# 2023 financial solvency limits to increase 20%



## eastwind (Jun 18, 2016)

Saw a spanish-language news article today saying the minimum wage has been set to 207 pesos (from 172 this year, an increase of 20%).

Besides being the daily minimum wage for workers, this is the value of "MW" used in the Mexican consulate calculations for financial solvency (but not the UMW value used in its place by INS offices in Mexico). The implication is that for new people trying to get a TR or PR for the first time the financial limits they are going to need are going to increase 20% next year over this year, no matter which path they take (income or savings, PR or TR). 

For example, to get PR straight off the bat based on savings, you need to show 20,000 x MW per person. That will be 4,140,000 pesos, times whatever exchange rate they pick. Using an exchange rate of 19.3, you'd need US $214,500 in savings to qualify next year (but the exchange rate has been heading down, making that number climb even further). 

To get a temporary residency permit using income, you'll need 300 MW per month, or 62,100 pesos per month of income, or US $3,218 of income using 19.3 exchange rate. I'm not sure what average social security is going to be, it's going up also, but not by 20%. I think a TR will continue to be out of reach for most new retirees with nothing but social security and no savings.

The value for UMA used by local INS offices for renewals of TR permits will also go up, but the article didn't say anything about UMA, just MW.


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