Mexican Temporary Resident Visa – Residente Temporal
Intended for people who wish to live in Mexico for more than 6 months and not longer than 4 years, the Temporary Resident Visa is a renewable long-term permit which gives non-immigrant temporary residency status to the holder.
With few exceptions, the Temporary Resident Visa cannot be issued in Mexico; you must apply in your home country of residence at the Mexican Embassy (see below for a link to find the Mexican Embassy in your country). It is valid for a period of one year, and may be renewed from inside Mexico for an additional period of one to three years.
After the four-year period, you must either return to your home country and start over again to get another Temporary Visa, or with a Temporal, you have the option to upgrade to a Permanent Resident Visa without leaving Mexico.
With the Temporary Visa you are allowed to drive your foreign-plated car and, at present, qualify for a capital gains tax exemption should your sell your property in Mexico.
Note: Capital gains taxes in Mexico are very high and the formula for computing them is murky. At present, the exemption amount is about $210,000.00 USD, and can be claimed by each qualified person on the property deed. This rate changes with the exchange rate and you are allowed to claim it only once every three years.
One of the criteria that the Mexican authorities require for the issuance of a Temporary Resident Visa is that the applicant prove that they have ‘sufficient funds’ to sustain themselves while in Mexico and/or a proven steady income. The financial requirements have been tightened-up following the introduction of the new immigration law that was enacted in 2012. Such proof of sufficient funds must be given each time you apply for renewal.
Further information on the qualification requirements, limitations, etc. is available from the Mexican Consulate. To find the Mexican Embassy nearest you serving the US or Canada, select the appropriate flag.