Visas, FM2, Mexico Retirement Part 3 of 3
VISA, PART 3, FM2
And now for the third part of the visa story … don’t miss the email at the end – you’ll want to read that too! Enjoy…
Similar to the FM3, but this visa declares you an Immigrant – a permanent resident. The FM3 if good for one year and can be renewed yearly for five years, as long as you reside in Mexico. Then, after the fifth year, you may apply to become an immigrant of the country and a permanent resident.
While the FM2 visa has a higher monetary limit than an FM3 visa, if you finally do become an immigrant, you don’t have to bother about the forms and fees any more. The fee for an FM2 is a bit more than for an FM3 too.
With an FM2 visa, the monetary requirement is reduced by 50%, if you own and live in your property in Mexico.
There are limits as to the length of time you can stay out of Mexico with an FM2. 2010, it is two years absence, in total, in any five years. No more than three consecutive years absence, and no more than five years in any ten years. You are expected to live in Mexico, be a tax payer, and plan to immigrate.
You may want to consider hiring an attorney to help if you choose this option. You apply for an FM2 visa at a Mexican Immigration office in Mexico.
- Proof of income – and the required amount fluctuates constantly. As of now, it is set at approximately 250 X’s the minimum wage in Mexico City, per person – approximately the same for the partner.
- Bank statements showing your investments (anywhere that is credible – Europe, offshore, stock brokerage, etc.) generate a sufficient amount, and/or a letter from your consulate, stating your receive pension, S.S., etc.
- A notarized copy of your deed or trust showing you own real estate in Mexico. If you own property in Mexico and reside there, the monthly requirement is reduced by 50%.
There are many, many other types of visas other than the three I have presented – but, for most of my readers, these should suffice.
Just a couple of others are: FM3 visa for General Business, FM3 visa for Technicians and Engineers, Students, etc.
Mexico pictures, 2006, sept 11-18 Mazatlan trip named, beach scene and buildings of Mazatlan
I am not offering legal advice in this series – my writings are my personal perception and my own opinion and my limited knowledge. Seek legal advice with any questions.
I do make a disclaimer here – I’m no lawyer – this info is offered to you in an attempt to make things run a bit smoother for you in transition.
And here’s an email from someone already enjoying his retirement:
Barbie, Hola from playa sur en Mazatlan.
I try to stay indoors a lot during the hot season (July to Oct. ) here, with A/C going constantly.
It does rain a lot, but mostly at night. Electric bills are LOW compared to the US.
My American neighbors went to Lago Chapala for a couple of months (July and Aug.) and they claim it really is a little cheaper there for food and to go to a restaurant, in comparison to Mazatlan. Mazatlan is a popular tourist site for Americans and Mexicans. Much cooler there than Mazatlan, at night they even needed blankets!
I can still get a delicious shrimp dinner at a seaside restaurant for 65 pesos ( about $5 US). And yes, Mexico Jerry is right you can buy tacos for much less. I try to stay away from the small street vendor tacos though, and only buy them from taco restauarants.
With the street vendors, sometimes the hygiene is questionable.
Tacos al Trompo restaurant in Mazatlan is very delicious and very low priced.
I really don’t know what the level of pesticide use is here by the farmers, but I can say that I never bought better vegetables in the US, except directly from farmers markets and only in the summertime. The US corn tastes better to me, but all other veggies here are fresh, and very inexpensive. The fruits are amazing in variety, quality, and price. The seafood in Mazatlan is great. Dorado (a type of deep sea fish) is truly delicious.
Last night we had a breaded shrimp dinner at the house, which was a medio-kilo amount, about a pound, and cost 40 pesos (about three dollars). Smaller than the jumbo shrimp
but still delicious with a chipotle-mayonnaise-ketchup-lime salsa. A fresh garden salad was also part of our meal, and a German white wine (50 p). Very nice indeed.
I do not know of ANY retirees here (Barbie – In Mazatlan) living on $350/month. But for double that, say $750-800 a month, you can live very well here.
So what do you think about retiring to Mexico?
Do you have any questions? What are your biggest concerns? What do you think it will be like living in a new, yet familiar land? I’m always here to answer your questions. Each and every day I get email from dozens of people just like you who are curious about making the leap. People who yearn for a better, cheaper, more enjoyable way of life.
I’m ready to help you. If you don’t see the comment form below, click on READ FULL ARTICLE and let me know what you think. I am always ready to help you!
Addition Feb 3, 2013 – the amount you need to move to Mexico has changed – see – http://consulmex.sre.gob.mx/detroit/index.php/info-english
Visa article by Barbie Parks