Mexico is a great nation for business and investment because it is one of the world’s leading economies and one of the countries that receives the most foreign direct investment. In addition, it is a place that knows how to reward those who choose it as their next home.
Are you considering moving to Mexico soon? You can do it through your habits. I mean, if you maintain healthy finances, a good credit history in your country and have a job that allows you to develop it from Mexico, you can apply for a temporary or permanent visa. This way, you will be able to enjoy the benefits that Mexico grants. Of course, we will be happy to support your plans.
The visa you can apply for is the temporary or permanent residency visa in the economic solvency modality. First, let’s clarify. What is economic solvency in immigration terms?
- What is economic solvency in immigration terms?
Economic solvency is the ability of a person to meet his or her economic obligations, financial responsibilities and daily debts, without compromising or weakening his or her economic stability. Nowadays, those who are economically solvent can also generate benefits for themselves in terms of immigration.
You should know that, in order to migrate to Mexico, if you wish to initiate the process from another country, it is required to apply for a visa. The economic solvency, besides implying the availability of economic
resources, is also an alternative recognized by the Mexican immigration law that enables the person to obtain a Mexican residency as long as the requirements are met. This document may be renewed as long as the person proves that he/she continues being economically solvent.
Mexico seeks foreign investment because the country benefits from it. But it does not only welcome those who meet the requirements. It filters out those who, despite appearing to be good candidates, are not so in
terms of the law.
To be recognized as a solvent person, it is not only necessary to have money. It is necessary to determine if the person’s intentions of residency match his or her financial reality and, at the same time, with the needs and reality of Mexico. It is necessary to discern if the person will continue to be solvent in spite of living a migratory process in our country. Also, it is necessary to evaluate if the economic solvency is liquid in monetary terms. And, at the same time, if the country can receive a person with a certain planned life project. It is verified that the person is suitable to migrate to Mexico.
- Who is considered economically solvent?
People who wish to migrate to Mexico by means of economic solvency must comply with certain elements in order to be considered as ideal candidates for the authorization of their visa. It is not only necessary to have enough money.
It is considered economically solvent to those who:
a) Prove that they have the resources to formalize a life project in Mexico.
b) Demonstrate that they have a legal source of income and can prove the origin of their solvency.
c) Prove that they have a financial history of at least 6 or 12 months, depending on the type of economic solvency.
d) Continue to receive economic income similar to that received up to the time of the consular interview, even after the immigration process.
e) Demonstrate that they will not stop receiving their economic income due to the migratory process that they are carrying out.
f) Prove that they will not give up their source of income in order to migrate to the country.
g) Have the ability to dispose of their money freely and do not have it invested or committed to third parties.
- Who is not considered financially solvent?
People who are not considered economically solvent, in spite of having the economic flow required by the authority and the law, are those who:
a) Do not demonstrate the lawful origin of their income.
b) Do not hold bank or investment accounts for longer than required, i.e., if they do not have sufficient history or seniority, despite having the required solvency.
c) Stop receiving income in their countries of origin and/or residence due to the immigration process to Mexico. For example, if they resign from their job.
d) Have the majority of their resources invested in stocks or volatile investment instruments that could imply a considerable risk of loss.
e) Do not have economic capacity in terms of effective liquidity.
f) Plan to work in Mexico to comply with the economic solvency requirement.
g) Stop receiving the required amount of economic solvency, at least 1 month, thus interrupting the 6 or 12 months seniority.
However, these are only examples, it is advisable to consult a specialist to evaluate your particular financial situation and the viability of a migratory process through your economic solvency.
- What are the immigration benefits that Mexico grants to those who are considered economically solvent?
The procedure that can be done by the modality of economic solvency is a residence visa. This must be initiated at any of the offices of the Mexican Consular Sections abroad. If the immigration process is successfully completed, the immigration benefits to be received may be temporary residency or even permanent residency in Mexico. The benefit granted depends on the amount and the modality that is accredited.
Once the person has the residency, the benefits are extensive. Let’s mention a few examples. It allows multiple entries and exits of the country; transit and stay within Mexico is also possible; enables the person to open bank accounts or participate in companies as a shareholder, even enables to create an own company; it also generates seniority rights to qualify for an eventual permanent residence or even Mexican citizenship; allows investments; enables relatives to apply for a residence by family unit, among others.
- What are the modalities of economic solvency for visa purposes?
The Government of Mexico requires specific amounts in order to consider a person to be economically solvent and, consequently, grant the person a residency visa. There are two ways in which a temporary Mexican residency can be obtained and different amounts are required for each
option:
The first modality: by having an average monthly balance in bank or investment accounts: This option is available to those who are holders of a bank or investment account whose average monthly
balance equals approximately $73,000 USD (2024 info.), during the last twelve months prior to the date on which the visa application was presented.
In case there is any doubt, an average monthly balance is the average amount of money held in a bank or investment account over the course of a month. Therefore, money can come in or go out regardless of the amount, as long as the required average monthly income is maintained; and
Second option: For having a job or pension: It is a modality available for those who can prove that they receive a monthly income, free of taxes and levies, higher than the approximate equivalent of $4,400 USD (2024 info.), through a job or pension, in their country of origin or residence, during the last 6 months prior to the day of the consular interview.
