Expert: Ron - 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