Minimum monthly income for homeowners with FM-2

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?

Spencer Thanks

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

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.

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

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.

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

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.

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.

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.

Thanks for all the useful info, Spencer!