Permanent resident visa Residencies Plan of Mexico (North America)
Permanent resident visa
Under this visa category, retirees may not be allowed to conduct lucrative activities in the country. Dependents may be included in the application.
If you wish to retire in Mexico, you will have to prove that during the previous six months you have been receiving at least 300 days' worth of Mexican minimum wage (roughly US$1,600) from a pension or other retirement source, or, prove that you have investments or bank accounts with an average overall balance equivalent to US$107,000 during the previous year.
The permit is valid indefinitely. After 5 years of legal residency, you may be eligible for naturalization. To obtain citizenship, you must have Spanish language skills and pass a test and interview about Mexican history, culture and values. Nationals of Iberia (Spain and Portugal) or Latin American countries may be eligible for citizenship after 2 years of legal residency.
- Proof of investment or bank accounts with an average monthly overall balance equivalent to US$107,000 (12 months), or
- Proof of monthly income from pensions, bank accounts in the amount of at least US$1,620 (6 months).
No nationality is officially restricted
Dual citizenship is recognized in Mexico. You are not required to renounce your previous nationality to become a citizen of Mexico.
- Original and photocopy of passport
- One passport-size photo
- Bank Statement
- Proof of pension
- dual citizenship Yes
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required No
- Language skills required No
- Interview required No
- Investment Single -
- Investment Family 4 -
- Minimum annual income $26,400
- Time to citizenship 60
- Time to permanent residency
- Visa-free countries 142
- Financing available No
The United Mexican States is a countr located in the southern part of North America. It is the third largest in Latin America, with borders to the north with the United States of America, to the south with Guatemala and Belize, to the west with the Pacific Ocean and to the east with the Gulf of Mexico and the Caribbean Sea. It has an estimated population of 119 million people. Most of them have Spanish as their mother tongue, which the state recognizes as a national language along with 67 other indigenous languages. Its capital and most populated city is Mexico City, with a population of over 9 million, or 20 million when considering the whole metropolitan area. Its official currency is the Mexican Peso, which is the 8th most traded currency worldwide.
- National Flag of:Mexico
- Area Code:52
- Capital:Mexico City
- Continent:North America
- Native Languages:Spanish
With your new passport from Mexico you'll be able to access 142 countries visa freecitizenship benefits Visa-free or Visa on arrival to 142 countries including Schengen Area Canada Japan The right to live and work in Mexico at all times and all the rights associated with membership of the Mercosur Low cost citizenship Access to educational and healthcare benefits permanent residency benefits The right to live and work in Mexico without any time limit Travel visa-free across Mercosur Access to healthcare and education system Low cost program Be eventually eligible for citizenship Warm climate Low cost of living
|processing fees main applicant||$129 ($64.50 if over 60)|
|total fees main applicant||$129 ($64.50 if over 60)|
|processing fees spouse||$129 ($64.50 if over 60)|
|total fees spouse||$129 ($64.50 if over 60)|
|processing fees dependents -18||$129|
|total fees dependent -18||$129|
|processing fees dependents 18-25||$129|
|total fees dependent 18-25||$129|
Mexican tax residents are individuals who have established a permanent home in Mexico, or their center of vital interests is in Mexico. Mexico is considered to be the center of vital interests if more than 50% of an individual’s income is obtained from a Mexican source, or Mexico is their primary professional activities place.
Tax residents are subject to taxation on their worldwide income, while non-residents are taxed on their income derived from Mexico.
The personal income tax rate is progressive up to 35% on income exceeding MXN3,000,000. Nonresidents are exempt on their first MXN125,900 and subject to a tax rate of 15% on income between MXN125,900 and MXN1,000,000, and 30% on the excess.
Capital gains are treated as ordinary income, however those derived from the sale of securities listed in the Mexican Stock Exchange are taxed at a reduced rate of 10%. Sale of a main residential property is tax exempt. The exemption is limited to a certain amount and a sale every three years.
Dividends are considered taxable income and also subject to a 10% withholding tax, however a tax credit may apply for corporate tax paid. Dividends received from foreign entities are fully taxable and also subject to the 10% withholding tax.
Interests are included in the tax base, except those derived from certain exempted small balance accounts. Rental income is also taxable under personal income tax, although certain deductions may be available.
Mexico has enacted controlled foreign company (CFC) rules. Profits retained in foreign entities resident of considered tax havens, owned by Mexican tax residents, may be attributable, provided that the taxpayer has effective control of the administration of the investment, or the total amount is more than MXN160,000.
Municipalities levy real property taxes. Tax paid may be deductible on rental taxable income. There is a transfer tax between 2% and 5% on the transfer of real properties.
There are no inheritance taxes, nor taxes on net wealth.
The standard V.A.T. rate is 18%. Food and medicine are usually exempt.
Regarding corporate taxation, resident entities are subject to income tax on their worldwide income at a 30% rate. Capital gains are included in taxable income. Dividends from resident entities are tax-exempt, whereas those from foreign subsidiaries are subject to taxation. Usually a tax credit is available for foreign tax paid.
To learn more about the Mexican corporate legal framework, taxation and tax treaties, check out incorporations.io/mexico.
|Net worth tax||No|
|Tax residency days||-|
|Personal income tax rate||35%|
|Capital Gains tax rate||35%|
|Investment income tax rate||35%|
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