Permanent Residency Requirements

Discussion in 'Living in Cancun' started by V, Nov 12, 2012.

  1. V

    V I can choose my own title Registered Member

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    http://www.inm.gob.mx/static/Tramit...residente_temporal_a_residente_permanente.pdf

    Under the new rules, there are three ways to qualify: points, completion of four years in temporary status, or financial self sufficiency.

    For those who wish to rely on financial self sufficiency the new standards are high: either $119,865 USD maintained on deposit over the preceeding 12 months, or an income or pension, paid from abroad, in a monthly sum of at least $2,397 USD over the last six months prior to application.

    Even temporary residence based on financial self sufficiency now seems to come with a much higher price tag: $95,892 USD on deposit over the previous 12 months, or a pension amounting to $1,918 USD per month, over the last six months. (On this, or anything else that appears in this thread, I welcome anyone pointing out any error they may see in what I've written.)

    Financial self sufficiency represented an easy path to residency for many people in the past, with something under $15,000 USD on deposit seemingly enough to satisfy INM, and the possibility of obtaining the permission, in Mexico, without first having obtained a visa, abroad: that window appears to be closing, with it now being required that you get a visa, prior to entering the country, with few exceptions.

    Also, there will now be a fee which must be paid to initiate the processing, something that wasn't previously required. So much for making it easier.

    Those who are renewing a temporary residence status may have it easier: I don't see any specific financial requirements spelled out in the new rules.

    http://www.inm.gob.mx/static/Tramit...pedicion_de_doc_migratorio_por_renovacion.pdf
     
    Last edited: Nov 17, 2012
  2. davisod

    davisod Addict Registered Member

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    PLEASE INDULGE MY USING THE OLD CATEGORIES: I am, AND HAVE BEEN, happy with renewing my "RENTISTA FM3". However, now that there are new categories, should I be wanting to bump it up one notch to the new "FM2".

    I'll tell you a little info, and then hopefully you can answer: should or shouldn't I?

    I live in Canada for 9.5 months a year, travel to my condo in Puerto Morelos once a year to escape the dead of winter (or is it the dread). Everything in terms of my fideicomiso, my Banamex account, home insurance is in order. I qualify financially according to the details from V above. But should I, now that there are new laws, make a move to upgrade? This matter is becoming like my Apple iphone issues every time they intro a new model....."Thanks" to Steve Jobs, I'm programmed into operant "upgrade" conditioning......jajaja

    One additional FYI to add grist to the mill: I am a happily retired high school English teacher with 2 Masters' degrees - and WOULD LIKE TO TEACH IN A UNIVERSITY IN Q.ROO.

    I know it's a lot to fathom, but I look forward to hearing all your thoughts (as I do almost daily on my favourite forum in all of cyberspace.)
     
    Last edited: Nov 13, 2012
  3. V

    V I can choose my own title Registered Member

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    This is a harder question to answer than you might suppose. It just depends on what you might see as an advantage to being classified as a permanent resident.

    If you see some advantages, and no downside, then the decision should be an easy one.

    I have a lingering concern about the tax implications of permanent residency, and am hoping Steve will look into it before he files his renewal, which must be fairly soon, as I recall!
     
  4. Steve

    Steve Administrator Owner

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    Our accountant advised that there is no change in my case, since I don't have any payments come in to Mexico from foreign sources - they are paid in to my UK accounts.

    If anyone receives foreign funds directly to Mexico then they should, of course, seek their own tax advice.
     
  5. Steve

    Steve Administrator Owner

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    Permanent Residency Application Part 1

    Had a meeting with Mauricio today who will be processing my Permanent Residency application.

    I qualify on several counts. 4 years with a FM2, 2 years with a FM2 and a Mexican Spouse, and financial self sufficiency. We didn't discuss the points system.

    I'll be applying under the 4 years with FM2 requirement since it is the easiest to prove and requires the least documentation. That said, I'll be submitting evidence of my marriage and finances (albeit not translated original statements) as supporting info, although these aren't strictly required.

    Mauricio is collecting our documents on Tuesday and I'll keep this thread updated on progress since I'm one of the first here to go down this route.
     
  6. V

    V I can choose my own title Registered Member

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    I'm surprised there has been no outcry on this board regarding the new, and greatly increased requirements for those who wish to obtain residency based on financial self-sufficiency (the former, Visitante Rentista). The welcome mat has definitely been withdrawn for those millions of Americans who are retiring with nothing more to live on than their social security check, which varies, depending on one's lifetime earnings, but averages just $1,100 USD/month, according to what I've read. While this sum would have been enough to maintain a modest lifestyle here, though it might not in the U.S., this no longer is sufficient to qualify for residency.

    It is said that in the U.S. something like 60% of retiring Americans have no savings at all: this is partly a result of two financial meltdowns that have occurred in the U.S. in just one decade- that of the stock market, in 2000, and that of the housing market in 2008- leaving many with personal finances devastated just as they approach retirement age.

    I read recently that 10,000 Americans a day are now turning 65: what a shame that Mexico has chosen this time to tighten their immigration laws.
     
  7. matkirk

    matkirk Guru Registered Member

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    We flew into Phoenix Arizona on the way to Vegas. I'm guessing Arizona is popular with retirees - but it was amazing how many old people were working at the airport. Even in Vegas there were quite a few older folk still working.
     
  8. V

    V I can choose my own title Registered Member

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    Could it be they've heard of the aging hoard that might otherwise be coming this way?
    You see it everywhere, but always, it seems, with them performing menial tasks.

    Funny how the immigration reform in Mexico was supposed to make it easier to come to Mexico, and stay in Mexico; but, when I look at how it's ended up, it's not that way, in fact. I don't know if Calderon isn't just a little disappointed in how it all turned out.

    I used to say Mexico had one of the most liberal immigration regimes that I was aware of: I don't think that's true, anymore.
     
  9. davisod

    davisod Addict Registered Member

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    What's MORE of a shame is that 40-45 years ago we were the Woodstock flower children!
     
  10. limejello

    limejello Enthusiast Registered Member

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    My mom was planning to move down after retiring, and live off of Social Security. She's 59 now and has no retirement at all. Looks like we'll have to see if she qualifies as my family member. It won't make much difference for quite a few more years, anyway.
     
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