Financial Requirements for Residency in Puerto Vallarta
We are often asked about financial requirements for residency in Puerto Vallarta. It seems tricky but it’s quite simple. The first thing you should know is that the beginning stages of acquiring residency are done in your own country. You will need to go to your Mexican Consulate. Some states and provinces have only one consulate, for example New York, which means a certain amount of travel. Others, like California, Texas and Arizona have several, making planning a lot easier. Canada has three, in British Columbia, Ontario and Quebec.
When you will apply for temporary or permanent residency you need to be able to prove your foreign source income. It’s amazing how much easier life is in Puerto Vallarta if you’ve gone through these steps. It’s good to remember that most applications in our home countries take a considerable amount of time, as well, including buying or renting property, getting a car loan, registering a child for school. It’s no different in Puerto Vallarta.
Be prepared. Go to the website of your local consulate and find out exactly what paperwork is required before you make the trip. Bring originals and copies; don’t rely on the consulate to make copies for you. Allow yourself time and be prepared to wait, even after you’ve been called on. We recommend bringing a book, knitting, a quiet device you can work on, or whatever you normally do to occupy empty time.
There are specific requirements for different types of residency. If you have family living in Puerto Vallarta, including Mexican Nationals, there are going to be particular questions. If you are a family moving to Puerto Vallarta, more than one generation, you need to have paperwork for every person involved. Babies need passports, too.
Regardless of age, working or retired, going to school in Puerto Vallarta, or just sticking around the beach on a daily basis, you will need to show an average monthly income after taxes, of at least 300 days the Mexican minimum wage, which increased in January 2019 from $88.35 Mexican pesos to $102.68 Mexican pesos. That’s roughly $5.15 at the date we are writing this, but one thing we can guarantee, it will fluctuate. You’ll need 12 previous months of documents showing the above.
Bring all paperwork (your escritura, receipts for property taxes, utility bills) if you own property in Mexico valued over 40,000 days of minimum wage. Show all savings and investments with an average monthly balance of 5,000 days worth the above stated minimum wage. Generally speaking, people who immigrate to Mexico are required to complete four years as a temporary resident after which they can obtain their permanent residency. However, exceptions are made for foreign retirees/common pensioners who can apply for permanent residency immediately, if they can present paperwork for all the qualifications. One hundred days of minimum wage must be added to these figures for spouses and independents.
Que es cómo es.
Timothy Real Estate Group is a locally-owned and operated real estate brokerage with a strategic location in the Romantic Zone of Puerto Vallarta in the Colonia Emiliano Zapata. Because the Puerto Vallarta area has varying neighborhood personalities, we practice localized real estate. We believe neighborhood knowledge is a top factor in solid sales, and we know our communities well.
We enable our clients to realize their vision for the future. We understand and plan for their concerns and are dedicated to transforming those concerns to peace of mind and joy.
Our philosophy of transparency, integrity, and professionalism imbues our culture with a tangible sense of purpose and results in the length and depth of the quality relationships we enjoy. We believe buying or selling a home is first and foremost about people. Of course we have the latest technology, marketing tools, statistics and research, but a successful real estate transaction really comes down to people. Connecting the right buyers to sellers or investors our professional agents structure solid transactions with successful solid outcomes. We believe in collaboration by connecting people in ways that bring satisfaction and success.
When you combine extensive local knowledge and our long standing reputation for honesty and sound judgment, you have an unbeatable resource at your disposal. You have a constant leader in Puerto Vallarta real estate