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About Ron Russell
Expertise
I lived full time in the Chapala-Ajijic area for 7 years, and now Manzanillo area 4 years. During that time I provided information (health care, working papers, immigration, driving, cost of living, insurance, culture, divorce in Mexico, trusts vs direct deed,etc) to help people make the decision about whether the area was right for them, either full or part-time.
Now living north of Manzanillo on the Pacific Coast. I live legally in Mexico.
Experience
Founding partner of a facilitation company for people thinking about relocating to the Lake Chapala area of Mexico. I am no longer involved in this company's activities.
Have driven extensively in the area, to the coast (Manzanillo, Puerto Vallarta, Colima),to Patzcuaro, etc. Bused to Mexico City, flew to Chiapas. Also driven in Honduras, from Ontario Canada through border crossings at Laredo and Reynosa Texas to Lakeside. Can provide instructions and border crossing info. Publications: DISCOVER MEXICO, HEAD FOR MEXICO-THE RENEGADE GUIDE BY DON ADAMS. Video and MM production specialist. I do NOT sell real estate!
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You are here: Experts > Cultures > Mexico/Central America for Visitors > Mexico > the real true cost of a visa to retire
Mexico - the real true cost of a visa to retire
Expert: Ron Russell - 11/1/2009
Question
in Mexico by this I mean what is the monthly retirement requirement.
Some of the info is very confusing , such as it can change from month to month (
Thanx?)
Answer
Hi Mare, this is the information that I received when I renewed my FM3 in Manzanillo in September of this year.
The requirement is that the minimum monthly income to qualify for an FM3 is 250 times the Mexico City minimum daily wage for that year, and for an FM2 it is 400 times.
FM3 - The Mexico City minimum daily wage for 2009 is 54.8 pesos. 250 times that is 13,700 pesos, which at the current peso to dollar exchange rate of 14.3 to 1 equals $935 USD to qualify for an FM3. Plus 1/2 more per dependent.
FM2 400 times or 21,920 pesos, which at 14.3 to 1 equals $1,526 USD to qualify for an FM2, minimum monthly income requirements.
You must show bank statements for the 3 months prior to application or renewal.
Monthly income requirements are reduced by 50% if you own and reside in your Mexican home. If this is the case, be sure to include a notarized copy of either the deed (escritura) or trust.
Best regards,
Ron
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