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.

• Real Estate Owner in Mexico:
  • Original and copy of Deed executed before a notary public attesting that the foreign person owns property with a value in excess of $227,000 CD/$174,000 USD.

or

• As an Investor:
  •  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 $113,500 CD/ $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
  •  A document certifying the ownership of chattels for the foreign legal entity, with a value in excess of $ 113,500 CD/$90,000 USD, in original and copy; or
  •  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.

If you do not wish to have investments in Mexico you may apply under:

• 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.

Photo: Agency

The Application Process is completed in two steps:

The process begins with an interview at a Mexican Consulate outside of Mexico and finalized in Mexico by doing something called canje (exchange) at the INM (Instituto Nacional de Migración)

Total time of this procedure is approximately three months in the Riviera Maya; other states may have a different wait time.

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 ( 2.5×3.0 cm, white background, uncovered forehead, no earrings, no necklaces, without smiling)

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.

Important to Know:

While your visa is in process and you enter Mexico with pre-authorized visa, 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 vela.a@mexlaw.ca

The post Qualify for a Temporary Residency Visa by Investing in Mexico appeared first on MEXLAW.

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