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Minimum monthly income for homeowners with FM-2

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Minimum monthly income for homeowners with FM-2

Post by hound dog on Wed Apr 07, 2010 12:28 pm

We will be seeking inmigrado status at our fourth renewal (5th year) of our FM-2s this year. We have been traveling about the back woods of Chiapas for a while and have not kept up with the new May requirements. We soon return to Ajijic to go through this process starting in July and need to know the minimum monthly income we will need to demonstrate as FM-2 homeowners to graduate to inmigrado status this year. Does anyone know what this amount will be after May? Have any readers been through the inmigrado application process recently? Any information would be appreciated.

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Re: Minimum monthly income for homeowners with FM-2

Post by Intercasa on Wed Apr 07, 2010 1:07 pm

From what I recall reading the amounts will be the same, 400 times minimum wage (57.46 pesos) with up to a 50% reduction if you own a home as it says:

"Si el extranjero demuestra la adquisición de un bien inmueble destinado para uso propio como casa habitación, la autoridad migratoria podrá autorizar que el extranjero acredite hasta el equivalente al cincuenta por ciento de dichos montos. "

So each person if they owned a home would need to show $11,492 pesos a month income. From reading the above it appears that the reduction is up to 50%, it doesn't say an automatic 50%.

The biggest change is that the above phrase doesn't appear for no inmigrante or FM3 holders so actually there will be a small group of people who may need to go to FM2 as a homeowner with an FM2 only needs to show 200 days minimum wage for income where an FM3 holder will need to show 250 days.

Here is a quote off the direct text of the new law as it applies to you for your FM2, after appears the part I posted above about home ownership:

"c) Carta de institución de crédito mexicana o extranjera o institución financiera similar o fideicomiso, en donde se acredite que el solicitante cuenta con recursos suficientes provenientes del exterior y que de éstos, de los rendimientos que produzcan o de sus inversiones en el país, obtendrá durante un año, ingresos mensuales por una cantidad no menor del equivalente a cuatrocientos días el salario mínimo vigente para el Distrito Federal."
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Re: Minimum monthly income for homeowners with FM-2

Post by hound dog on Wed Apr 07, 2010 2:25 pm

Thanks, Intercasa.

I must confess I asked that question about income on this forum because I knew you were a contributor here as well as the other Lake Chapala forum I read but do not contribute to for reasons of my own that are no reflection on that forum.

I personally am glad you contribute here as well as elsewhere. Thanks again for your help.
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Re: Minimum monthly income for homeowners with FM-2

Post by kipissippi on Wed Apr 07, 2010 3:15 pm

Does this mean that we will soon be addressing you as ..."Senor" (I can't do the little squiggle) Hound Dog? Very Happy

Congrats,

Cousin Kippy
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Re: Minimum monthly income for homeowners with FM-2

Post by Rolly on Wed Apr 07, 2010 3:46 pm

Does this mean that we will soon be addressing you as ..."Senor"

"Hey, Gordo" will still work just fine. Twisted Evil
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Re: Minimum monthly income for homeowners with FM-2

Post by CanuckBob on Wed Apr 07, 2010 6:45 pm

Is that El Gordo???? or Senor Gordo???


Cheers,

Bob
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Re: Minimum monthly income for homeowners with FM-2

Post by Carry Bean on Thu Apr 08, 2010 4:29 am

So exactly how much monthly income is required for an FM-3 if renting or owning a home? Thanks.

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Minimum Monthly Income

Post by Ajijic on Thu Apr 08, 2010 7:42 am

250 x Mexico City minimum daily wage (57.46 pesos) equals 14,365 pesos per month for a single person with a FM-3 if renting and a discount of up to half if owning. If one is on the edge for qualifying the varying exchange rates start to play a role.

YES please note the comment immediately below.


Last edited by Ajijic on Thu Apr 08, 2010 8:51 am; edited 1 time in total
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Re: Minimum monthly income for homeowners with FM-2

Post by hueco_negro on Thu Apr 08, 2010 8:21 am

Ajijic wrote:250 x Mexico City minimum daily wage (57.46 pesos) equals 14,365 pesos per month for a single person with a FM-3 if renting and a discount of up to half if owning. If one is on the edge for qualifying the varying exchange rates start to play a role.

