Buying A House In Mexico—All About the Permanent Resident Visa
You can buy a house in Mexico with the basic tourist visa you are handed or request when you enter Mexico, however, some people want to get a Permanent Visa. This explains how to get a Permanent Visa for Mexico!
8/12/20231 min read
Permanent Resident Visa (PR) is for those who plan to live in Mexico permanently. It also starts with a pre-approval like the Temporary Resident Visa, and much of the rest of the process is same as a Temporary Resident visa. You can read the www.HowToBuyAHouseInMexico.com blog post on Temporary Resident Visas.
As the name states, the Permanent Resident Visa is permanent and renewals are not required.
One may work as a PR but must inform INM after registering with SAT for taxes. INM may deny approval to work. Read other www.HowToBuyAHouseInMexico.com blog posts regarding work visas.
A foreign plated car is not allowed. You will need to have Mexican license plates on your vehicle. Read other www.HowToBuyAHouseInMexico.com blog posts regarding having a vehicle with Mexican license plates.
The amounts are per person. Consulates vary and may use different numbers taking into account exchange rates.
Some consulates will not provide Permanent Resident pre-approval to those under retirement age.
For those who are Temporary Residents and living in Mexico, you may become a Permanent Resident in less than 4 years if of retirement age. To do so, you must prove pension income of 500 x UMA / month or investments / savings of 25000 x UMA. La Unidad de Medida y Actualización (UMA) is 89.62.
For financial statements, if the account is in both names, have both names appear on your statements. Mexican printouts often show 1 name on joint accounts. The following amounts are based on a 20 to 1 US$ and 16 to 1 C$ exchange rate, and the rates change daily, so check for the current rate of exchange.
● Investments ~$173,000 US / $217,000 C (20,000 days x minimum wage 172.87) with 12 months of individual statements, or
● Monthly income of ~$4322 US/ $5400 C (500 days x minimum wage 172.87) only from a pension and with 6 months of individual statements
Children with a Permanent Resident visa between ages of 1 and 3 must renew their visa annually. Children over age 3 must renew every 4 years until 18.