This guide describes the routes and amounts required to qualify for residency under Mexico’s immigration rules for economic solvency.
Financial Criteria for 2024
This guide has been fully revised with figures for 2024.
Mexican Consulates do not appear to be adopting UMA for their calculations in 2024. UMA was introduced in 2016 and Mexican Consulates have never used it for their residency qualification calculations.
When you plan to apply for legal residency in Mexico, Mexican immigration law states that applicants for residency need to fulfill certain criteria.
Most applications for residency are granted on the basis of ‘economic solvency’ and these criteria intend to ensure that people applying for residency by this route have the economic means to sustain themselves in Mexico.
In this guide:
Financial qualification criteria for 2024
Financial qualification criteria for 2024
There are four principal routes to qualify for residency in Mexico using your financial means / assets. They are:
- By demonstrating you have a minimum monthly net income; or
- By holding a minimum balance in personal savings/investments; or
- By owning a house in Mexico with a specified minimum value; or
- By making a specified capital investment in a Mexican company.
You must qualify financially with the minimum amount required under one of the above. You cannot mix means/asset types; for example, you cannot mix income & savings, or savings & house value.
The financial account statements (or property title deed, if you use your Mexican house value) must be in the name of the applicant.
Typical amounts required by means/asset type
This section describes the monetary amounts Mexican Consulates typically ask for to qualify for Temporary or Permanent residency under each means/asset type mentioned in the previous section.
Key points about the figures quoted in this section
To find out what types of income and savings qualify, read these detailed FAQs about obtaining residency in Mexico using your ‘economic solvency.’
The amounts in USD are approximations based on Mexico’s current Daily Minimum Wage and the exchange rate of 17 pesos to 1 USD we used for these illustrations.
Residency in Mexico using your monthly income
When you intend to use your monthly income to apply for a residency visa at a Mexican Consulate abroad, you need to demonstrate monthly net income as described in the table below.
| Residency Type (2024) | Monthly Income |
| Temporary Residency | A regular income of at least c.US$4,350 per month, every month, over the last 6 months. (Some consulates request 12 months.) |
| Permanent Residency | A regular income of at least c.US$7,300 per month, every month, over the last 6 months. (Some consulates request 12 months.) |
See also: Difference between temporary and permanent residency.
Residency in Mexico using your personal savings/investments
When you intend to use your personal savings/investment balances to apply for a residency visa at a Mexican Consulate abroad, you need to demonstrate savings and/or investment balances as described in the table below.
| Residency Type (2024) | Savings/Investments |
| Temporary Residency | Qualifying savings/investments showing account balance(s) totaling at least c.US$73,200 over the last 12 months. (The total must not fall below the minimum amount required at any time over the last 12 months.) |
| Permanent Residency | Qualifying savings/investments showing account balance(s) totaling at least c.US$293,000 over the last 12 months. (The total must not fall below the minimum amount required at any time over the last 12 months.) |
Cryptocurrencies and Precious Metals do NOT qualify
Note that Mexican Consulates abroad and Immigration Offices in Mexico do not accept cryptocurrencies or precious metals as a form of savings/investment.
To find out what types of income and savings qualify, read these detailed FAQs about obtaining residency in Mexico using your ‘economic solvency.’
Residency in Mexico using the market value of your residential house
You can apply at a Mexican Consulate for Temporary Residency if you own a residential property in Mexico (not abroad) and you can demonstrate that:
- the property has a minimum market value of MXN$9,957,000 pesos (approximately $586,000 US dollars), and:
- the property must be situated in Mexico;
- the property value must be free of any liens (debts, charges, or mortgages);
- the value to demonstrate is that noted on the title deed/sales contract, or from a recent official valuation;
- the name(s) on the title deed/sales contract must match that of the applicant.
Residency in Mexico using a capital investment
You can qualify for Temporary Residency if you commit to investing in a private Mexican-owned company or a company or companies listed on the Mexican stock exchange.
- You must make a capital investment of at least MXN$4,978,600 pesos (approximately US$293,000); and
- the capital must be invested in one of a prescribed set of ways; and
- these applications are considerably more complex than applications made using the other three ‘economic solvency’ routes.
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, our Mexico Immigration Assistance Service provides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Notes and FAQs
This section contains some accompanying information about the amounts quoted above. Also read the next section (Appendix) to learn about Mexico’s Minimum Daily Wage & UMA and how these affect economic qualification criteria.
See also: FAQs: Obtaining Residency in Mexico via ‘Economic Solvency’.
