Retiring in Mexico: Financial Requirements for Residency.

If you plan on making Mexico your retirement home, I strongly recommend that you apply for either temporary or permanent residency. It will make your life a lot easier and give you access to more services.
In order to qualify for either temporary or permanent residency, you’ll have to prove that you have the financial means to support yourself. The specific financial requirements will vary depending on which residency you’re applying for and if you have any special circumstances (e.g. family ties in Mexico).
For the purpose of this post, I’m going to keep it simple and assume that you’re the average retiree from the U.S. or Canada who wants to retire in Mexico.

Temporary Resident Card
You have a few options with this one. You only have to meet one of the following:
Foreign Source Income (e.g. Pensions and/or Employment):
An average monthly income (after taxes) of at least 300 days of the Mexican minimum wage: 300 X $102.68 = $30,804 pesos, or about $1,621 USD*.
You must show proof (original documents and copies of each) for the previous 6 months.
Savings / Investments:
Investments or bank accounts with an average monthly balance of at least
5,000 days worth of minimum wage: 5,000 X $102.68 = $513,400 pesos, or about $27,021 USD*.
You must show proof (original documents and copies of each) for the previous 12 months.
Own Real Estate:
You own real estate in Mexico valued at over 40,000 days of minimum wage: 40,000 X $102.68 = $4,107,200 pesos, or about $216,168 USD*.

Permanent Resident Card
Generally speaking, people who immigrate to Mexico are required to complete four years as a temporary resident, after which they can obtain their permanent residency; however, Mexico made an exception for foreign retirees/pensioners. They can apply for permanent residency right away — provided they meet all the qualifications.
You only have to meet one of the following:
Retirement Benefit (e.g Pension):
An average monthly retirement income (after taxes) greater than 500 days of the Mexican minimum wage: 500 X $102.68 = $51,340 pesos, or about $2,702 USD*
You must show proof (original documents and copies of each) for the previous 6 months.
Savings / Investments:
Investments or bank accounts with an average monthly balance of at least 20,000 days worth of minimum wage: 20,000 X $102.68 = $2,053,600 pesos, or about $108,084 USD*.
You must show proof (original documents and copies of each) for the previous 12 months.
Spouses and Dependents
You’ll have to add 100 days of the minimum wage to the figures above per dependent. 100 X $102.68 = $10,268 pesos or about $540 USD*.

The process to apply for a temporary or permanent resident card will begin outside of Mexico at a Mexican Consulate. They will review your application, conduct an interview and assess whether or not you meet all the requirements.
Since the financial requirements are originally set in pesos, each consulate has to determine what the equivalent value would be in the local currency. The exchange rate used for that conversion will determine the actual dollar amounts required and those numbers often vary from consulate to consulate.

Updated January 2019 due to the increase in Mexico’s minimum wage from $88.36 MXN per day to $102.68 MXN per day.
* Exchange rate used 19 MXN to 1 USD

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