By Sonia Díaz
A Temporary Resident visa (TR) is for those who intend to be in Mexico more than six months and up to four years. The benefits of a Temporary Resident visa include:
- Obtaining a Guanajuato driver’s license
- Registering a vehicle in Guanajuato state
- Repeatedly entering and leaving Mexico with no limits
- Receiving an INAPAM senior discount card
- Substantial tax savings when selling property
Obtaining a Temporary Resident visa starts with a pre-approval at a Mexican consulate or embassy outside of Mexico. For joint financial accounts, please have both names appear on statements. Mexican account printouts often show one name on joint accounts. When sponsoring a spouse, a marriage license is required. When sponsoring children, birth certificates are necessary.
The following amounts to qualify for a Temporary Resident visa pre-approval are based on the following exchange rates: 21-to-1 U.S. dollar to peso and 16-to-1 Canadian dollar to peso. Some consulates and embassies will vary. Proving homeownership in Mexico will also be given credit when applying.
- Investments of approximately US$29,500 or C$45,000 (5000 days x minimum wage 123.22) with 12 months of individual statements, or
- Monthly income of approximately US$1,760 or C$2,800 (300 days x minimum wage 123.22) employment or pension showing six months of bank statements, or
- Homeownership in Mexico worth 4,900,000 pesos (40,000 days x minimum wage 123.22) per person. You will need your deed and a copy.
When you enter Mexico with a pre-approved visa, please complete a Forma Migratoria Múltiple (FMM) at your point of entry. It must be marked CANJE (meaning to exchange), and both your passport and FMM are to be date stamped.
Once in Mexico, you have 30 days to start your visa process. In San Miguel, visas typically take 7 to 10 days to process. Initially, a Temporary Resident visa will be issued for one year. Up to 30 days prior to expiration you may renew your visa for one to three more years. Your expiration date will be on the anniversary of the day you entered Mexico.
You may bring a foreign plated car into Mexico for as long as you are a Temporary Resident. A Temporary Resident may earn income from outside of Mexico. After four years, you will become a Permanent Resident.
Should you wish to earn income sourced in Mexico such as being a landlord, selling art or real estate, offering services such as massages or hairdresser, etc., you may apply for a Permiso Para Trabajar Visa. This requires registration with SAT for taxes. This process is completed locally.
Being a Temporary or Permanent Resident allows homeowners, when selling a property, to save as much as 30 percent on the sale of property. For more information regarding selling a property, please consult with a notario. A visa card also provides free healthcare through INSABI and entitlement to INAPAM senior’s discount cards.