Mexico Retirement Visa – Documentation, Requirements and Validity (2023)

FAQs

What documents do I need to retire in Mexico? ›

Establishing residency

For retirees who want to live in Mexico, the first stop is to visit the nearest Mexican consulate and apply for a permanent resident visa. You'll be required to: Fill out a visa application form and pay a $48 application fee. Provide a valid U.S. passport and a color picture.

General Information. A visitor visa allows you to stay in Mexico for a period of up to 180 days, provided that you are not carrying out any paid activities.

A retirement visa will allow you to spend your well deserved retirement years in a foreign country. To be granted a retirement visa, you must be of retirement age (typically from 50 years of age and above) and have enough money to support yourself.

a copy of financial or bank account statement, a copy of signed federal income tax return, an IRS W-2 form, or. an IRS 1099 form.

Mexican Permanent Resident Visa Processing Time

The processing time for a Mexican Temporary Resident Visa changes from embassy to embassy, so you can expect to wait anywhere from one week to a month to receive a visa.

Expiration of Visa vs.

The status does not end when the visa expires. However, you will require a valid visa anytime you seek entry into the U.S. If your visa expires and you are traveling internationally, you will need to get a new visa before returning to the U.S.

The Mexican government only requires that your passport must be valid during the entirety of your trip. Please contact the airline(s) you will be flying on to ensure that they let you board the plane as the United States does have a six months validity rule for passports that may apply.

Visa-exempt travelers who come to Mexico for tourism or business can stay for a maximum of 180 days without a visa, while travelers who want to transit through the country can stay for a maximum of 30 days visa-free.

The income requirements can vary between consulates. If you're applying for a Mexican temporary residency, the income requirements in 2023 start at USD 2,700 and up to USD 3,300 monthly income or USD 43,000 and up to USD 53,000 savings/retirement accounts over the past 12 months.

How long is a retirement visa good for? ›

The visa is renewable every year and the renewal process can be done inside Thailand (requirements for the visa renewal still apply).

This is a temporary residency visa targeted at financially self-sufficient retirees. In order to meet the program's minimum income requirement, you'll need to provide proof of income of US$1,000 per month (or equivalent) from a permanent pension source or a retirement fund.

Belize is the easiest residency program for retirees. If you have about $2,000 a month in guaranteed payments, you can become a resident of Belize through their QRP program. Belize is focused on bringing in retirees and those with fixed incomes. But, you don't need to be retired to qualify.

Portugal. Besides being one of the easiest places to get a retirement visa, Portugal is also one of the cheapest countries to retire in. It is a popular destination among retirees who want a place with warm temperatures, a low cost of living, excellent healthcare, and high quality of life.

Can Americans Legally Live in Mexico? By law, American tourists can stay in Mexico for up to six months. For many snowbirds and retirees, six months is more than enough. They head south for the chilly winter months and come back to enjoy spring and summer stateside.

Paystubs and Other Documents to Prove Income

Employment Verification Letter: An employment verification letter verifies income or salary and dates of employment. Bank statements: Your bank statements document all of your incoming deposits, including payroll deposits, and the checks and debits coming out of your account ...

Documents they may request include your Social Security card, a certified copy of your birth certificate, proof of citizenship if you were not born in the U.S., military discharge papers, a copy of your marriage license or divorce papers, and a copy of your W-2 form (or self-employment tax return) for last year.

Pay stubs, earnings statement or W- 2 form identifying employee and showing amount earned period of time covered by employment. Signed and dated form or letter from employer specifying amount to be earned per pay period and length of pay period.

Financial Solvency: You must choose options a) or b): Investment or bank accounts with a monthly ending balance of at least 300 days of the current general minimum wage in Mexico City (approx. $2,500.00 USD).

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

What happens to your Social Security if you move to Mexico? ›

If I retire in Mexico will I lose my social security? No, U.S. citizens can collect social security in Mexico. There are a few countries the U.S. will not send benefits to and your payments are withheld until you return to the US, but Mexico is not one of them.

A visa becomes effective from the date of issuance. The visa automatically becomes invalid once its period of validity expires regardless of whether its entries are used up or not. Chinese embassies and consulates general do not extend the validity of an issued visa.

Visa overstays may be barred from returning to the U.S. for ten years or three years depending on the period of overstay or “unlawful presence”. Visa overstays may be restricted from applying for Extension of Stay or Change of Status. Visa overstays will have their existing visa automatically revoked or cancelled.

How Soon Can You Visit the U.S. Again on a B Visa? Technically you can visit the United States whenever you want to if you have a B1/B2 visa and a valid passport. There aren't any rules or laws requiring you to wait a specific time before you are allowed to return.

Residency card expires when you are inside Mexico

If your card is more than 60 days past its expiry date you cannot renew your residency card and must start over again with the application process.

