México: Permanent residency.
Retirees who wish to settle permanently in Mexico may apply for a Permanent Resident visa.
If you wish to retire in Mexico, you will have to prove that during the previous six months you have been receiving at least 500 days’ worth of Mexican minimum wage (roughly US$4,204/ CAD $5,566 after taxes) from a pension or other retirement source, or, prove that you have investments or bank accounts with an average monthly balance Overall to US$168,161/ CAD$222,622 (12 months) per-person.
The Mexican Consulates will collect a US$48- CAD$63 fee per visa, upon issuance. When obtaining your permanent residency card, you will pay a fee of $5,776.00 Mexican Pesos. Furthermore, it is relevant for foreigner interested in applying for a permanent visa to considerer the following information:
In mostly Mexican consulates the financial requirement is the one mentioned on the above lines, however some Mexican Consulates the amount will be a little higher or a little less, for this reason is extremely important to confirm with the consulate where you’ll be applying the financial requirement amount that is handle by them. As the amount can vary depending as the exchange rate.
Permanent Residents benefits:
- All rights of Mexican Citizens except voting
- To right to live and work in México, without any time limit, this a permanent status, valid indefinitely, no need to renew residency.
- Unlimited border crossing, come and go as you wish.
- Access to healthcare and education system.
- Be eventually eligible for citizenship.
- Maintain legal employment or self-employment without consent.
Permanent Residents duties:
- Must to inform the Institute (immigration office) of their change of marital status, address, nationality, place of work or work activity, within the following ninety calendar days of their occurrence.
- Entry to the country, the permanent resident must show the current passport and the Permanent Resident Card.
Permanent Residents cannot:
- Personally, own land close to borders or beach (Must form trust/ fideicomiso)
- Cannot import foreign plated vehicles.
- Resident foreign never have to leave or enter Mexico without their Resident Cards, because this will make that the migratory condition of Permanent Residency will be cancelled.
Article prepared by Maria Lazareno, immigration lawyer of KL México Soluciones Jurídicas y migratorias, the reproduction is not allowed without consent for profit, since I own the copyright. This article is a general explanation, for each particular case; it is recommended to contact the Company to request in writing the information applied to your case.