Meeting the financial requirements of a Mexican residency visa

Published March 17, 2023

As many digital nomads have discovered during the height of the COVID-19 pandemic, Mexico gives visitors from many countries a generous six-month (180-day) stay here simply upon arrival. But what if you’re interested in staying in Mexico for the long-term — say, for a few years, or maybe for the rest of your life?

If you’re looking to settle in Mexico for more than 180 days, then you need to apply for a residency visa. You apply for a residency visa not in Mexico but at a Mexican consulate in your home country.

You’ll also need to make sure you can pass Mexico’s financial solvency requirements. This article is a basic guide to what those financial solvency requirements are for the temporary and permanent residency visa.

Any financial solvency requirements will be based on a calculation using Mexico’s minimum wage, which recently went up again, by 20%, to $207.44 pesos (about US $10.80) per day. So be sure that any calculations you make reflect the new minimum daily wage.

Also, before we get into more specifics down below, another thing to bear in mind is that each consulate has different ways of converting the minimum wage into euros, U.S. dollars, Canadian dollars or whatever the currency is where you are from. How much your requirement will depend on the calculations of whichever consulate you use to apply.

So please take this guide as a general compass to kick-start your visa process, and reach out to the consulate where you’ll be applying for exact financial amounts.

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