Amount of bank savings required for FM-3

My wife and I are very interested in moving to Mexico on an FM-3 visa. Please clarify the following:
We understand that we must prove monthly income of approximately $1,500 for myself and $750 for my wife or 50% of that amount if we purchase a home and live in Mexico full time.
What we are unclear is this: Can an American also qualify for an FM-3 visa by having so much savings in the bank? If so, what is that amount?
Appreciate any input that we can get on this subject.

For two people I believe you need to show approx. $18,000 USD in a savings account initially and every year at renewal. This is based on today's formula. It could go up over time.

Thanks for that quick reply.
Is that $18,000 in addition to the $1,500 per month or is the $18,000 all that is required?
Do you know where to go to find out officially?

I believe the 18K is the total amount. There is some detailed info in the "Moving to Mexico" area of this forum. Have a poke around. I'm sure our resident expert, Spencer will also chime in when he sees this as well.

Spencer?

For 2011, the income requirement for one person is $14,950 pesos. With one dependent, the amount is $22, 425 which is about $1,870 US dollars.

Some, but not all, INM offices will allow a savings of more than a year's income requirement. For this couple, that would mean a savings account showing more than $22,450 US dollars. Since this is an allowance outside the stated rules, it is very much subject to local interpretation. I would not count on it until verified at the INM office.

The home ownership discount is available only with an FM2 visa.

Rolly wrote:For 2011, the income requirement for one person is $14,950 pesos. With one dependent, the amount is $22, 425 which is about $1,870 US dollars.

Some, but not all, INM offices will allow a savings of more than a year's income requirement. For this couple, that would mean a savings account showing more than $22,450 US dollars. Since this is an allowance outside the stated rules, it is very much subject to local interpretation. I would not count on it until verified at the INM office.

The home ownership discount is available only with an FM2 visa.

Thanks Rolly, didn’t realize this only applied to FM2s. Guess we need to increase the amount we put in the maids retirement account.

CanuckBob wrote:For two people I believe you need to show approx. $18,000 USD in a savings account initially and every year at renewal. This is based on today's formula. It could go up over time.

CBob, one slight clarification, at least as it applies with INM here in the Lake Chapala area [although I believe it's a federal law change].....you no longer have to provide financial statements for visa RENEWALS every year. Financial proof is only required for the initial application and for the fifth year renewal.

Thanks for the clarification everyone.

That is very useful information that I was not able to find in other forums.
This forum is really superb, really appreciate the input from everyone.
If anyone has any additional input it too would be much appreciated.
Seems at times that qualification is a moving target, but that is part of the excitement I guess of wanting to move to Mexico.

Mathematical formula, 250 times minimum wage for an FM2 or 250 x 59.82 or $14,955 pesos per month or in US dollars at today´s 12.16 exchange rate USD $1,230. You should show that in monthly deposits. No 50% off for owning a home with an FM3 BUT a spouse only has to show 50% of the income, or between the two show 150% of the amount and she would be an economic dependent.

Another option to showing monthly deposits would be to show a large sum sitting in the bank which is 12 times or more than the monthly amount so about $14,760 in an account and it can be a retirement account.

There are a few other tricks if the above doesn´t work.

Thanks Intercasa, because that is a formula that I was looking for.
I love being able to see what formulas are being used.
This makes good sense to me.
If you don't mind sharing, what are some other tricks?

Travelmex, be sure to notice that Intercasa's "about $14,760 in an account" is for a single person. You originally ask about you and your wife. That's why I gave a figure of $22,450 for the two of you.



Juanrey, the law says the funds must come from outside México, so it ssems to me that it's unlikely a Mexican account would pass muster.

Mexican bank accounts have been accepted without problems. There are other options but I custom tailor them to the clients situation and thats why I get paid.

We have been using the balance in our Multiva acct for allmost 8 years. And since the last renewal they never asked for anything.