Exchange rates
We used an exchange rate of 17 Mexican pesos (MXN) to 1 US dollar (USD) to calculate the USD-equivalent amounts in the illustrations. Mexican Consulates abroad and immigration offices in Mexico may apply distinct exchange rates that might not reflect these illustrations, and/or the latest market rates.
Financial requirements vary by consulate
It’s common for ‘economic solvency’ requirements to vary between consulates. The differences usually arise due to the variation in the exchange rate applied by each consulate to calculate the figures in the local currency where the consulate is situated. However, requirements quoted by Mexican Consulates are broadly aligned with Mexico’s 2024 Minimum Daily Wage multiples—see next section for more details.
Dependent spouse
(married couples/common law partners)
If you’re applying for residency as a couple, you do not need to demonstrate double the amounts expressed above.
Instead, one spouse/partner will need to demonstrate income or a savings balance in the amounts above (as the principal applicant) plus an additional sum of income or savings balance equivalent to 100x Minimum Daily Wage (MDW) or UMA for the dependent spouse/partner.
If you are legally married, you will need to show your marriage certificate. Common-law partners need to consult with the consulate they apply at to ask about what proof of common-law partnership they ask for; requirements vary by consulate.
Read this if you are applying for Permanent Residency as a couple.
Also read these FAQs for more details about couples applying together.
Dependent minors
If you’re applying for residency with dependent children, note that only minor children (aged under 18 years) can be included on the application as your dependents.
For minor children dependents, you will need to demonstrate income or a savings balance in the amounts above for the principal applicant plus an additional sum of income or savings balance equivalent to 100x Minimum Daily Wage (MDW) or UMA for each dependent minor child. (See the next section in this guide about how figures are calculated regarding MDW and UMA.)
Also note: Both parents must be present at the interview to sign the application for the dependent child(ren), otherwise a notarized letter from the absent parent authorizing the application must be submitted alongside the application.
Family Unit applications
“Family Unit” applications are those where the applicant has specific family ties or roots in Mexico, for example, Mexican parentage or a Mexican spouse or common-law partner. Learn more about Family Unit residency applications.
Permanent residency
Mexican Consulates are requiring applicants ‘to be retired’ to grant applications for Permanent Residency right away—even when applicants meet the economic solvency requirements.
If the applicant has the economic means for permanent residency but does not otherwise qualify, the Consulate will usually offer to grant Temporary Residency instead. Read this if you are applying for Permanent Residency as a couple.
Student residents
Financial qualification criteria for student residency permits are considerably lower (see the tables in the next section) but note that student residency permits carry restrictions that non-student residency permits don’t have. Work permissions can optionally be sought with student residency permits.
All applications
Every application is dealt with on a per-case basis and the Mexican consulate abroad or immigration office in Mexico retain ultimate discretion to accept an application—and thereafter grant or deny that residency application.
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, our Mexico Immigration Assistance Service provides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Appendix: How the amounts are calculated
Under Mexico’s immigration law, applicants seeking residency in Mexico via the route of ‘economic solvency’ need to demonstrate amounts of money based on “multiples” of either Mexico’s official Minimum Daily Wage (MDW) or Unidad de Medida y Actualización (UMA).
The values of MDW and UMA rise in January each year, and the value of these determine the financial criteria to qualify for residency in Mexico.
UMA 2024: $108.57 pesos; MDW 2024: $248.93 Mexican pesos
- Minimum Daily Wage for 2024 is $248.93 pesos
- UMA for 2024 is $108.57 pesos.
- Mexican consulates abroad continue to use Minimum Daily Wage (MDW) for their calculations, and do not appear to be adopting UMA in 2024 to calculate their residency qualification criteria.
- Immigration offices in Mexico are using UMA values for their calculations.
Most applications must start at a Mexican Consulate
Most initial applications for residency must begin at a Mexican consulate abroad unless your situation is one of the few that allow initial applications for residency to be made within Mexico—most of these are related to ‘Family Unit’ applications, whereby the applicant has specific Mexican family ties or roots.
How qualifying ‘multiples’ work
Depending on the type of residency applied for, applicants must demonstrate varying (x) multiples of UMA or Minimum Daily Wage (MDW).
The table below illustrates the legally-stipulated multiples required for various residency types.
| Residency Type | Multiple: Monthly Income | Multiple: Savings Balance |
| Temporary Residency | 300x UMA or MDW | 5,000x UMA or MDW |
| Permanent Residency | 500x UMA or MDW | 20,000x UMA or MDW |
| Dependent Spouse | 100x UMA or MDW | 100x UMA or MDW |
| Dependent Minor | 100x UMA or MDW | 100x UMA or MDW |
| “Family Unit”* | 100x UMA or MDW | 100x UMA or MDW |
| Student (Temporary Residency) |
100x UMA or MDW | 1,000x UMA or MDW |
* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.