After May 1 the 50% discount for home ownership will no longer be applicable for an FM-3, but will continue for an FM-2.
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Immigration Changes

Post by Ajijic on Thu Apr 08, 2010 9:53 am

It appears that the Mexican government is encouraging those of us who are permanent residents of Mexico to obtain a FM-2 vs a FM-3. With that I am wondering IF to get IMSS, CURP, driver's license, INAPAM etc they will start insisting on a FM-2 vs a FM-3? John
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Re: Minimum monthly income for homeowners with FM-2

Post by Ajijic on Thu Apr 08, 2010 8:56 pm

Spencer will you please post the official Spanish version of the need to prove income for 200 days for a FM-2 vs 250 days for a FM-3. This is quite a change vs the 3 moths now. Some were simply putting the same 1200 or so into a bank account and then withdrawing it and redepositing for 3 months. Now it appears one needs to prove income for much longer. True? Thanks for all your guidance. John
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Re: Minimum monthly income for homeowners with FM-2

Post by hound dog on Thu Apr 08, 2010 9:30 pm

Spencer will you please post the official Spanish version of the need to prove income for 200 days for a FM-2 vs 250 days for a FM-3. This is quite a change vs the 3 moths now. Some were simply putting the same 1200 or so into a bank account and then withdrawing it and redepositing for 3 months. Now it appears one needs to prove income for much longer. True? Thanks for all your guidance. John

That´s a good point Ajijic. I have just started depositing the required minimum income amount into my Mexican bank account in April with the intent of depositing that sum each month through June as minimum income verification and that three month income injection has always worked over the past ten years while we were FM-3 and then FM-2. Might this be a problem and if so the solution might be just to deposit a sum that amounts to the annual income requirement a month before the visa renewal date if one has the financial capacity to do tht.

The new rules seem to be leaning toward rewarding those seeking permanent residency versus those here as seasonal tourists with FM-3 status. For those of us determined to make Mexico our permanent place of residence that seems like a good idea but this trend may prove detrimental to those living here without the intent of becoming year-round residents or the equivalent of U.S. green card holders.
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Re: Minimum monthly income for homeowners with FM-2

Post by Intercasa on Thu Apr 08, 2010 9:47 pm

I did post it, the FM2 people get the discount for home ownership where FM3 people don't.

Here it is again:

FM3 (no inmigrante)

b) Carta de institución financiera, banco mexicano o extranjero o de institución fiduciaria en donde se acredite que la persona cuenta por lo menos con un ingreso mínimo mensual equivalente a doscientos cincuenta veces el salario mínimo general vigente en el Distrito Federal.
c) Si solicita autorización para Dependientes Económicos, el monto mensual señalado aumentará a ciento veinticinco veces el salario mínimo vigente en el Distrito Federal, por cada persona que dependa de él.


FM2 (inmigrante)

c) Carta de institución de crédito mexicana o extranjera o institución financiera similar o fideicomiso, en donde se acredite que el solicitante cuenta con recursos suficientes provenientes del exterior y que de éstos, de los rendimientos que produzcan o de sus inversiones en el país, obtendrá durante un año, ingresos mensuales por una cantidad no menor del equivalente a cuatrocientos días el salario mínimo vigente para el Distrito Federal.
d) Por cada persona que integre la familia del solicitante, el monto de los mínimos mensuales señalados, aumentará por la cantidad equivalente a doscientos días de dicho salario mínimo.
e) Si el extranjero demuestra la adquisición de un bien inmueble destinado para uso propio como casa habitación, la autoridad migratoria podrá autorizar que el extranjero acredite hasta el equivalente al cincuenta por ciento de dichos montos.

Also HD they usually want to see the annual lump sum balance in there for 3 months. They usually check deposits for the three months prior to your turning in papers. Recently they have been getting very picky with people.
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Re: Minimum monthly income for homeowners with FM-2

Post by Ajijic on Thu Apr 08, 2010 9:53 pm

OK let's put it another way... what did you mean by stating:

The biggest change is that the above phrase doesn't appear for no inmigrante or FM3 holders so actually there will be a small group of people who may need to go to FM2 as a homeowner with an FM2 only needs to show 200 days minimum wage for income where an FM3 holder will need to show 250 days.
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Re: Minimum monthly income for homeowners with FM-2

Post by Intercasa on Thu Apr 08, 2010 10:53 pm

Ok, the 50% reduction in income to be proven doesn't apply to FM3 holders who own a home.

