If you plan on getting either a temporary or permanent Mexican resident card, chances are that you’re going to have to prove economic solvency in order to be approved.
That’s just a fancy way of saying that you’ll have to meet certain financial requirements to prove that you can support yourself in Mexico and not be a drain on their economy. That part makes sense to most people, the problem is that the financial requirements will vary from one Mexican consulate to the next.
For applicants who are right on the financial line, the difference can be enough to get their application rejected by one consulate but accepted by a consulate located in another city.
A Look at Where the Numbers Come From
Contrary to what you might read in some Facebook groups, the financial thresholds are not being arbitrarily set.
They are determined by mathematical formulas; however, the formula used will depend on the type of resident card you’re applying for (temporary or permanent), and if there are any special circumstances (e.g. family ties in Mexico).
Here’s an example of what I’m talking about:
Let’s say someone is applying for a temporary resident card, and they’re going to prove economic solvency through either a pension payment or foreign earned income (e.g. remote job).
The applicant will be required to prove that he or she has an average monthly income (after taxes) of at least 300 days of the Mexican minimum wage: 300 X $102.68 = $30,804 pesos.
That amount of $30,804 MXN does not change. Every Mexican consulate on the planet will determine if an applicant for a resident card meets the requirement based on that number.
And Then Just Like That, the Numbers Were Different
In spite of what I just told you, the fact is that the financial requirements do vary from one consulate location to another and the reason why is this:
Each consulate location is tasked with determining what the set value in pesos would be in the foreign currency.
That’s right, they are setting the value based on an exchange rate that is in a constant state of change. Since it would be impractical to change the financial requirements on a daily basis, each consulate picks an exchange rate and runs the numbers.
For example: If one consulate used an exchange rate of 19 MXN: 1 USD to determine the values, and the one in another city used 18.3 MXN: 1 USD, the final financial requirements will be quite different.
It’s also not uncommon for the consulates to round the number up or down. For example, $1,621 USD may become $1,600 or $1,700.
Let’s Wrap This Up
So, what does this all mean if you’re applying for Mexican residency? It just means that you should make contact with the Mexican consulate where you plan to apply for residency and obtain a copy of their specific requirements.