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2024 Income/Savings Requirements for Temporary and Permanent Residency

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2024 Income/Savings Requirements for Temporary and Permanent Residency Empty 2024 Income/Savings Requirements for Temporary and Permanent Residency

Post by BisbeeGal Sat Dec 02, 2023 12:30 pm

The 2024 daily minimum wage was raised to 249p so the residency requirements will go up as well on January 1, 2024.  
I used today's exchange rate USD/MX 17.19:1  

Permanente:
Income method:
500 times 249p = 124,500p
124,500p / 17.19 = 7,243 USD monthly income

Savings method:
20,000 times 249p = 4,980,000p
4,980,000p / 17.19 = 289,703 USD savings/investments

Temporal:
Income method:
300 times 249p = 77,700p
77,400p / 17.19 = 4,346 USD monthly income

Savings Method:
5,000 times 249p = 1,245,000p
1,245,000p / 17.19 = 72,426 USD savings/investments

I will leave the CDN calculations to others.
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Post by mudgirl Sat Dec 02, 2023 12:56 pm

Likely going to see a large drop in the number of people choosing to retire in Mexico. No one needs $7,243US a month to live on in Mexico, unless they are accustomed to living like a millionnaire.
I could live quite comfortably in Canada for far less than that.

While I support raising the minimum wage, which is still absurdly low, if Mexico actually wants the revenue which foreign retirees provide by living here, they are going to have to change the income requirements for residency to a different model than pegging it to the Mexican minimum wage.

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Post by SunFan Sat Dec 02, 2023 1:56 pm

Its been so long, please remind me. Is that an individual or family income requirement?

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Post by BisbeeGal Sat Dec 02, 2023 2:06 pm

SunFan wrote:Its been so long, please remind me. Is that an individual or family income requirement?

SunFan

Per person.

These days most newbies come in as Temporal with lower quals, then at year 4 transition to Permanente without having to prove income again.

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Post by mudgirl Sat Dec 02, 2023 2:18 pm

Even the income requirement for temporal is far more than necessary to live comfortably in Mexico unless you want to go out for fancy dinners every night, or buy all the imported products you just somehow can't live without.

I'm just happy I got my temporary residency 20 years ago, when you could apply from within Mexico, I didn't have to provide any financial info, and segued into permanente 11 years ago.

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Post by SunFan Sat Dec 02, 2023 2:51 pm

mudgirl wrote:Even the income requirement for temporal is far more than necessary to live comfortably in Mexico unless you want to go out for fancy dinners every night, or buy all the imported products you just somehow can't live without.

If they don't change the income formulae we're going to be seeing more BMWs and Porches around Lakeside.

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Post by CanuckBob Sat Dec 02, 2023 7:07 pm

Leave it high for a few years........

Too many expats down here now and lots that can't even afford to live here as it is.

_________________
Vacation Rentals
https://casadecomo.mx/
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Post by BisbeeGal Sun Dec 03, 2023 7:45 am

People can also qualify via home ownership.

The house must be valued at 40,000p times 2.49 = 9,960,000p
9,960,000p / 17.19 = 579,407 USD
This is per person; if 2 persons are on the deed and both seeking Residency the value of house required is doubled.
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Post by ferret Sun Dec 03, 2023 12:52 pm

Please check your math Bisbee gal. 40,000 x 2.49 is 99,600.00 pesos
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Post by BisbeeGal Sun Dec 03, 2023 2:09 pm

ferret wrote:Please check your math Bisbee gal. 40,000 x 2.49 is 99,600.00 pesos

I made a typo. It's not 2.49 as I mis-typed, it's 249. The answer of 9,960,000 is correct.
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Post by ferret Sun Dec 03, 2023 2:27 pm

Thanks.
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