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Redy2Retire

Jul 30, 2015, 11:16 AM

Post #1 of 7 (5944 views)

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Residente Temporal & Permanente Income Requirements

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Hello All –
My wife and I would like to retire in Lake Chapala in the coming year. I am in need of some information which, hopefully, one or more of you can shed some light on based on your experience. Apologies upfront for the lengthy post, but it may save some back and forth Q&A’s.
My question(s) are regarding the assets / monthly income requirements for legal immigration from the U.S. to Mexico, obtaining Residente Temporal, or, Residente Permanente status.
With this snapshot of our financial picture (my monthly retirement income: $1875 USD; spouse’s monthly retirement income: $1460 USD; approximately $118,000 USD in IRA savings; and, home sale profit ), my questions are:
1) Residente Permanente – from my research, I believe I may qualify (between monthly income and savings), but what is then the financial requirement for a dependent family member (i.e., my wife)?
2) Residente Temporal –
a] what would be the financial requirement for a dependent family member (i.e., my wife)?
b] what happens at the end of 4 years? Can we simply ‘renew’ for another 4 years? Or, at the end of 4 years, can we apply for Residente Permanente status without having to meet an increased monthly financial requirement?
c] what would be the monthly financial requirement for another dependent family member in addition to my wife (i.e. parent)?
3) Process – can my wife and I simultaneously begin the (above) immigration application process at a Mexican consulate here in the U.S., or, do I first need to complete the process and her follow once my application is approved?
Thank you in advance to all knowledgeable who may reply. I look forward to your insights.
Bruce



RickS


Jul 30, 2015, 1:10 PM

Post #2 of 7 (5922 views)

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Re: [Redy2Retire] Residente Temporal & Permanente Income Requirements

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This link may help... scroll to top Post when there.

http://www.mexconnect.com/...?post=203775;#203775


(This post was edited by RickS on Jul 30, 2015, 1:13 PM)


YucaLandia


Jul 30, 2015, 1:37 PM

Post #3 of 7 (5912 views)

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Re: [Redy2Retire] Residente Temporal & Permanente Income Requirements

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SRE's personal fiscal solvency requirements were changed last year:
~ Financial Independence (Savings or Income) Requirements for Permanent Residency / Residente Permanente Applicants

"Financial Independence (Savings or Income or Property) Requirements for Permanent Residency / Residente Permanente Applicants
Residente Permanente Income or Deposits or Bank Balance Requirements:
(Manual/Lineamientos Article 44)
~ Documentation of Proof of Financial Independence by Average Bank Balance: Provide the 12 months of original bank statements (plus copies) as proof of income or savings/investments, to show equivalent to 20,000 days minimum wage ($70.10 pesos for 2015) $1,402,000 pesos or $102,000 US – according to the 10/10/2014 Lineamientos for Mexican Consulates – where the previous INM Lineamientos listed twenty five thousand days of the general minimum wage in the District Federal for the previous twelve months…
Average Monthly Balance of about $93,500 USD at $15 pesos/USD (exactly $1,402,000 pesos) for Residente Permanente … per 10/10/14 DOF Lineamientos for Mexican Consulates.
or
Using Method of Regular Deposits of Income or Pension Receipts: (Residente Permanente)
~ Have minimum monthly (investment account or work?) income deposits or pension deposits that are the equivalent of five hundred days worth of the current minimum wage ($70.10 for 2015) in the Federal District, for each of the previous six months – with original and copies of original bank statement. This translates to:
about $2,350 USD at $15 pesos/USD (exactly $35,050 pesos) a month of regular deposits for one Residente Permanente.

=====================

Your question about dependents/spouses is good:
~ Once the primary applicant has their Mexican Consulate's approval to go to Mexico to finish the process at their local INM office, the spouse/dependent enters Mexico as 180 day FMM/visitor's visa.

