There are different ways to apply for a Temporary Residency Visa in Mexico, and for those who have invested in Mexico Real Estate or are thinking about it, you will be interested in knowing that ownership in Mexico can qualify you for this visa.
Recently we asked Adriana Vela at Mexlaw for an update of the requirements for applying for a Temporary Residency Visa as a real estate owner in Mexico or as an investor.
In her opinion, expats looking to invest in business or purchase property in Mexico will want to have their residence visa in order. Typically you will provide documents proving your income and show that you can support yourself while living in Mexico, but if you are an investor or own real estate in Mexico you may already qualify for a Temporary Residency Visa.
Temporary Residency Visa
This visa is designed for foreigners who intend to stay in the country for more than 180 days and up to four years. The temporary resident card will only be granted for one year. After the first year, temporary residents can apply for one, two or three years renewal of the temporary resident card.
Depending on the category you wish to apply under you will submit the following information. Check with the consulate in the state you plan to apply in as the exact dollar amount may be different from state to state and fluctuate with the exchange rate.
The application process is completed in two steps:
The process begins with an interview at a Mexican Consulate outside of Mexico and finalizes in Mexico by doing something called canje (exchange) at the INM (Instituto Nacional de Migración).
Requirements:
- Printed application visa form, on both sides, duly completed and signed.
- Passport or identity card and valid and current trip, original and copy of the page where the photo and personal data appears.
- A small photograph with unveiled face, without glasses, front, colored with white background.
- Payment of fees in cash for the issuance of visa.
Exchange (CANJE)
- Original and copy of passport
- Original and copy of visa
- Proof of address
- Two front and one right profile photos (2.5 x 3.0 cm, white background, uncovered forehead, no  earrings, no necklaces, without smiling)
To apply as a real estate owner in Mexico you need to show:
Original and copy of Deed executed before a notary public attesting that the foreign person owns property with a value in excess of $151,000 USD.
or
To apply as an Investor you need to provide:
- Â Documentation of the Mexican entity executed before a Notary Public, or document duly certified stating that foreign person participates in the capital of the Mexican corporation. Also provide proof that the investment amount exceeds $90,000 USD which may be furnished by contract for the sale of stocks or shares, property or rights for the Mexican entity or document certifying the latter amount contributed by way of participation in the share capital, original and copy issued; or
- Â A document certifying the ownership of chattels for the foreign legal entity, with a value in excess of $90,000 USD, in original and copy; or
- Â Documents which support the development of economic or business activities in Mexico, which may be credited, declarative but not limited to, contracts, service orders, invoices, receipts, business plans, licenses or permits. Also provide a certificate issued by the Mexican Social Security Institute stating that the foreign person’s employer has at least five workers, original and copy.
Now, even if you do not wish to have investments in Mexico, you still may apply for a temporary residency visa as shown below.
- Financial Solvency
Provide the original and copy of proof of investments or bank accounts statements showing an average monthly balance of $32,000.00 Canadian dollars/ $25,000 USD during the last twelve months; or
Provide the original and copies of documents proving employment or pension tax- free with a monthly income by an amount greater than $1,900.00 Canadian dollars/$1,500 USD during the past six months.
Benefits of Temporary Residency:
- Temporary Residency allows the holder to get a registration number called CURP (Clave Unica de Registro de Poblacion). CURP holders are permitted to open bank accounts, legally register a car, possibly avoid paying capital gains tax on the future sale of a Mexican home, plus other benefits.
Keep in mind
- The total time to complete this procedure is approximately three months in the Riviera Maya; other states may have a different waiting time.
- If you enter Mexico with a pre-authorized visa while your temporary residency visa is in process, you need to remain in the country for a minimum seven business days before requesting permission to travel. Leaving without permission will cancel your visa.
If you have questions about Immigrating to Mexico, contact Adriana Vela at vela.a@mexlaw.ca
And remember, at Top Mexico… We make it happen!
