We provide specialized Retirement Visa legal consultation for people looking to retire in Mexico.
Retirees looking to permanently reside in Mexico can apply for a Permanent Resident visa.
This visa category typically prohibits retirees from engaging in paid activities within the country. Dependents can also be included in the application.
The retirement visa for Mexico welcomes individuals from any global nationality. Nonetheless, this income criteria must be satisfied:
If you plan to retire in Mexico, you must demonstrate that in the past six months you have received a pension or retirement income equivalent to at least 300 days of the Mexican minimum wage (this depends of the country, but goes around US$3,000 to US$5,000). Alternatively, you can prove that you have investments or bank accounts with an average balance of, depending of the country, around US$150,000 – US$200,000 over the past year.
If you have a dependent you must have an extra 25% of your monthly income, as well as proof of family relationship (birth certificates, marriage certificates, etc)
If you are applying for a Residence Permit to retire in Mexico, you will need the following documents:
Cover Letter addressed to the Mexican embassy, including:
Bank Statements from the last six months showing a set monthly income (typically around US$2,000-US$3,000, depending on the country).
Proof of Investments with bank statements from the last twelve months (if applicable).
If you have a dependent:
Taxation for expats in Mexico can be complex and is influenced by the type of visa you hold and whether you are considered a Mexican tax resident.
Retirement Visas:
Tax Residency:
Canada-Mexico Tax Convention:
Additional Income Sources:
It’s crucial to consider these factors and seek professional advice to manage your tax obligations effectively when relocating to Mexico.
If you become a tax resident in Mexico, the income tax rate goes progresively up to 35% for earnings over 4,511,707 MXN (US$247,882).
In conclusion, the retirement visa in Mexico opens doors to a dynamic work-life experience in a country known for its captivating culture and breathtaking landscapes, but sometimes is difficult to do everything on your own. If you’re eager to embrace the freedom of remote work, and need someone to be at your side on each step of the process, our team is ready to assist you.
Join the growing community of retirees in Mexico and experience all that this incredible country has to offer.
A lawyer can be a valuable asset in helping you with the Retirement Visa (Temporary Resident Visa for Retirees) in Mexico by:
Ensuring eligibility: A lawyer will review your financial situation to ensure you meet the income or savings requirements to qualify for a retirement visa, usually through pensions or savings.
Document preparation: They assist in gathering necessary documents, such as proof of income or savings, health insurance, and proof of accommodation in Mexico.
Application submission: A lawyer ensures your retirement visa application is accurately completed and submitted to the relevant Mexican consulate or immigration office, reducing the risk of delays or rejection.
Navigating local regulations: They guide you through Mexico’s immigration requirements and help you comply with local laws during the visa process.
Appealing rejections: If your visa application is denied, a lawyer can help appeal the decision, addressing any issues that led to the rejection.
Ongoing legal support: They assist with renewals, transitioning to permanent residency, and advising on legal and tax matters for retirees in Mexico.
If you’d like, we can discuss your specific situation in more detail to help you through the Retirement Visa process in Mexico.
The processing time for a Mexican Temporary Resident Visa varies by embassy, ranging from one week to a month. Therefore, it is advisable to apply for the visa at least one month before your intended travel date.
One of the perks of retiring in Mexico is the low living costs. You do not need to spend much to live well, and an amount of $800 will get your monthly expenses covered.