Friday, October 10, 2014

A Mexican Visa just became easier

Important Notice
New Immigration Law in Mexico

That was then and this is now. In 2012 the new laws changed the financial requirements substantially and also disallowed applying for a Visa in Mexico. The old income requirements for a Temporary yearly Visa jumped from around $1300US a month to almost $2000US.  Many lower income retirees were suddenly left out unless they doctored their books somehow.

Suddenly as of today the income required for a Temporary (Temporal) Visa was reduced to around $1500US and the overall assets dropped from $100k to $25k.  You still have to apply at a Consulate in your home country but the financial burden has been greatly reduced. Here are the new requirements posted by a Chapala lawyer.

HUGE Changes today (10 Oct 2014) to Mexican immigration law
These changes apply to visas issued at Mexican consulates outside Mexico.  I am assuming that there will be a publication soon applicable to people renewing within Mexico to harmonize the new lower financial requirements.
Reduced income requirements for temporary residence, new income / asset requirements:
Balances in bank 5,000 days minimum wage (67.29 pesos) $336,450 pesos or $25,164US, down from old minimum of 20,000 days minimum wage or $1,345,800 pesos or $100,658US at todays exchange rate.
Monthly income 300 days minimum wage (67.29 pesos) $20,187 pesos or $1,510US down from old minimum of 400 days or $26,916 pesos or $2,013US

Whatever the reasoning behind the Mexican Government's change of mine on what you should have to move/retire here I'll give it a Hi-Five.  Remember that Mexico is not dirt cheap any more so even with $1500 a month you'll have to keep that belt tight.


barbara said...

in San Miguel they held me to $2,400 a month, not the $2,013! LOTS and LOTS of ex-pats have left San Miguel because of that. In fact, when my new tenant attempted to get a visa other then the 180 days just two weeks ago, they told her $2,400 a month in Florida! Hopefully it really is going to drop...........I'm keeping my fingers crossed.

Steve Cotton said...

Have you heard anything further about the permanent resident requirements?

sparks said...

Heard the only change was in assets. Dropped from 130K to 100K

sparks said...

2400 for Temporal .... sheesh, they have it all wrong. $2400 to go direct to Permanent is about correct.

I left out a Permanent Visa because new applicants can apply for either

John Calypso said...

That is good news - now if they would adjust the law on not owning a U.S. plated vehicle for Permanent Residents. That would be cool(er).

sparks said...

If I get a wish list .... that's on it

mitch said...

I agree about the cost. being here 8 years has been a challenge. My wife,who is mexican , allows me a permanent status? I don't know if the embassy would visit you if you have permanent status? any thoughts on this would be appreciated, need to renew in november and have an american car as well.

sparks said...

Permanent is not like giving up your original citizenship ... so yes the Embassy is still interested in you. No fast route to Permanent. Have a bunch of money or put in your 4 years

The construction of the house finished in April 2011 and I'm pretty much settled in. As of March 2014 I'm in preparation for rain mode for this coming summer. That includes sealing and painting things and dealing with drainage issues from last year.

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