Country Profile:

Mexico, situated south of the United States, is home to the world’s largest Spanish-speaking population and ranks as the second most populous country in Latin America.

Mexico belongs to the group of upper-middle-income countries. Its economy is closely related to the North American Free Trade Agreement (NAFTA). The World Bank predicts that by 2050, Mexico will become the fifth or seventh largest economy in the world.

Capital: Mexico City

Population: 129,875,529 (2023, 10th)

Ethnic Group: Mestzo(60%), Indian(30%), White/European Mexicans(9%)

Area: 1,972,550 km² (13th)

Offical Language: Spanish

Currency: Mexican Peso (as of Apr, 8th, 2024, 1 Peso = 0.061 USD)

GDP per Captial: $24,975 (2023, 70th)

How To Get Residency In Mexico:

The primary pathways for foreign immigration to Mexico consist of investment visas, visas for financially secured people, and retirement pension programs.

Visa For Financially Secured People:

Mexico offers a visa application channel for financially secure foreigners, known as the visa for financially secured people. To qualify for this visa, applicants must demonstrate a steady monthly income or possess sufficient savings.

The specific requirements for monthly income or savings change annually and also vary by the consulate where the application is submitted. Generally, in 2024, you need to provide proof of income of at least $4,400 per month over the past 12 months, or proof of bank deposits of at least $74,000 over the past 12 months.

Normally, for each additional dependent (spouse and children under 18) included in the application, the required monthly income increases by $472.

The income proof can be passive or active, but it must be a definite income for the past 12 months.

The main application process includes the following steps:

1. To apply for the income visa, you first need to make an appointment with the nearest Mexican consulate, prepare the necessary documents, and submit your application.

The basic required documents include: passport; one passport-size photo; proof of income; application form; proof of relationship with dependents; birth certificate, criminal record certificate, and proof of visa fee payment, etc.

2. Once the application is approved, the visa officer will stamp an income visa on your passport. You then have 180 days to enter Mexico and convert your income visa into a 1-year temporary residency permit with the National Migration Institute (INM).

3. After one year, you can apply for a renewal under the same conditions. After legally residing in the country for four years, you can apply for permanent residency in Mexico. To apply for a Mexican passport, you need 5 years of legal residency, including spending no more than 180 days outside of Mexico in the last two years.

Regarding residency visas, Mexican law does not require any specific duration of stay; visa holders do not need to live locally, as long as you are in Mexico at the time of renewal.

Government fees vary with the length of the visa, with 2022 figures being: $260 for permanent residency, $240 for a 1-year non-profit visa; $320 for a 2-year non-profit visa; $400 for a 3-year non-profit visa; $480 for a 4-year non-profit visa.

In terms of taxes, if you are a tax resident in Mexico (living locally for more than 183 days in a calendar year) and more than 50% of your income comes from within Mexico, you are required to pay up to 30% income tax. If more than 51% of your income comes from abroad, you are not required to pay local taxes.

Investment Visa:

Mexico’s investment visa includes two options: real estate and business:

Foreigners who make a full investment of $600,000 in local real estate (if purchased in the name of a company, the investment requirement is only $300,000), or invest $300,000 in a Mexican local enterprise or company stocks, can apply for a local investment visa (proof of a monthly income of at least $472 per applicant is required);

The application process for the investment visa is similar to that of the income visa.

Pension Program:

Mexico also offers a retirement permanent residency option (pension program) to foreigners with stable income. During in-person interviews at Mexican consulates in most countries, this visa is only available to retirees. However, in some regions, applicants over the age of 30 can also be granted this visa.

The financial requirement for the retirement permanent residency option can be met through either income or savings:

Applicants must demonstrate a passive monthly income of $7,400 over the past 6 months, which must come from sources such as pensions, rent, or interest from financial products.

Alternatively, applicants can show proof of deposits exceeding $300,000 over the past 12 months. This proof of deposit can also be replaced with a securities account statement.

Meeting the above criteria allows you to immediately obtain permanent residency in Mexico. The application process for this visa is identical to that of the income visa.

Work Visa:

Foreign individuals who have obtained sponsorship from an employer in Mexico can initially apply for a work visa from outside the country. Once inside Mexico, they must apply to the National Migration Institute (INM) to transition their work visa into a residency visa.

Taxation:

Mexico’s taxation policy is very accommodating. For non-citizens, if over 51% of their taxable income originates from sources outside of Mexico, they aren’t required to pay any taxes within Mexico, thereby preventing double taxation.

Naturalization:

Foreign individuals can apply for permanent residence in Mexico after having resided in the country for four consecutive years.

Foreigners who have lawfully resided in Mexico for five years and already hold permanent residency status, have lived in the country for at least 18 months out of the most recent two years, and have successfully passed the Mexican culture and Spanish language assessments, are eligible to apply for naturalization in Mexico.

All these conditions necessitate undergoing an minimum presence requirement for 180 days annually.

Passport Power:

Mexico recognizes dual citizenship, and passport holders can freely travel (either visa-free or with a visa upon arrival) to 161 countries or regions worldwide, including Canada, European Union countries, the United Kingdom, and South America (as of Apr 8th, 2024).