Experiencing rapid development in recent years, Mexico, officially the United Mexican States, has expanded its economic market. This resulted in more foreigners and investors entering the country with the purpose of making Mexico their new home. Currently, Mexico is home to more than 1.7 million expats from around the world. You can easily travel to Mexico and stay there for a certain period of time, but if you want to move in permanently, the procedure is more complicated.

How Can I Retire in Mexico?

Retired foreigners who want to reside permanently in Mexico for retirement purposes can do so by getting a Mexican Permanent Resident Card. The Mexican Permanent Resident Card, also referred to as the Mexico Retirement Visa, is the most popular retirement option among foreigners who want to retire in Mexico. To get a Permanent Residence Card, you must first apply for a Permanent Resident Visa and then convert the visa into a Mexican Permanent Resident Card. Once you have obtain a Permanent Resident Card, you can live in Mexico for an indefinite period of time.

What Are The Eligibility Criteria for Retirement in Mexico?

To be eligible for a Mexican Permanent Resident Card, you must meet certain criteria such as the following:

• You must be retired in your home country.
• You must have enough financial resources to live comfortably in Mexico.
• You must plan to live permanently in Mexico without participating in any gainful activities.
• You must not be a beneficiary of any income from within the territory of Mexico.

If you are applying for a Residence Permit on the grounds of retiring in Mexico, you must have the following documents:

• Cover Letter, addressed to the Mexico embassy, explaining the reason for requesting the visa and stating:
  • Your full name, address, and passport number
  • Information about your pension, such as where you receive it from and the amount
  • Whether you have any investments
  • Your address in Mexico and the address in your home country
  • The date when you will travel and which port you will enter through
• Bank statements from the last six months, proving you have received a set monthly income (the amount may change from country to country, but it is around US$2,000-US$3,000). Please check current money requirements with legal expert.
• Proof of investments in the form of bank statements from the last twelve months (if applicable)
• If you have a dependent:
  • You must have an additional 25% of your monthly income for them per month as well
  • You must include proof of family relationship (birth certificates, marriage certificates etc)

How to Apply for a Mexico Permanent Residence Visa?

The application process for a Permanent Resident Visa for Mexico is as follows:

1. Contact a Mexico embassy to set up an appointment. You can find a list of Mexican embassies here.
2. Complete the Mexico Visa Application Form. You can find the application form on the website of the Mexico embassy where you will apply or at the embassy itself.
3. Collect the required documents. See the requirements for a Mexico Family Visa below.
4. Submit the application and pay the visa fee. On the date of your appointment, you will give your biometrics and may also have to enter an interview.
5. Wait for the visa to be processed
6. Pick up your passport. If the application is approved, the visa will be affixed to your passport.

If your Permanent Resident Visa is approved, you may use it to enter the country, where you have to convert it into a Mexican Permanent Resident Card at the National Immigration Institute.

Mexican Permanent Resident Visa Processing Time

The processing time for a Mexican Temporary Resident Visa changes from embassy to embassy, so you can expect to wait anywhere from one week to a month to receive a visa. As such, apply for the visa at least one month before you intend to travel.

How Much Does it Cost to Retire in Mexico?

One of the perks of retiring in Mexico is the low cost of living. You do not need to spend much to live well, and an amount of $1200 will get your monthly expenses covered.

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