~ When the primary applicant has their Residente Permanente permit approved by their local INM office, the spouse/dependent then applies for Residente Permanente (or Residente Temporal) as an automatically qualifying family member.
See ~ Regularización Por Vínculo Familiar for INM’s current instructions and rules.

and for a few more details, check out ~ Other Categories/Qualifications that Permit a Foreigner to Become a Residente Permanente

Hope that helps,
steve

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Read-on MacDuff
E-visit at http://yucalandia.com


Redy2Retire

Jul 31, 2015, 7:07 AM

Post #4 of 7 (5821 views)

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Re: [YucaLandia] Residente Temporal & Permanente Income Requirements

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Hi Steve -
Thank you for the detailed response and good information. Possibly you can clarify a couple points for me regarding dependents / spouses:
1) you stated the "...spouse then applies for the RP or RT as an automatically qualifying family member.". Does the 'automatically qualifying' mean there is no monthly income / asset showing requirement for that spouse? And,
2) Does that (above) spouse then apply for the RP or RT at the local INM office, or, does it require returning to the U.S. to go the Mexican consulate to apply?

On a related note, maybe you have knowledge/experience and can answer another question(s). If a person has the RT, what happens at the end of 4 years? Does having then lived in Mexico for 4 years allow that person to apply for RP? What financial showing, if any, is then required?
Thanks again Steve.
Bruce


YucaLandia


Jul 31, 2015, 8:37 AM

Post #5 of 7 (5801 views)

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Re: [Redy2Retire] Residente Temporal & Permanente Income Requirements

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Hi Bruce,
Once the primary applicant has their Mexican residency card (visa) in hand, you go to the same local INM office and have the spouse/dependent/family-member apply for residency under the Vinculo Familiar program.

Here's were it may get a little messy: In theory, the local INM offices are supposed to automatically qualify the spouse/dependent/family-member for a residency visa - but the INM offices can and sometimes do:
~ require that the primary applicant to certify (in a letter) that they will be fiscally responsible for the Vinculo Familiar applicant ...
and
~ sometimes request added personal fiscal solvency documentation for the Vinculo Familiar applicant (as they did for me)

Each INM office has some discretion and local choice in what they can request/require.


At the end of the 4 years of Residente Temporal, the applicant has several options:

~ Apply for Residente Permanente at their local INM office . Since each INM office has some discretion and local choice in what they can request/require, they may require that we again prove personal fiscal solvency ... or not.

If you choose this route, be sure to check with your office if they want you to apply within 30 days before the RT expiration date ... or if they require the applicant to allow their RT to expire and then apply for RP.

~ RT visa holders who have completed 4 years on that visa can also get another fresh RT in one of 2 ways:
... Leave Mexico and apply for a new RT at a friendly Mexican Consulate like Laredo, Texas or in Belize.
or
... Some INM offices (like the Guadalajara INM office w/Spencer McMullin's / Intercasa process) allow the RT with an expiring RT to let the RT expire, and then immediately go into the local INM office and pay a small fine for allowing it to expire - and apply for a fresh shiny new RT visa/card without ever leaving Mexico.
Contact Spencer / Intercasa for details. since not all INM offices allow this.

Happy Trails,
steve
-
Read-on MacDuff
E-visit at http://yucalandia.com


RickS


Jul 31, 2015, 10:16 AM

Post #6 of 7 (5779 views)

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Re: [YucaLandia] Residente Temporal & Permanente Income Requirements

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And remember that this is "4 years in the future".... a lifetime in Mexico.... and could change any number of ways by then.... or not.


YucaLandia


Aug 1, 2015, 7:57 AM

Post #7 of 7 (5694 views)

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Re: [RickS] Residente Temporal & Permanente Income Requirements

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Dwight D. Eisenhower: "I have always found that plans are useless, but planning is indispensable."

Think Operation Overlord - D-Day.
-
Read-on MacDuff
E-visit at http://yucalandia.com
 
 
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