Warm ocean beaches, swaying palms, and a laid-back lifestyle attract many Americans as an ideal place to spend their retirement years. In fact, the U.S. Department of State reports that approximately 1.5 million U.S. citizens are living in Mexico right now. Before your clients pack their belongings and head for the border to retire in Mexico, here are a few things they need to know.
What are the requirements to become a permanent resident of Mexico?
People who wish to purchase property and live full-time in Mexico should explore the requirements for obtaining permanent residence there. Unless the U.S. citizen is related to a permanent resident already, they will need to meet significant income requirements of the country. As part of their application, hopeful residents will need to provide:
- Original and a photocopy of investment receipts or bank account statements showing an average monthly balance equivalent to 20,000 days of the general minimum wage in Mexico (currently about $143,267 USD) for the past year, or
- Original and a photocopy of proof of tax-free monthly income from pensions in an amount greater than 500 days of general minimum wage in force in Mexico (currently about $3,581 USD) during the past six months.
There are also a few options to obtain temporary residency based on ownership of a property in Mexico with an assessed value of about $300,000 USD or a capital investment in Mexico of about $150,000. Temporary Residence Visas are valid for up to 4 years, and then upon living in Mexico for those four consecutive years, clients are eligible to apply for permanent residency. Clients who wish to use this route in seeking residency should discuss their specific situation with the Mexican consulate for advice and procedures.
What other documents are required with a permanent residence visa application?
- A portfolio of documents will be required with the application, for example:
- Visa application
- Original passport and copy of the first page of the passport
- Passport-like photograph to be used on the issued Visa
For applications from U.S. citizens who are related to Mexican citizens, other documents to prove the relationship are required, including birth certificates of the applicants and their children, birth certificates of Mexican relatives, marriage certificates, and other documents proving Mexican nationality.
All documents should be translated before submission.
For review by Mexican officials, all documents presented must be translated into Spanish. To ensure all translations are accurate and meet the requirements for formatting official documents, these translations should be completed by professional translators with experience obtaining foreign permanent residency visas.
Contact The Perfect Translation for your legal translation needs.
If you have clients who want to retire in Mexico, give us a call to learn how we can help. Our team at The Perfect Translation will partner with you to provide the best service to your clients seeking temporary or permanent residency in Mexico (or other countries.) We have specialists with experience in immigration, emigration, and expatriation. Your clients can rest assured their work will be accurately translated the first time to make the application process as smooth as possible. Contact us today for a free quote.