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Mexico Is A Friendly Haven For Retirees, Pt. 2
By Jane Goodwin | June 5, 2007
There are nearly a dozen different types of FM-3 visas, including business designations that have been created since the passing of NAFTa. Retirees will want a rentista FM-3. Basically, this is a one-year permit to reside in Mexico. Requirements include that you show proof of income, the amount of which changes constantly, but you can expect it to be less than $1,000 per months, and half that for dependents. The monthly income requirements is reduced by 50% if you own and reside in your Mexican home. The documents must be renewed each year as long as you continue to reside in Mexico. Basically, the FM-3 is designed for those who wish to live at least part time in Mexico. The specifics change from time to time, so be sure to check with your nearest Mexican consulate regularly, for the most up-to-date information.
The FM-2 (immigrante rentista) visa is designed for those who intend to permanently reside in Mexico. Qualifications are only slightly more stringent than FM-3 requirements. For instance, you must show a higher monthly income, although again, if you own property in Mexico, that amount is halved. Essentually, the FM-2 is like a green card, or resident alien visa. It entitles you to many of the rights of a Mexican citizen (except voting) and entitles you to work. (You may also work with an FM-3 visa). Officially, after five years of living in Mexico and successfully meeting the requirements of FM-2 status, including restricted time out of Mexico, you may make a declaratoria de immigrado.
Immigrado does not require you to give up your native citizenship, but holders may freely work and remain in Mexico without annual renewals of immigration papers.
I hope this helps!
Sphere ItTopics: Travel / Relocation, Government Incentives, Culture, Lifestyle, Money and Taxes, Destinations, Real Estate, Retirement Overseas |
