October 7th, 2023 at 05:33 am
Retirement Visas for Mexico
Mexico, or technically the United Mexican States, has been rapidly developing and growing its economy in recent years. As a result, more foreign nationals and investors came to Mexico with the intention of settling there.
At the moment, over a million foreign residents reside in Mexico. It is not difficult to fly to Mexico and stay there for a while, but the process becomes more difficult if you wish to relocate there permanently.
In Mexico, How Can I Retire?
Obtaining a Mexican Permanent Resident Card enables retired foreign nationals to live permanently in Mexico for retirement reasons.
For foreigners who wish to retire in Mexico, the most common retirement option is the Mexican Permanent Resident Card, often known as the Mexico Retirement Visa.
You must apply for a Permanent Resident Visa first, then convert the visa into a Mexican Permanent Resident Card in order to obtain a Permanent Residence Card.
You are able to reside in Mexico indefinitely after obtaining a Permanent Resident Card.
What Are Mexico’s Retirement Eligibility Requirements?
You must fulfill a number of requirements in order to be qualified for a Mexican Permanent Resident Card, including the following:
- You have to be retired in your nation of origin.
- You need to have adequate money to live comfortably in Mexico.
- You have to be prepared to reside continuously in Mexico and abstain from all forms of employment.
- You cannot get any revenue from sources inside the borders of Mexico.
Conditions for a Retirement Visa in Mexico
The following paperwork is required if you’re applying for a residence permit in Mexico with the intention of retiring there:
- A cover letter outlining the purpose of the visa request and sent to the Mexican consulate
- Your passport number, address, and full name
- Details regarding your pension, including the source and amount you receive
- Do you own any investments?
- The addresses you have in Mexico and your country of origin
- The departure date as well as the port of entry
- The last six months’ worth of bank statements, which attest to the fact that you have a fixed monthly income (which varies depending on the country, but is often between US$2,000 and US$3,000).
- Evidence of investments in the form of the previous year’s bank statements (where appropriate)
If you are reliant on anyone:
- You also need to set aside an extra 25% of your monthly income for them.
- Documentation of familial ties (marriage, birth, and other certifications) must be included.
How Do I Apply for a Visa to Reside in Mexico Permanently?
The following is the procedure for applying for a Mexican Permanent Resident Visa:
Make an appointment by contacting the embassy of Mexico. A list of Mexican embassies is available here.
- Fill out the application for a Mexico visa. The application form is available at the embassy in person or on the website of the Mexican embassy where you plan to apply.
- Gather the necessary paperwork. Check out the requirements below for obtaining a family visa to Mexico.
- Pay the visa fee and submit the application. You may be required to attend an interview in addition to providing your biometrics on the day of your appointment.
- Await the processing of the visa.
- Take your passport out. Your passport will be tagged with the visa if your application is accepted.
- After your application for permanent residence is accepted, you can use it to enter the nation, but you’ll need to change it at the National Immigration Institute into a Mexican Permanent Resident Card.
Processing Time for a Mexican Permanent Resident Visa
An embassy to embassy will handle a Mexican Temporary Resident Visa differently, so you may have to wait anywhere from a week to a month to obtain one. Thus, if possible, apply for the visa at least one month in advance of your intended trip.
How Much Does Mexico’s Retirement Cost?
The cheap cost of living in Mexico is one advantage of retiring there. To live well, you don’t need to spend much—$800 will pay all of your monthly needs.
Mexican Healthcare for the Retired
Mexico’s healthcare system is ranked 61 by the World Health Organization (WHO) and is supplied through government-run public institutions, private clinics, hospitals, and physicians. Every Mexican citizen is entitled to free healthcare, per the country’s constitution.
The healthcare system in Mexico is remarkable and effective, encompassing both public and private domains. The staff at most Mexican hospitals is highly skilled and speaks English, and the bulk of the facilities are in outstanding shape.
Despite the fact that all people of the nation are entitled to free healthcare, a sizeable percentage of the population is served by the commercial sector. A portion of the population in Mexico pays for the medical care they receive directly from private hospitals or through contracts with private insurance firms.
6.9% of Mexicans are covered by private insurance, the majority of which they pay for themselves.
In Mexico, Why Retire?
The following justifies retiring to Mexico:
Medical care.
Mexico provides all of its citizens and authorized residents with free medical care. The public and private health sectors in the nation offer top-notch medical facilities and highly skilled personnel as part of a two-tier healthcare system.
Accommodation
Because construction costs are so low in Mexico, labor expenses are much lower, which results in far reduced rehabilitation costs. In addition to being inexpensive and accessible for both buying and renting, property taxes are also minimal.
Living expenses.
The affordability of living in Mexico is its greatest feature. Without taking into account rent, the estimated monthly cost of living for an individual is approximately $500.
Taxes.
Pension payments are excluded up to fifteen times the daily UMA. The exemption for withdrawals is 90 daily UMA for each year that the contributions were made. Sums over certain criteria are subject to taxation.