Can I extend my stay in Mexico? You need to go to any INM office to request an extension of your visa. You need to have with you your valid passport and the tourist card you filled out. You will also need to prove that you can finance your stay and you will have to pay a fee to extend the visa.

The 180-day maximum is no longer the default

Under Mexico's immigration rules, the maximum time you are allowed to stay in Mexico under the auspice of a visitor permit (FMM) is 180 calendar days.

Visas for Retiring in Mexico

The shortest option is applying for a tourist visa. These cover your stay for almost six months. As a retiree, you can choose to apply for a temporary resident visa which lasts for up to four years. To get the process started, visit your nearest Mexican consulate.

Mexico's visitor visa allows entry into the country for leisure or business visits lasting maximum 180 days. The immigration official at the port of entry will grant a specific number of days (not exceeding 180) when you arrive in Mexico.

Absences of more than 365 consecutive days

You must apply for a re-entry permit (Form I-131) before you leave the United States, or your permanent residence status will be considered abandoned. A re-entry permit enables you to be abroad for up to two years.

Do U.S. retirees pay taxes in Mexico? ›

As a US expat living in Mexico, you're subject to tax obligations in both countries. Mexico taxes worldwide income, meaning you must file tax returns and pay taxes in the US and Mexico.

You still pay taxes when retiring abroad. If you retire in Mexico, you will still file a tax return and report income just as you would if you retired in the U.S.

Can I Retire At 55 With $300K? You can retire at 55 with $300,000 earning $16,440 annually for the rest of your life. Starting at age 62, you can start your Social Security Benefits.

Under the “Three-Year Rule,” amounts you receive are not taxed until your after-tax contributions are recovered. Once your contributions are recovered, your pension or annuity is fully taxable.

You are eligible to receive retiree benefits if you meet the “Rule of 75”. This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75.

It requires you to return home for at least two years after your exchange visitor program. This requirement is part of U.S. law, in the Immigration and Nationality Act, Section 212(e). If you cannot return home for two years, you must apply for a waiver.

In the first year of retirement, you can withdraw up to 4% of your portfolio's value. If you have $1 million saved for retirement, for example, you could spend $40,000 in the first year of retirement following the 4% rule. Beginning in year two of retirement, you adjust this amount by the rate of inflation.

The 120-age investment rule states that a healthy investing approach means subtracting your age from 120 and using the result as the percentage of your investment dollars in stocks and other equity investments.

Based on the 80% principle, you can expect to need about $96,000 in annual income after you retire, which is $8,000 per month.

Canada – 180 days

You can stay here for up to 180 days before having to go elsewhere.

How long can a retired US citizen stay out of the country? ›

If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.

Greece and Malta are some of the easiest and best places to retire in Europe, as they have large English-speaking communities. Other European destinations that are also suitable for retirement are Portugal, Spain, and Turkey.

North Korea is by far the most difficult country to get a visa to visit as a tourist. To get a visa to North Korea, you have to apply for the visa through a tourist agency that has state-approved tours.

These include health, quality of life, material well-being and finances during retirement. With an overall score of 81%, Norway is the most retirement-friendly country on the list.

Canadian and U.S. citizens can move to Mexico if they meet the requirements for a visa and go through the proper channels.

The most common question from US citizens looking to travel or retire in Mexico is whether their Medicare coverage is valid here. The simple answer is no. Medicare is only available to citizens and permanent residents of the USA who are residing in the USA.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Yes, you can claim your Social Security benefits no matter where in the world you live.

If I retire in Mexico will I lose my social security? No, U.S. citizens can collect social security in Mexico. There are a few countries the U.S. will not send benefits to and your payments are withheld until you return to the US, but Mexico is not one of them.

How long can you live outside the U.S. and still collect Social Security? ›

If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.

You must have worked and paid Social Security taxes in five of the last 10 years. If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

Everyone who intends to move to Mexico for a period longer than six months must have a Resident Visa and a Resident Card, depending on the duration and purpose of their stay. Foreigners who want to settle in Mexico permanently must have a Mexican Permanent Resident Card.

As a US expat living in Mexico, you're subject to tax obligations in both countries. Mexico taxes worldwide income, meaning you must file tax returns and pay taxes in the US and Mexico.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

If you earned Social Security benefits, you can visit or live in most foreign countries and still receive payments. Look up the country on the SSA Payments Abroad Screening Tool to be sure you can receive your payments.

Can Americans Legally Live in Mexico? By law, American tourists can stay in Mexico for up to six months. For many snowbirds and retirees, six months is more than enough. They head south for the chilly winter months and come back to enjoy spring and summer stateside.

With a monthly budget of $1,000-$1,400, everyone will find their life comfortable in Mexico. You can rent at least a one-bedroom apartment with air conditioning in a good location. Moreover, you can even afford a maid once per week. They charge only $3-$4 per hour.