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 (select one of the flags at the bottom of the page 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:
1) you are allowed to drive your foreign-plated vehicle, and
2) 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. Currently, the exemption amount is about $220,000.00 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.
*In order to qualify, you must have either a Visa Temporal or Permanente, utility bills in your name, a CURP number, and an RFC Tax Number.
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.
New Financial Requirements for 2020
On January 1st, 2020, Mexico’s minimum daily wage increased from $102.68 MXN to $123.22 MXN.
That means that the financial requirements for Mexican residency are increasing too, because the requirements are based on mathematical formulas based on the minimum wage.
The specific financial requirements will vary depending on which residency option you’re applying for and if you have any special circumstances (e.g. family ties in Mexico). To qualify for a Visa Temporal, you only have to meet one of the following:
Foreign Source Income (e.g. Pensions and/or Employment):
An average monthly income (after taxes) of at least 300 days of the Mexican minimum wage: 300 X $123.22 = $36,966 pesos, or about $1,945 USD* / $2,563 CAD.
You must show proof (original documents and copies of each) for the previous 6 months.
Savings / Investments:
Investments or bank accounts with an average monthly balance of at least 5,000 days worth of minimum wage: 5,000 X $123.22 = $616,100 pesos, or about $32,426 USD*.
You must show proof (original documents and copies of each) for the previous 12 months.
Own Real Estate:
You own real estate in Mexico valued at over 40,000 days of minimum wage: 40,000 X $123.22 = $4,928,800 pesos, or about $259,410 USD*.
* Exchange rate used 19 MXN to 1 USD
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.