in Mexico:

• You will be joining a family member in Mexico;
• You will be studying in Mexico;
• You will be working in Mexico (Note: You must already have a job offer, as your employer will have to apply for a work permit for you from the Instituto Nacional de Migración);
• You’re renewing your temporary resident visa.

Visa de Residente Permanente—Permanent Resident Visa

Mexico’s permanent resident visas are issued to foreigners who want to live in Mexico permanently. In many cases, you have to get a temporary resident visa and renew it until you’ve lived in the country for four consecutive years before you can apply for a permanent resident visa.

However, some categories allow you to apply directly for a permanent resident visa.

Permanent residency in Mexico affords foreigners all the rights of Mexican citizenship—except for the right to vote. Permanent residents can apply for either the Mexican Social Security Institute (IMSS) or Institute of Health for Welfare (INSABI) national healthcare systems.

The Residente Permanente (permanent resident) visa, as the name suggests, will never expire. You can stay in Mexico for as long as you like and travel whenever you want without any hassle. You don’t need to renew your residency each year, and you can benefit from unlimited border crossings.

What’s more, you’ll be able to work in Mexico without a work permit. This includes self-employment as well.

Here Are the Different Categories Under Which You Can Apply for a Permanent Resident Visa in Mexico:

• You are a retiree in Mexico and are financially self-sufficient;
• You have close familial ties in Mexico;
• You have lived in Mexico for a minimum of two years as a temporary resident, based on being married to a Mexican citizen or permanent resident;
• You have resided in Mexico as a temporary resident for four years

Residency Financial Criteria in Mexico for 2024

There are four main methods you can choose to fulfill the financial criteria for residency in Mexico. Each method uses a different financial means or assets from proof of monthly income to proof of capital investment in a Mexican company.

The four main ways you can qualify financially for residency in Mexico include:

• Having a minimum monthly income;
• Having a minimum balance in personal savings/investments;
• Own a property with a specified minimum value in Mexico
• Make a specified capital investment in a Mexican company

Residency in Mexico Through Monthly Income

If you are applying for residency in Mexico using your monthly income to fulfill the financial criteria, you have to ensure that your monthly income is at least USD $4,350 for temporary residency and USD $7,300 for permanent residency.

You will be required to provide proof of your monthly income for the last six months when applying for your residency. Certain consulates may request proof of your monthly income for the last 12 months.

Residency in Mexico Through Personal Savings/Investments

When applying for residency in Mexico through personal savings/investments, you need to demonstrate savings and/or investment balance totalling at least USD $73,200 over the last 12 months for temporary residency and USD $293,000 over the last 12 months for permanent residency.

Your total balance must not fall below the requirements at any time over the duration of the last 12 months to qualify for residency in Mexico.

Please note that cryptocurrencies and precious metals do not qualify as a form of savings/investment in Mexico.

Residency in Mexico Through Property Ownership

You can apply for temporary residency in Mexico if you own a residential property in Mexico with a minimum market value of approximately USD $586,000.

The property used for the application must also:

• Be situated in Mexico;
• Be free of any liens, i.e., debts, charges, or mortgages;
• Has its value noted on the title deed/sales contract or from a recent official valuation
• Have the same name as the applicant listed on the title deed/sales contract.

Residency in Mexico Through Capital Investments

You can apply for a temporary residency in Mexico by investing a capital investment of approximately USD $ 293,000 in a private Mexican-owned company or a company/companies listed on the Mexican stock exchange.

How to Apply for Residency Visas in Mexico

The application for a residency visa in Mexico is a two-step process. First, you must apply at a Mexican embassy or consulate outside of Mexico. The process and documentation may vary depending on the embassy/consulate in question and the specific category you’re applying under.

In some cases, you can start the process in Mexico, such as if you’re married to a Mexican citizen or permanent resident or if you have close familial ties to the country.

Here’s a Step-by-Step Process for Applying for Temporary Residency in Mexico:

1. You have to complete the application form from the Mexican embassy/consultant’s website;
2. Once your application has been submitted and processed, you will need to attend an appointment that provides you with a list of necessary documents according to your chosen visa category
3. You will be asked questions about your current status and the reasons you want to live in Mexico;
4. Finally, you’ll be given a decision about your visa. If you’re granted a visa, it will be valid for 180 days. This means you must arrive in Mexico before the visa expires.
5. When you arrive in Mexico, you have 30 days to visit the local immigration office and apply for your residency card.

Other Information You Might Want to Know

A temporary resident visa application must be submitted by your employer if you want to work in Mexico; expats can’’t apply for this visa themselves. You have 15–30 days after your employer receives the work permit to apply for your Residente Temporal visa at a Mexican consulate abroad.

The procedure for applying for a visa to Mexico will be different depending on where you are from or country of residency. Different Mexican embassies and consulates might have different visa fee payment methods, operating hours, and appointment procedures.

When you’re applying for a Mexico visa, the first step is to contact an embassy in your country. It is best to make an appointment for a Mexico visa a month or two before you visit Mexico.

Contact Pacific Prime Latin America

Once you’ve sorted out your visas and resident permits, it’s time to make the move to Mexico. You may need to rent a place and figure out the Mexican healthcare system amongst other things. It is also crucial to look into securing health insurance for expats.

You can get in touch with the team of insurance experts at Pacific Prime Latin America to begin your insurance journey. We have a range of health plans for you to choose from, including individual and famiy plans. We also have retirement insurance specifically for retirees in Mexico.

We’ll help you understand your health insurance needs and recommend an appropriate plan for you. Rest assured that you’ll get unbiased advice, a tailored plan comparison, and help every step of the way. Contact us today to get started!

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Vista Nip

Content Creator at Pacific Prime

Vista is a content creator at Pacific Prime. With over 8 years of writing experience for online platforms on various topics such as luxury lifestyle and digital entertainment. He enjoys diving into complex and otherwise confusing topics, and creating easy-to-understand content for the readers to help them navigate through the topic - something that’s perfectly aligned with Pacific Prime’s motto of ‘simplifying insurance’.

Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.

In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.

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