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 lawThese 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.