Minimum wage for 2012

The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

Jo Jo Jo Rolly. Great outfit!

Rolly wrote:The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

There go my plans to move to Chapala...shit, everything continues to go up, never going to stop. Guess I will be working for the rest of my life, oh my, paying for my misspent youth, oh well I sure had a ton of FUN, so I guess now I am going to have to pay for it.

$15,578 = $1,198.00 per month Canadian at the current exchange rate. If you don't have that then yes, probably best to stay home.

Exactly, I immediately went to currency conversion when I read that, and unless there is a sizeable COL increase in 2012, I will just be visiting you from time to time CB.

It's always been about this amount so not sure how you were figuring otherwise.......jeje.

The FM3 application online says 1000 pesos, according to the Mexican Consulate website where the application is downloadable in PDF format.

So if Rolly is right it is going up.

No, it is in USD not pesos. Be pretty tough to survive on $76.00 month......

Also as long as you could leave the country and come right back in every 6 months you can enter and stay on an FMM which has no income requirement.

Rolly wrote:The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

Rolly, isn't it true that no one checks the minimum monthly income? And if it's in pesos, how do we determine the dollar amount to bring down.

Say what John?

johninajijic wrote:

Rolly wrote:The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

Rolly, isn't it true that no one checks the minimum monthly income? And if it's in pesos, how do we determine the dollar amount to bring down.

John You don't have to bring money down......Just have your income statement/savings translated for submission with FM2/3 app. draw money from ATM or open account and transfer funds.

If this is not correct...beat me with a stick and I will fall as corrected

The Stick may be better directed in this case!

Jim W quote - "John You don't have to bring money down......Just have your income statement/savings translated for submission with FM2/3 app. draw money from ATM or open account and transfer funds."

If this is not correct...beat me with a stick and I will fall as corrected

I wrote $ 11,000. USD in checks to my Mexican bank this year. With an exchange rate of 12 that would be $ 132,000. pesos for the year or $ 11,000. pesos per month per person.

Rolly says you need $ 15,578. pesos per person for an FM 3. Neither of us is close to that figure, yet we always get an FM 3.

Can anyone explain?

johninajijic wrote:Jim W quote - "John You don't have to bring money down......Just have your income statement/savings translated for submission with FM2/3 app. draw money from ATM or open account and transfer funds."

If this is not correct...beat me with a stick and I will fall as corrected

I wrote $ 11,000. USD in checks to my Mexican bank this year. With an exchange rate of 12 that would be $ 132,000. pesos for the year or $ 11,000. pesos per month per person.

Rolly says you need $ 15,578. pesos per person for an FM 3. Neither of us is close to that figure, yet we always get an FM 3.

Can anyone explain?

They take your bank statements as proof of financial solvency. Either that or some people just transfer sufficient funds for several months prior to renewal. Owning a house also counts, and you get a reduced rate for that.

Owning a house also counts, and you get a reduced rate for that.
Only if you have an FM2; and even then it's at the discretion oF the INM.

Rolly wrote:Owning a house also counts, and you get a reduced rate for that.
Only if you have an FM2; and even then it's at the discretion oF the INM.

That's interesting Rolly, I wasn't aware that it was at the discretion of the INM.

O.K. so let's take a couple who own a house, one is considered the principal wage earner, for lack of a better word, then let's say the wife for sake of argument, is the secondary wage earner. In this case, if they were applying for FM2 status, and owned a house what would be their income requirements under the new regulations? Provided that INM agreed to allow for the house.

Rolly wrote:The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

You sure you mean pesos on those income requirements???

gringal wrote:

Rolly wrote:The basic minimum wage for 2012 will be 4.2% higher = $63.31
The minimum monthly income required for an FM3 (No Inmigrante) will be $15,578.
For an FM2 (Inmigrante), it will be $24,956.
Pesos, of course.

You sure you mean pesos on those income requirements???

If he means pesos, it must be per month. Yes/No???

Oops. He did say "monthly". Cancel my question.

New question: When did they change from needing only an FM3 to get the "homeowners" reduction in income requirements? Back when, we only needed an FM3......but I know it's all in flux and change mode now, too.

I don't remember exactly when it changed -- 2 or 3 years ago.

O.K. here's the answer to my question above.

http://rollybrook.com/how_to_move_to_mexico.htm


The procedure for applying for an FM2 is the same as applying for an FM3. The monthly income requirement is 400 times the min wage. For 2012 that would be $24,956 pesos.

Now the second person is required to supply half of the income requirements of the main applicant. According to Rolly's site each dependent, which in most cases here is considered to be the wife increases the income requirement by 50%.

24,956 pesos plus 12,478 pesos. Grand total for two, not taking into consideration home ownership. $37,432 pesos per month.

Aha, move is back on, with the additional income supplement provided by the grace of our great canadian government would raise me to the required stipend of $1,169.24 CAD... Yahoooooo

raqueteer wrote:O.K. here's the answer to my question above.

http://rollybrook.com/how_to_move_to_mexico.htm


The procedure for applying for an FM2 is the same as applying for an FM3. The monthly income requirement is 400 times the min wage. For 2012 that would be $24,956 pesos.

Now the second person is required to supply half of the income requirements of the main applicant. According to Rolly's site each dependent, which in most cases here is considered to be the wife increases the income requirement by 50%.

24,956 pesos plus 12,478 pesos. Grand total for two, not taking into consideration home ownership. $37,432 pesos per month.

Raq, I am not sure this is accurate, and I am not challenging for argument sake....I know at least 20 people @ lakeside, living on SS, that have been here over 20 years.....they don't come close to 22,000 pesos per month. I stated many posts ago, that I was required to provide translated copies, notarized, of financial status, proving savings, not income. Seems as the whole thing is a mess......Is Mexico going to start deportation process on FM3 holders....with a monthly income of 18,000 pesos per month, that own their home here, living as a couple?