Mexico’s Economic Solvency Visa | A Complete Guide

What is Mexico’s Economic Solvency Visa:

Mexico’s Economic Solvency Visa (also known as the Income Visa or solvencia económica) is a popular short-term residency option. It allows you to apply for Mexican residency by demonstrating sufficient income or savings.

The specific financial requirements for this visa are directly tied to Mexico’s Minimum Daily Wage (MDW), which changes annually.

On January 9, 2025, the Mexican government announced the MDW for the year as 113.14 pesos, a slight increase from 108.57 pesos in 2024. Consequently, the financial requirements for the Mexican Economic Solvency Visa have also risen slightly compared to 2024 due to this MDW increase.

2025 Financial Requirements:

To apply for the Mexican Economic Solvency Visa in 2025, you need to prove:

• Stable monthly income of at least 300 times the Mexican MDW for the past six months, which is approximately $4,185 USD (it’s recommended to have at least $4,400 USD);

OR

• Consistent bank account deposits of at least 20,000 times the MDW for the past 12 months, which is approximately $130,000 USD.

Your income can be active or passive, but it must be demonstrably stable and predictable for both the past and future. Your deposits can be in a bank account in your home country, or in investment accounts like managed funds, stocks, or mutual funds. Mexico prioritizes your financial solvency and doesn’t require you to transfer your funds into a Mexican account.

Enhanced “Retiree” Version:

There’s an enhanced version of the Income Visa: if you’re a retiree with a monthly income of 500 times the MDW ($7,322 USD) for the past six months, or consistent savings of over 40,000 times the MDW ($300,000 USD) for the past 12 months, you might even be granted permanent residency on your first application.

While legally this enhanced version is for retirees, in practice, some lenient visa officers may grant permanent residency directly to applicants over 30 years old.

Since both the Economic Solvency Visa and Investment Visa require in-person interviews at Mexican embassies and immigration offices, the exact financial requirements might vary slightly depending on the specific embassy where you apply. However, they will generally adhere to the statutory multiples of the MDW.

If you have accompanying dependents, the income/deposit requirement for the primary applicant will increase by 100 times the MDW (approximately $1,465 USD) for each additional dependent.

Application Process:

Applying for Mexico’s Economic Solvency Visa (often called the Income Visa) involves a few key steps:

Step 1: Appointment and Application Submission

Your first move is to schedule an appointment with the closest Mexican embassy or consulate. You’ll need to gather all the necessary documents and then submit your application.

Here’s what you’ll generally need:

• Your ID: Passports for everyone applying (you and any dependents), one passport-sized photo, and documents proving relationships, like birth or marriage certificates.

• The Application Form: You can usually find the specific form format by checking the embassy or consulate’s website, you can also check here.

• Proof of Funds: This is crucial. You’ll provide bank statements, a signed letter explaining your financial situation, and any other relevant financial documents.

• Health Check: All adult applicants must provide a medical certificate.

• Clean Record: All adult applicants also need a criminal record certificate.

• Payment Confirmation: Proof that you’ve paid the visa fee.

Any documents not issued in Mexico must be notarized, and if they’re not in Spanish, they’ll need to be translated into Spanish.

During this stage, you’ll typically have an in-person interview with a consular officer. They’ll ask you questions about your financial situation, why you want to live in Mexico, and other related topics.

Step 2: Visa Approval and Residency Conversion

If your application is approved, the consular officer will place an Economic Solvency Visa stamp in your passport. This stamp acts as your entry visa and is valid for 180 days.

You’ll need to enter Mexico within this 180-day validity period. Once you’ve arrived, you have 30 days to go to a local National Migration Institute (INM) office in Mexico. There, you’ll convert your initial entry visa into a one-year temporary residency permit.