Mimimum wage is to go up 20% and income requirements for residency is based on the minimum wage. It will now take a pension income of about $3600 a month US to qualify for permanente and about $1900 US for temporal. You can convert from temporal to permanente after 4 years with no income requirements. They are quite sticky, the income has to be monthly. When i applied in December I had issues for permanente (had to go temporal)1) I have more tax taken off than I need to as I am never home at tax time. Even though I had 4 years of tax rebates they would not factor those in2) I take withdrawals from my RRSP (like 401k) 3 or 4 times a year. they would not average those as monthly income.It means a bit more hassle & expense as I have to renew temproal in a year then switch to permanente in 4 years. That means i have to be in Mexico 30 days before the temporal anniversary.

"If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least 500 days’ worth of minimum wage or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$108,000*) over the past 12 months."

Did you check into proving your net worth? I believe property (houses) also count toward that.When we did our permanent residency, the man we worked with was extremely flexible in what we used. We were able to show how much money was passing through our PayPal account during the 6 months a year we did eBay, and he was happy to accept that as proof of income.Here's more, and it gives the number for net worth. Maybe you have that in your retirement account or a house!Residente Permanente visa applicants must show a monthly income of 500 times the minimum wage => $3,243 US dollars ($61,610 MXN pesos) using an exchange rate of $19:1 ... That income must be documented by 6 months bank statements. ... People who have liquid assets can also qualify by proving an annual average balance of 20,000 times the minimum wage => $130,000 US dollars ($2,464,400 MXN pesos) using an exchange rate of $19:1 for 2020 applicants ... documented by 12 months of bank statements.Residente Temporal visa applicants must now prove a monthly income of 300 times the minimum wage => $1,946 US dollars ($36,966 MXN pesos) per month (using an exchange rate of $19:1. Consulates want 6 months of bank statements. ... People who have liquid assets can also qualify by proving an average annual balance of 5,000 times the minimum wage => $32,426 US dollars ($61,6100 MXN pesos) account balance for 2020.

My wife's pension is a lot larger than mine (university tenure) but she just retired this month so could not go for permanente as it is based on retirement income. I may see if its worth letting our temporal expire then reapply for permanente as a couple if we qualify. That would save one renewal. I could also plan to withdraw a monthly amount from my RRSP (401K) for 6 months to jack up my income.

When we got ours, it was based on our income, retirement or not, just what we could show was coming in.Again, don't forget the net worth way.

Becoming a resident gets a lot harder after NY's

Lwiddis
Explorer II
Dec 26, 2019
I guess I should start saving.
Talleyho69
Moderator
Dec 26, 2019
Did you check into proving your net worth? I believe property (houses) also count toward that.

When we did our permanent residency, the man we worked with was extremely flexible in what we used. We were able to show how much money was passing through our PayPal account during the 6 months a year we did eBay, and he was happy to accept that as proof of income.

Here's more, and it gives the number for net worth. Maybe you have that in your retirement account or a house!

Residente Permanente visa applicants must show a monthly income of 500 times the minimum wage => $3,243 US dollars ($61,610 MXN pesos) using an exchange rate of $19:1 ... That income must be documented by 6 months bank statements. ... People who have liquid assets can also qualify by proving an annual average balance of 20,000 times the minimum wage => $130,000 US dollars ($2,464,400 MXN pesos) using an exchange rate of $19:1 for 2020 applicants ... documented by 12 months of bank statements.

Residente Temporal visa applicants must now prove a monthly income of 300 times the minimum wage => $1,946 US dollars ($36,966 MXN pesos) per month (using an exchange rate of $19:1. Consulates want 6 months of bank statements. ... People who have liquid assets can also qualify by proving an average annual balance of 5,000 times the minimum wage => $32,426 US dollars ($61,6100 MXN pesos) account balance for 2020.
qtla9111
Nomad
Dec 26, 2019
"If you intend to apply for permanent residency you will need to demonstrate an income per month over the past six months of at least 500 days’ worth of minimum wage or have savings equivalent amounting to 20,000 days’ worth of minimum wage (approximately US$108,000*) over the past 12 months."

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Becoming a resident gets a lot harder after NY's

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