UMA 2024: $108.57 pesos; MDW 2024: $248.93 Mexican pesos
Mexican Consulates Abroad vs Immigration Offices in Mexico
When you apply for residency at a Mexican Consulate abroad, the consulate will quote a monetary amount in the currency of the country where the consulate is situated, e.g., USA/CDN dollars, UK pounds, France euros, etc. Their calculations are based on Mexico’s Minimum Daily Wage. It’s quite common for consulates’ requirements to vary from one another, and the exchange rates they apply may also vary.
When you apply for any immigration procedure at an immigration office in Mexico —for example: residency on the basis of Family Unit, renewal of temporary residency, exchange from temporary to permanent, regularization, etc.— the immigration office will quote Mexican pesos (or a foreign currency equivalent) based on the multiples of UMA if an ‘economic solvency’ requirement is asked for within the scope of that procedure.
‘Multiples’ table based on monthly income
This table illustrates the minimum monthly income that must be demonstrated in the 6 months preceding your application date (some consulates ask to see 12 months).
The amounts below are expressed in Mexican pesos (MXN) with an approximate equivalent in US dollars (USD), based on the legal multiples of UMA or Minimum Daily Wage (MDW) required for qualification. See the section above to learn about how the ‘multiples’ are applied in these calculations.
US dollar amounts illustrated in these tables use an exchange rate of 17 Mexican pesos to 1 US dollar.
| Residency Type | Minimum Daily Wage (Monthly Income) |
UMA (Monthly Income) |
| Temporary Residency | MXN$74,679 | USD$4,393 | MXN$32,571 | USD$1,916 |
| Permanent Residency | MXN$124,465 | USD$7,321 | MXN$54,285 | USD$3,193 |
| Dependent Spouse | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| Dependent Minors | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| “Family Unit”* | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| Student (Temporary Residency) |
MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.
UMA 2024: $108.57 pesos; MDW 2024: $248.93 Mexican pesos
‘Multiples’ table based on savings/investments
This table illustrates the minimum savings/investment balance (cash or investments) required, and this minimum balance must be demonstrated for at least a full 12 months preceding your application date. For monthly income, see previous section.
The amounts below are expressed in Mexican pesos (MXN) with an approximate equivalent in US dollars (USD), based on the legal multiples of UMA or Minimum Daily Wage (MDW) required for qualification. See the section above to learn about how the ‘multiples’ are applied in these calculations.
US dollar amounts illustrated in these tables use an exchange rate of 17 Mexican pesos to 1 US dollar.
| Residency Type | Minimum Daily Wage (Savings/Investments) |
UMA (Savings/Investments) |
| Temporary Residency | MXN$1,244,650 | USD$73,215 | MXN$542,850 | USD$31,932 |
| Permanent Residency | MXN$4,978,800 | USD$292,859 | MXN$2,171,400 | USD$127,729 |
| Dependent Spouse | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| Dependent Minor | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| Family Unit* | MXN$24,893 | USD$1,464 | MXN$10,857 | USD$639 |
| Student (Temporary Residency) |
MXN$248,930 | USD$14,463 | MXN$108,570 | USD$6,386 |
* Family Unit applications are those whereby the applicant has specific family ties or roots in Mexico.
UMA 2024: $108.57 pesos; MDW 2024: $248.93 Mexican pesos
Mexico Immigration Assistance
When you need assistance with your Mexico residency application, renewals, or regularization procedures, our Mexico Immigration Assistance Service provides consulting, advice, and practical support that assists you through the entire residency application or renewal process, including visa exchanges, regularization procedures, and troubleshooting.
Learn more about residency in Mexico
Mexperience publishes information and resources to help you learn about how to apply for and obtain legal residency in Mexico:
- FAQS: Obtaining Residency in Mexico via ‘Economic Solvency’
- Learn about the principal routes to obtaining legal residency
- Learn about the difference between Temporary and Permanent residency
- Find the latest residency-related fees charged by Mexico’s government
- Our free Mexico Immigration Guide encapsulates essential information about visas and residency permits for Mexico.
The figures and calculations quoted in this article are based on legally-stipulated multiples of income/savings/assets, and the exchange rate cited for US dollars. They are provided in good faith, without warranty. For personal assistance with your application, consider requesting our associate’s Mexico Immigration Assistance Service.
