With its stunning white-sand beaches, tropical jungles, rich history and a vibrant cosmopolitan culture, Mexico is a popular destination for expats seeking a new place to live. However, if you are considering moving to Mexico, you may need to first obtain a residency visa. There are different types of visas available, and each has its own set of requirements. Let’s take a closer look.
Types of Residency Visas
One of the most common types of Mexican residency visas is the temporary residency visa, which allows you to stay in Mexico for up to four years. Other types of temporary residency visas include retirement visas, non-lucrative visas, work visas, and investment visas.
Financial Requirements
To obtain a temporary residency visa, you will need to provide proof of income or financial means. The amount required varies depending on the visa type and your individual circumstances. In general, you will need to show that you have sufficient income or savings to support yourself while in Mexico.
To prove financial solvency when applying for a temporary residency visa, you will need to demonstrate one of the following:
- For salaried income, your income during the past three months must equal or exceed 100 days of the general minimum wage in Mexico City, and you must provide evidence of current and stable employment outside of Mexico for at least one year.
- For passive income, the total amount of your investment, savings, and pension income over the last 12 months must have an average monthly balance equal to 300 days of the general minimum wage in Mexico City.
If you are applying for a work visa, you must demonstrate that you have a job offer and that your income meets the minimum wage requirements in Mexico. Alternatively, if you are applying for an investment visa, you must show that you have made a significant investment in Mexico.
Proving Financial Means
You can prove your income by submitting documents such as bank statements, investment account statements, pension statements, or tax returns. If you are self-employed, you will need to provide evidence of your income, such as business financial statements or tax returns.
Other Requirements
In addition to demonstrating financial means, you will also need to provide other documents, such as a valid passport, a visa application form, and a health certificate. You may also need to undergo a background check.
Renewal & Permanent Residency
Once you have obtained your temporary residency visa, you will need to renew it annually. After four years, you may be eligible to apply for a permanent residency visa or Mexican citizenship.
It is important to note that the process of obtaining a Mexican residency visa can be complex and time-consuming. It is recommended that you seek the assistance of a qualified immigration attorney or consultant to guide you through the process.
Obtaining a residency visa in Mexico requires demonstrating sufficient financial means. The requirements vary depending on the visa type and your individual circumstances. By providing the necessary documentation, you can obtain a temporary residency visa and enjoy all that Mexico has to offer.
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