yet the requirements seem to be $2000. usd per month (couple or single?).

Are you referring to requirements for Residente Temporal or Residente Permanente?

The current requirement to qualify for RT by means of monthly income is 300 times 74.03 pesos (the minimum daily wage for DF for 2016) per month, a total of 21,912 pesos per month. At today's exchange rate, this equals $1,188. The RP monthly requirement is 500 times 74.03 pesos, a total of 36,520 pesos, or approximately $1,980. These figures are for one person, and you should verify them. They will change as the dollar/peso exchange rate moves up or down.

 

Isla can correct me if I am wrong, but I think you are mixing up Isla's statements about what it costs her to live each month, with Mexico's requirements for various types of visas. They are two different things. Even if you plan to sleep in your car and live on $300 usd/mo, Mexico will still require you to show proof of $21,912 mxn/mo (Thanks TurtleToo). In addition, as TurtleToo points out, the minimum is stated in units of the minimum daily wage in Mexico City. The minimum daily wage goes up with inflation slightly every year so the exact requirement in pesos goes up slightly every year. More significantly, the dollar amount depends on the current dollar-peso rate. The peso is lower now than it has been for years, so the dollar requirement is lower than it has been. For that reason, you will see the dollar requirement in old posts here that were much higher than it is today.

To summarize, the $1000 usd/mo that you mentioned probably was referring to one person's estimate of their needs. The $2000 usd/mo that you mention was about what the Mexican requirement for a Residencial Temporal was a few years ago. It is lower now because of the exchange rate.

 

Hi Kim,

When I moved to Mexico in 2007, I had it easy as far as applying for what then was called an FM3 residence visa. At that time my pension income was below the required financial threshold, but since I was applying for a visa that gave me permission to work as a free-lance English teacher. I didn't have to meet the minimum income required by INM. I knew my situation then was a bit iffy, so I used the services of an excellent immigration lawyer to help me jump through all the bureaucratic hoops. Since then all the rules and regs have changed quite a bit, and I am sure that if I were just now applying for a residence visa, I would be rejected. Anyway, as Tundra Green has just pointed out, my monthly budget of $1000 US for rent and other basic expenses has nothing to do with INM requirements for visa eligibility.

Good luck with your plans for what sounds like a lovely way to spend your retirement Mexico-style!

 

I thank you all for the clarification. I do not post very often but this forum continues to educate me for my future in Mexico.

 

Which is better a temporary or permanent visa?

 

Well, one is temporary, and one is permanent! Temporary means one year--you have to renew yearly. After four years, you must either apply for permanent residence, or start a new four-year temporary residence process. In most cases, I would think RP makes the most sense. However, the financial requirements for RP are higher than for RT; and you may not keep a US-plated vehicle, as you can on an RT. So those are two factors to consider.

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It is the purchase through a new car dealer which makes that easy. It is not so easy for an individual to buy a used vehicle in another state, then get it registered in his state; it can get complicated. You will be registering in your home state, so no complications. And, yes, you can buy a non-NAFTA car in Mexico, but you cannot permanently import one yourself, as an expat, with the possible exception of some antique/classic cars.

 

I imagine buying a car in a different state than where it will be registered can get complicated, but not necessarily. Our Mexican residence is in Morelos. Last year we bought an older used car. My stepson found it in Puebla, as the used cars my husband was finding in the Tepoztlan/Cuernavaca area were overpriced compared to prices in Puebla. Here's the provenance of this car:

Original owner/registration: State of Mexico
Sold and registered in: State of Puebla
Sold and registered in Morelos with plates from the State of Guerrero (by my husband)

That last tidbit is interesting. When he went to register the car in Cuernavaca, he was told he could register it with plates from either Morelos or Guerrero, which did he prefer? Well, since the Guerrero registration was significantly cheaper, he chose that option. I have no idea why the State of Morelos gives the option of registering a car with Guerrero plates. This was in 2015, so not ancient history (the car itself is a bit ancient...)

Everything was straightforward. There was no issue with the fact that the car had been registered in 2 other states previously. The car came with all the documents/ registrations from previous owners, so maybe that is why it wasn't complicated.

 

Yes I guess we all need to say CDMX rather than DF.

 

Indeed we do!

 

I just hope we can get all this/that accomplished before the US<->Mexican relationship deteriorates.

 

It sounds to me like you are assuming it will.

 

You just have to understand that the Mexican government needs to know that you will not be a burden on society by demanding free food, rent, day care, cell phones and education once you get here.

 

I've got no problem with that. In fact - I think it is very astute of Mexico to let us move to Mexico and spend our career retirement savings HERE.