Buying A House In Mexico—About the Temporary Resident Visa

This post has a lot of specific and helpful information about the Temporary Resident Visa in case you decide to pursue having one. Save it!

A Temporary Resident visa (TR) is for those who intend to be in Mexico more than 6 months and up to 4 years. Benefits include the ability to obtain a Mexican state driver's license; to register a car bought in Mexico; easier access to opening a bank account; obtain an INAPAM senior's card and access to free healthcare through INSABI; save ~30% tax on the sale of a property. TR starts with a pre-approval at a Mexican consulate or embassy outside of Mexico.

For financial statements, if your account is in both names, then both names need to appear on your financial statements. Mexican account printouts usually show one name on joint accounts.

Proving home ownership in Mexico will also be given credit when applying. The amounts may vary based on exchange rates and consulate's policy.

For financial statements, if the account is in both names, please have both names appear on statements. Mexican account printouts show one name on joint accounts. The following amounts are based on a 20 to 1 US$ and 16 to 1 C$ exchange rate, and rates change daily. Canadian consulates all use a higher number than that which I show based on the law.

● Investments ~$43,217 US / $54,000 C (5000 days x minimum wage 172.87) with 12 months of individual statements,

● or

● ​Monthly income ~$2593 US / $3241 C (300 days x minimum wage 172.87) employment or pension showing 6 months of bank statements,

● or

● Value of your home in Mexico ~ 6,915,000 pesos (40,000 days x minimum wage 172.87) per person. You will need your deed and a copy.

Remember, the FMM is the name of the basic tourist visa card you are handed or request when you enter Mexico. Look at blogs on www.HowToBuyAHouseInMexico.com for more information about the FMM tourist visa for Mexico.

When you enter Mexico with a pre-approved visa, at your point of entry, you also complete a FMM. It must be marked CANJE (meaning to exchange) and both your passport and FMM date stamped.

Visas typically take one day and up to three weeks to process. A Temporary Resident visa will be issued for 1 year. Up to 30 days prior to expiration you may renew for 1 to 3 more years. Your expiration date will be on the anniversary of the day you entered Mexico.

You may bring a foreign plated car in to Mexico for as long as you are a TR. After 4 years you become a Permanent Resident. One may not earn Mexico sourced income as a TR but you may earn income from outside of Mexico.

Should you wish to earn income sourced in Mexico such as a being a landlord, selling art, selling real estate, etc. you may apply for a Permiso Para Trabajar Visa. This requires registration with SAT for taxes. This process is performed locally.