What are the options for a stay in Mexico?

Usually a temporary residence permit is issued for one year, which must be renewed by returning to Mexico. After the extension, you will receive a temporary residence card for three years. After a total of four years, you can apply for a permanent residence permit that does not expire. There are currently no minimum physical presence requirements, except when applying for residency in Mexico.

Alternatively, it is possible to acquire a residence through the purchase of real estate. The purchase price for local real estate is around $350,000 if you’re buying in your own name, or around $175,000 if you’re buying with a local company.

Another possibility is the stay through financial means. You must have either a monthly income of approximately $2,600 in the past six months or a bank balance of approximately $45,000 in the past 12 months. The exact requirements vary by embassy and the documents needed to apply differ as well.

It is advisable to seek professional help to facilitate the process and avoid hours of administrative work. There are also special residency programs for retirees with higher minimum amounts that allow permanent residency immediately.

A special government program that grants a special four-year residency permit to tourists who entered Mexico between 2015 and 2020 is due to expire in the coming months.

What documents do you need to obtain residency in Mexico?

This is one of the main benefits of obtaining residency in Mexico – few documents are required. Depending on the type of visa and where you are applying from, you will need a variation of the following:

• Passport
• Proof of investments, economic solvency, employment contract or family ties.
• A number of Mexican government forms to fill out and government fees to be paid online.
• Marriage certificate.
• Birth certificate in some cases.

All documents must be translated into Spanish. Immigration will take care of that. Documents from home must be apostilled. Police background checks are not required for residency applications.

Special program until the end of 2023 –
Easy 4 year stay for ex-tourists in Mexico

Mexico residence for former visitors
A program was created by the Mexican government to promote the legalization of people in Mexico. Under these conditions, anyone who came to Mexico as a tourist for any period between 2015 and 2021 may apply for a four-year temporary residency permit.

It is not necessary to apply to a Mexican embassy or consulate, as is usually the case. You can submit the application directly in Mexico.

After four years, you can apply for permanent residency, even if you’ve had little or no visit to Mexico during that time. Your permanent residency in Mexico is actually permanent without having to return to Mexico from time to time to maintain it.

Additionally, being both a Mexican resident and a non-Mexico resident taxpayer is easy for those who are concerned.

Few people know about this amazing program that runs until the end of 2023.

What are the benefits of a residency permit in Mexico?

• Mexico is a beautiful country with mountains, beaches and historic cities that make it an ideal place for relaxation and recreation.
• The cost of living in Mexico is competitive compared to other countries, making it an affordable place to live.
• Mexico offers quality and affordable real estate that is particularly attractive to those looking to invest abroad.
• Because of its geographic location, in the same time zone as the US and Canada, Mexico is a great home base for working and doing business in North America.
• It is possible to obtain residency in Mexico without triggering tax residency as long as you do not spend more than half the year in Mexico or are not permanent residents of Mexico.
• It is also possible to obtain a paper residency in Mexico to maintain residency without having a frequent physical presence in Mexico, which is a useful option in the event of an emergency.
• Mexico has international and bilingual schools for children of foreign residents.
• Healthcare in Mexico is affordable compared to other countries, which is attractive to many expats and retirees.

A second citizenship by obtaining residency in Mexico

• Mexico is a beautiful country of mountains, beaches and historic cities, while offering an affordable way of life.
• Affordable, quality real estate and international and bilingual schools are available.
• Residency in Mexico can be obtained without tax residency if you do not live there more than half the year or do not have a primary residence.
• You can also receive a paper stay, which requires minimal physical presence and can be used as a plan B.
• Affordable healthcare is also available.

After just a few years of permanent residency in Mexico, it is possible to apply for a second citizenship. The following criteria must be met for this:

• Must have spent 5 years in Mexico and be a permanent resident.
• Within the last 24 months you must be able to prove that you have spent 18 months in Mexico yourself.
• A Spanish test and a Mexican culture test are required, but there are plenty of opportunities to prepare for them.

Unlike other countries with complicated naturalization processes, Mexico offers a fair and transparent system. If the criteria are met, citizenship is granted.

How much tax would you pay in Mexico?

How high your tax burden will be in Mexico depends on your individual situation. Luckily there is no property tax in Mexico and the property tax is comparatively low.

If you want to buy a property in Mexico, you must pay a 2% acquisition tax and an annual property tax of up to $300. As you already know, real estate prices in Mexico are significantly cheaper compared to, for example, California.

With the average property price in Mexico being $65,000, now is a good time to invest in Mexican real estate. However, you should hurry, as experts predict that prices will rise.

Creativity is required when it comes to income tax. Income tax in Mexico ranges from 1.92% to 35%. Fortunately, Mexico also allows dual citizenship. If you do not have Mexican income and own tax residency and real estate in another country, you may be exempt from paying taxes in Mexico.

At GCI UNIT Worldwide, we always recommend protecting your assets with multiple citizenships. Mexican citizenship can be a great Plan B option for Americans.

More and more people are leaving California and moving to Mexico to escape rising inflation, high taxes and cost of living, and other fears. This applies not only to residents from the US, but also to people from Canada, Europe and other countries. However, it can be difficult to take the big step when you’ve been told your whole life that the US is the best place to live.

However, people’s patience has its limits and we see this clearly with the growing exodus from California. Those leaving California are looking for countries where they can be treated better and Mexico is definitely one of their preferred destinations.

If you’re thinking about leaving the country but don’t know where to start, our GCI UNT Worldwide team is here to help.

We’ve helped hundreds of people move their businesses overseas, legally reduce their taxes, and become dual citizens. We are focused on high-net-worth individuals and their families as well as corporations wishing to invest their offshore companies or even secure their wealth in offshore financial centers around the world. We will help you to find the best solution for setting up an offshore or onshore company. Another special area of our full-service consulting is the investment opportunity and solution in Europe, especially in the Balkans, Africa, Asia, UAE, the Caribbean and the Pacific.

If you are looking for it, please feel free to contact us. We create a holistic plan that serves your purpose.
The Global Citizenship Investment Worldwide Group is a leading professional International Business Investment and Advisory Firm for Foreign Economic Relations, with 17th. departments in different Countries and the Headquarter in Malaysia.

(GCI UNIT Worldwide), designs and implements customized, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their wealth, invest abroad, gain a second citizenship and live a freer life worldwide to lead.

YOUR CHANCE FOR A BETTER LIVE

GCI firm is a professional International Business Investment and Advisory Firm for Foreign Economic Relations. Our range of services includes:

• Offshore and Onshore Company Formation,
• international Business & Management
• Citizenship & Residency
Advice on residency and citizenship by investment programs, VIP citizenship programs in cooperation with more than 70 countries
• Investments & Corporate Financing
• Advisory for Foreign Economic Relationship
• Diplomatic Consultancy & Public Affairs

If you would like to discuss your internationalization and diversification plans, book a consulting session* or email us under: [email protected]

*A counseling session is a conversation about your portfolio and goals. It does not constitute legal, financial, tax or investment advice.

Department GCI – Unit Global Citizenship Investment (GCI worldwide)
by TCME Worldwide Group – Global Investments –
Level 33, Ilham Tower, 8 Jalan Binjai,
Kuala Lumpur 50450, Malaysia
www.tcme.company
www.citizenship-news.com
Phone: +66 99091 8357 also for WhatsApp
Email: [email protected]