By the way, if you wish to apply directly for permanent residence, you must be retired or pensioned. The amount to be proved is a monthly ending balance in a bank account equivalent to $293,000 USD (2024 info.). This amount must be in bank or investment accounts as a monthly average balance during the last twelve months. It is also possible to apply for permanent residence by means of a pension, in which case, you must have a monthly income after taxes greater than the equivalent of $7,300 USD (2024 info.), during the last 6 months.
The amounts mentioned above are applicable during 2024 and are approximate. As the years pass, the amounts change because they are calculated based on a standard measure known in Mexico as the
minimum wage and this is modified year by year.
It is also important to mention that the amounts are rounded, that is, take them as a base, but to define exact values in your particular case, we invite you to contact us. We can help you to calculate, with greater
precision, how much the Consulate will ask you to prove according to the country where you live and its currency, taking into account its equivalence with the Mexican peso.
- What is the process for obtaining a residence visa under the economic solvency modality like?
Regardless of the modality and type of residency you are going to apply for, the path is the same. The visa process for economic solvency will always begin at one of the Mexican Consulates abroad. It is not possible to process it while in Mexico, it must be done outside the country.
First of all, it is necessary to make an extensive investigation with the intention of collecting information. The criteria of the Consulates are not usually the same, even if they apply the same law. This is because there are many factors involved. The value of the currency in the host country, the value of the currency in the country or countries where the applicant’s bank accounts are located, are examples of such variables. Therefore, it is advisable to verify the specific criteria of the Mexican Consulate to which you intend to apply for the visa.
As soon as we have the information, we must analyze if our visa application is viable according to the criteria of the pre-selected Consulates. In this sense, it is a good idea to keep, at least, a couple of options on the Consulates we can go to. The idea is to discard those in which we do not visualize a good outlook.
Once we select the suitable Consulate and make sure that we have the necessary requirements, we will proceed to obtain an appointment before the consular authority. It is very important that, by then, we have the documents that prove the economic solvency.
It will be part of the investigation to review how the bank documents should be issued. Some Consulates require these to be stamped by the issuing bank and even apostilled. Some others request additional documents to the bank or investment vouchers, such as payroll receipts, salary payment vouchers, pension receipt vouchers, among others.
On the day of the consular appointment, you must attend an interview in front of a consular officer. This is the person to whom we must explain the reasons why we wish to live in Mexico; what are the reasons for the move; the origin of our economic income and how we will maintain that financial capacity to cover the expenses during our stay in Mexico.
If the visa is approved, we must travel to Mexico within 6 months from the day the document was stamped in the passport. This is very important since the process does not end with obtaining the visa. It ends with the obtaining of the respective residence card, before any of the offices of the National Institute of Migration, in Mexico. The procedure to be carried out during the final phase in Mexico is called «canje» (exchange).
From the moment the temporary residency has been authorized, one year of residency will be granted initially. Of course, the residency is renewable. It is necessary to complete 4 years as a temporary resident in order to be able to apply for permanent residence at a later time. In the event that the authorized residence has been permanent, it is not renewed on the understanding that it will never expire.
- What are some tips that we share for people who wish to apply for a Mexican residency based on economic solvency?
We share with you some information if you wish to apply for residency through this path.
● The documents proving the economic solvency must mention the full name of the person as it appears in his/her passport. This is necessary in order to leave no doubt as to who is the holder of the bank accounts used for the immigration process.
● It is necessary to take into consideration in which country or countries we have the bank or investment accounts that we will use for the migratory process; and if the visa application will be received in the case that we present ourselves in a country different from the one where our bank is located, since not all of the mexican consulates accept it.
● Take into account the exchange parity. The amounts required by law are expressed in Mexican pesos (Mexico’s official currency) or in U.S. dollars, however, for practical purposes, Consulates have previously converted the amount to the local currency of the country where the Consulate is located. In the event that you submit a visa application with bank accounts located in another country, with a currency other than the local currency, you must do the same in terms of calculating the exchange parity to determine if you meet the amounts.
● Although the Consulates mention that they only require a concrete and specific list of documents to prove economic solvency, bring complementary documents that help explain the origin of the money and your economic history. Some Mexican Consulates limit themselves to analyzing what they required from the beginning; some others evaluate additional evidence in your favor.
- How can MONARCA help you to process your Mexican visa and residency through this modality?
We will make sure that your visa process is successful. To do so, we will thoroughly analyze your background and financial information. Don’t worry, we will maintain professional secrecy and total discretion. As a result of the analysis, we will issue a professional opinion informing you about the viability of your next immigration process. We will take into account the options of the Mexican Consulates you wish to go to.
We will investigate the feasibility of your process; the options of the appropriate consulates to submit your application; and we will prepare the file to be submitted to the authority. Our mission will be that you have all the necessary elements for the authority to make a positive decision in your favor.
We will provide you with indications on the management of the necessary requirements and, in general, we will assume the role of your advisors to achieve a successful consular interview.
We will give you indications on how to travel to Mexico, how to present yourself to the immigration authority at the airport as a holder of a residency visa, and we will assist you in obtaining your Mexican residence card. Finally, we will inform you about the rights and obligations you acquire once you complete your immigration process. Call us!
Autor: Lic. Daniel Hernández. 08 de Febrero de 2024.
