Expert: Donna Meyer - 5/29/2009

Question
Hello: My husband and I own a house in San Miguel and we will be moving there permanently in September. We will apply for an FM3 when we get there. What are the monthly income requirements for the FM3 if one owns real estate? Thanks

Answer
Hi Carol,

Sorry for the delay in answering your question. I have been out of town and out of computer range.

In San Miguel de Allende, the residency income requirements for getting an FM-3 residence visa for Mexico seem to be a little fluid this year, probably because of fluctuations in the exchange rates. Most often you will hear between $1200 & $1300 a month (w/out property) when asking at the office. However, An executive from the immigration office recently spoke at one of Consular Agent Ed Clancy's regular coffee meetings and said that if you ask to speak to a supervisor, he/she will lower it to the actual amount stated in the law--$13,700 pesos a month. At current exchange rates, that would put it closer to $1050 a month.

If you own property in SMA, as you do, it is supposed to be one half that amount.

I have also been told that you don't have to show documents proving actual INCOME in that amount. If you have a year's worth in the bank, that should work too. Or, I know many people who withdraw the required amount each month and then redeposit it so they have sufficient money GOING INTO the account to meet the requirement.

Hope that helps.

Donna