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Open Roads Forum  >  RVing in Mexico and South America

 > Becoming a resident gets a lot harder after NY's

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Tequila

Canada - Summer, Mexico - Winter

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Posted: 12/26/19 06:22am Link  |  Print  |  Notify Moderator

Mimimum wage is to go up 20% and income requirements for residency is based on the minimum wage. It will now take a pension income of about $3600 a month US to qualify for permanente and about $1900 US for temporal. You can convert from temporal to permanente after 4 years with no income requirements. They are quite sticky, the income has to be monthly. When i applied in December I had issues for permanente (had to go temporal)

1) I have more tax taken off than I need to as I am never home at tax time. Even though I had 4 years of tax rebates they would not factor those in

2) I take withdrawals from my RRSP (like 401k) 3 or 4 times a year. they would not average those as monthly income.

It means a bit more hassle & expense as I have to renew temproal in a year then switch to permanente in 4 years. That means i have to be in Mexico 30 days before the temporal anniversary.

qtla9111

Monterrey, Mexico

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Posted: 12/26/19 07:02am Link  |  Print  |  Notify Moderator

"If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least 500 days’ worth of minimum wage or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$108,000*) over the past 12 months."


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Talleyho69

Playa la Ropa, Zihuatanejo, Mexico

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Posted: 12/26/19 08:12am Link  |  Print  |  Notify Moderator

Did you check into proving your net worth? I believe property (houses) also count toward that.

When we did our permanent residency, the man we worked with was extremely flexible in what we used. We were able to show how much money was passing through our PayPal account during the 6 months a year we did eBay, and he was happy to accept that as proof of income.

Here's more, and it gives the number for net worth. Maybe you have that in your retirement account or a house!

Residente Permanente visa applicants must show a monthly income of 500 times the minimum wage => $3,243 US dollars ($61,610 MXN pesos) using an exchange rate of $19:1 ... That income must be documented by 6 months bank statements. ... People who have liquid assets can also qualify by proving an annual average balance of 20,000 times the minimum wage => $130,000 US dollars ($2,464,400 MXN pesos) using an exchange rate of $19:1 for 2020 applicants ... documented by 12 months of bank statements.

Residente Temporal visa applicants must now prove a monthly income of 300 times the minimum wage => $1,946 US dollars ($36,966 MXN pesos) per month (using an exchange rate of $19:1. Consulates want 6 months of bank statements. ... People who have liquid assets can also qualify by proving an average annual balance of 5,000 times the minimum wage => $32,426 US dollars ($61,6100 MXN pesos) account balance for 2020.

* This post was edited 12/26/19 09:48am by Talleyho69 *

Lwiddis

Monterey, CA

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Posted: 12/26/19 09:46am Link  |  Print  |  Notify Moderator

I guess I should start saving.


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Tequila

Canada - Summer, Mexico - Winter

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Posted: 12/27/19 04:28pm Link  |  Print  |  Notify Moderator

My wife's pension is a lot larger than mine (university tenure) but she just retired this month so could not go for permanente as it is based on retirement income. I may see if its worth letting our temporal expire then reapply for permanente as a couple if we qualify. That would save one renewal. I could also plan to withdraw a monthly amount from my RRSP (401K) for 6 months to jack up my income.

Talleyho69

Playa la Ropa, Zihuatanejo, Mexico

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Posted: 12/27/19 04:31pm Link  |  Print  |  Notify Moderator

When we got ours, it was based on our income, retirement or not, just what we could show was coming in.

Again, don't forget the net worth way.

bighatnohorse

Gig Harbor - Cave Creek

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Posted: 12/28/19 07:27am Link  |  Print  |  Notify Moderator

qtla9111 wrote:

"If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least 500 days’ worth of minimum wage or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$108,000*) over the past 12 months."

With all due respect, could you provide a link to the source for this information.
If I quote it, I prefer to have named source other than "on the internet".
Thanks in advance. . .

playaboy

riviera maya

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Posted: 12/28/19 08:20am Link  |  Print  |  Notify Moderator

Every consulate has their own "interpretation" of the law regarding residency. I got my permanente approval in my 50's at the consulate in SD. I used a savings account.

It pays to shop around.

qtla9111

Monterrey, Mexico

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Posted: 12/29/19 07:53am Link  |  Print  |  Notify Moderator

bighatnohorse wrote:

qtla9111 wrote:

"If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least 500 days’ worth of minimum wage or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$108,000*) over the past 12 months."

With all due respect, could you provide a link to the source for this information.
If I quote it, I prefer to have named source other than "on the internet".
Thanks in advance. . .


I never name a sourse as "on the internet". Here is the official INM website and the information in Spanish and English.

Documentos necesarios (Necessary Documents)

En el caso de pensionados o jubilados deberán presentar:

a) Comprobante de inversiones o cuentas bancarias con saldo promedio mensual equivalente a veinticinco mil días de salario mínimo general vigente en la Ciudad de México durante los últimos doce meses.

b) Documentos que demuestren que cuenta con ingresos o pensión mensual libre de gravámenes equivalente a quinientos días de salario mínimo general vigente en la Ciudad de México, durante los últimos seis meses

In the case of pensioners or retirees, they must present:

a) Proof of investments or bank accounts with an average monthly balance equivalent to twenty-five thousand days of minimum wage in force in Mexico City during the last twelve months.

b) Documents proving that you have a tax-free monthly income or pension equivalent to five hundred days of the minimum wage in force in Mexico City, during the last six months

navegator

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Posted: 12/29/19 08:37am Link  |  Print  |  Notify Moderator

To help you guys calculate the minimum daily wage, this is from the Diario Oficial de la Nación, the oficial publication and is for the year of 2020 these are Mexican pesos not Dollars.

Salario minimo general DIARIO en México 2020..... $123.22
Minimum daily wage

Salario minimo general MENSUAL en México 2020.... $3,700.00
Minimum monthly wage

Incremento porcental total del salario minimo general en México (respecto a

$102.68 en 2019).....20%
This how much the minimum wage will increase for 2020 in persentage


navegator

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