So if you are a single person with a home in Mexico you will have to prove more income as a minimum with an FM3 as you will need to show 250 times minimum wage versus with an FM2 you'll be allowed to show 1/2 of 400 days minimum wage or 200 days.

For example if your income is less than 14,000 (a bit under 250 x min wage) pesos but above 11,500 pesos (a bit over 200 x min wage) and you own a home you MUST apply for an FM2 as your income won't be enough to qualify for an FM3 as FM3 holders no longer will get a break for owning a home.

Does that make sense?
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Re: Minimum monthly income for homeowners with FM-2

Post by Ajijic on Fri Apr 09, 2010 6:21 am

Spencer Thanks
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Re: Minimum monthly income for homeowners with FM-2

Post by Carry Bean on Fri Apr 09, 2010 9:55 am

Does the income have to be proven in a Mexican bank or can it be statements from a stateside bank?

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Re: Minimum monthly income for homeowners with FM-2

Post by Intercasa on Fri Apr 09, 2010 10:13 am

I've seen statements used from banks in Mexico, USA, Cayman Islands, Canada and other countries without a problem. The one issue that we are seeing much more is if your name doesn't match exactly or your spouse's name isn't on the statements.

So if your name is William and the bank statements say Bud or Willie then there can be problems.

They made one client translate the bank statements from English to Spanish but that seemed to be an isolated case.
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Re: Minimum monthly income for homeowners with FM-2

Post by Demonio on Fri Apr 09, 2010 10:25 am

Do they only accept bank statements (which often are several pages long, with usually one page showing income deposit and the rest debits to the account), or will they also accept a letter from the bank or pension board stating a monthly average income?

Also, is it easier to start the FM3 process at a MX consulate in the States and get your FM3 upon return to MX, or to do it all here? Thanks
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Re: Minimum monthly income for homeowners with FM-2

Post by miendo on Fri Apr 09, 2010 10:31 am

I thought I read somewhere that as of May 1st, 2010, you would not be able to obtain an fm3 from a Canadian or US consulate.
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Re: Minimum monthly income for homeowners with FM-2

Post by Ajijic on Fri Apr 09, 2010 10:35 am

Miendo you are correct. That info is available I am sure from Spencer and also on www.rollybrook.com ... http://rollybrook.com/how_to_move_to_mexico-valid%20after%201%20May%202010.htm

Plus there was little to no advantage starting process NOB unless bringing in lots of furniture as had to be registered anyways. John
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Re: Minimum monthly income for homeowners with FM-2

Post by Demonio on Fri Apr 09, 2010 10:38 am

miendo wrote:I thought I read somewhere that as of May 1st, 2010, you would not be able to obtain an fm3 from a Canadian or US consulate.
I read that MX consulates outside of MX will no longer issue FM3's. But, you can still apply there, go through the process and have a stamp placed in your passport. Then you're issued your FM3 in MX.
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Re: Minimum monthly income for homeowners with FM-2

Post by Intercasa on Fri Apr 09, 2010 1:44 pm

It may not be wise to go to the consulate as they may place a "visa" in your passport and under the new rules you MUST apply for an FM3 or FM2 within 30 days of entry rather than getting the new FMM form. The consulates are whimsical and arbitrary and everything is much easier to do when down here.
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Re: Minimum monthly income for homeowners with FM-2

Post by Demonio on Fri Apr 09, 2010 2:04 pm

Thanks Spencer. I believe you are correct. I'll just go through the process here. The other issue is that the new rules seem to be in the process of being fully defined and understood. Some MX consulates in the States make up their own rules and may result in a disconnect when completing the process in MX. I think I'll do it when I return from visiting my mom for Mother's Day.
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Re: Minimum monthly income for homeowners with FM-2

Post by Carry Bean on Fri Apr 09, 2010 4:18 pm

Thanks for all the useful info, Spencer!

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