Temporary And Permanent Residency Visas For Mexico In 2024

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Temporary And Permanent Residency Visas For Mexico In 2024

With its mild climate and friendly people, Mexico is a popular destination for individuals seeking temporary or permanent residency. But before you make the move, you’ll need a basic understanding of the country and its residency rules. In this article, our friends at Pacific Prime Latin America will explore the requirements, benefits, and application processes for both temporary and permanent residency visas for Mexico. However, before taking any action, please look up the latest visa rules and requirements as they may be subject to change.

Temporary Residency Visa

Mexico offers a Temporary Resident (TR) Visa for foreigners who wish to live in the country for more than 180 days. This visa is typically valid for one year and can be renewed annually for up to three years, as long as the applicant continues to meet the requirements.

If you plan to work in Mexico, you must obtain a separate work permit. There are several categories under which you can apply for a TR Visa:

1. Joining a family member in Mexico

2. Studying in Mexico

3. Working in Mexico (with a job offer and a work permit)

4. Renewing your TR Visa

This visa grants its holder various important benefits, such as opening a bank account and registering a vehicle.

Permanent Resident Visa

If you want to settle down in Mexico, you’ll need the Permanent Resident (PR) Visa. In many cases, individuals must first obtain a TR Visa and renew it for four consecutive years before becoming eligible for permanent residency. However, some categories allow for direct application for a PR Visa.

PRs have most of the rights enjoyed by Mexican citizens, except for voting. PRs can also access the national healthcare systems, such as the Mexican Social Security Institute (IMSS) or Institute of Health for Welfare (INSABI).

To apply for this visa, you must be in one of the following categories:

1. Retiree in Mexico with financial self-sufficiency

2. Close familial ties in Mexico

3. Married to a Mexican citizen or PR and lived in Mexico for a minimum of two years

4. Lived in Mexico as a TR for four years

Financial Criteria for Residency in Mexico

Both visas have financial criteria to fulfill, which for 2024 are as follows (you must meet at least one of them):

Minimum monthly income of USD $4,350 (USD $7,300 for the PR Visa)
Minimum balance in personal savings/investments of USD $73,200 (USD $293,000 for the PR Visa)
Property ownership with a minimum market value of approximately USD $586,000 (available to TR Visa applicants only)
Capital investment of approximately USD $293,000 in a Mexican-owned company or a company listed on the Mexican stock exchange (available to TR Visa applicants only)

Application Process

Applicants for both visas must first submit their applications at a Mexican embassy or consulate outside of Mexico. The required documents and procedures may vary depending on the specific category and embassy/consulate.

Once your application is allowed, you will be granted a visa valid for 180 days. Within 30 days of arrival in Mexico, you must visit the local immigration office to apply for your residency card.

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.