# Income required for an FM3



## kimo (Feb 12, 2011)

Can anyone confirm from recent hands on experience what the financial requirements are for obtaining an FM3. Last time I checked official websites, as I undersood it, your income had to be at least 250 times what ever the minimum wage in Pesos is set at for workers in Mexico city. Does that still apply?, Because I keep reading on this and other forums that it is $1200 U.S for eg: but that seems too exact a figure when you do the Peso-dollar conversion. And is the figure still cut by 50% if you own property, and cut 50% for ones spouse, so husband and wife would be $1800 us/month or? Basically what I am trying to figure out is, with the rules in place today, If my wife and I owned a condo in Mexico, what would our combined income have to be? I know we have enough, just like to know for sure that we would still have enough if we liquidated some assets, there by reducing our monthly income.
Gracias


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## sparks (Jun 17, 2007)

About $1300, half again for a spouse and seldom is there a reduction for owning a house. I just got my 5th year FM3 and was not asked about income ... so it differs per immigration office


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## RVGRINGO (May 16, 2007)

The reduction for owning property is optional and requires an 'inmigrante' visa (FM2).


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## kimo (Feb 12, 2011)

sparks said:


> About $1300, half again for a spouse and seldom is there a reduction for owning a house. I just got my 5th year FM3 and was not asked about income ... so it differs per immigration office


So is that $1300 a set amount? , meaning the 250 x Mexico city minimum wage, has nothing to do with it anymore, because as I calculate it, 250 x $57.46MXN equals $14,265MXN, which only equals $1177 U.S. a month ( $1150Canadian) , but regardless of which figure is correct, do we each have to show individual income or can it be a joint account showing combined deposits of at least the minimum amount required for 2 people, and is still only proof for 3 consecutive months. Gracias


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## Ana H (Feb 24, 2011)

kimo said:


> So is that $1300 a set amount? , meaning the 250 x Mexico city minimum wage, has nothing to do with it anymore, because as I calculate it, 250 x $57.46MXN equals $14,265MXN, which only equals $1177 U.S. a month ( $1150Canadian) , but regardless of which figure is correct, do we each have to show individual income or can it be a joint account showing combined deposits of at least the minimum amount required for 2 people, and is still only proof for 3 consecutive months. Gracias


that should be good enough. I only had to show my last two months.


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## RVGRINGO (May 16, 2007)

Obviously, it is based on the Mexican figures and will vary (US$) with the exchange rate. Also, they may raise the requirement at any time, so one would not want to play it too closely.


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## Monty Floyd (Aug 31, 2010)

I just got my first "NO INMIGRANTE" visa and I get less than $1000USD/mn from my pension. As I understand the new law that went into effect last year, there is no set amount and probably left to the discretion of the office where you apply.


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## Heading South (Jan 29, 2011)

Monty Floyd said:


> I just got my first "NO INMIGRANTE" visa and I get less than $1000USD/mn from my pension. As I understand the new law that went into effect last year, there is no set amount and probably left to the discretion of the office where you apply.


Where did you apply? How much "less than $1000USD/mn" are we talking about?, Did you apply single or married?, if married what is your spouses monthly income? Sorry for all the questions, but there could other reasons why under a $1000 was accepted.


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## Monty Floyd (Aug 31, 2010)

I applied in San Luis Potosi. I am single.


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## gringotim (Jan 5, 2011)

Monty Floyd said:


> I just got my first "NO INMIGRANTE" visa and I get less than $1000USD/mn from my pension. As I understand the new law that went into effect last year, there is no set amount and probably left to the discretion of the office where you apply.


Does anyone else have knowledge of this, "new law", "no set amount" for 
an FM3, or was there maybe some palm greasing going on, because if there is not a "new law", I don't know how settled I would get because what if next year you do have to show the minimum income, which of course you don't have, because your income is "less than $1000USD/mn. I hope the "no set amount" is true, as it would allow alot more people with low pensions to retire in Mexico, but it does sound too good to be true.


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## RVGRINGO (May 16, 2007)

We're all waiting to hear.


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## Monty Floyd (Aug 31, 2010)

Heading South said:


> but there could other reasons why under a $1000 was accepted.


... for example???


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## RVGRINGO (May 16, 2007)

Monty Floyd said:


> I just got my first "NO INMIGRANTE" visa and I get less than $1000USD/mn from my pension. As I understand the new law that went into effect last year, there is no set amount and probably left to the discretion of the office where you apply.


What type of "NO INMIGRANTE" visa did you get? Rentista or some other form?
That can make a big difference.


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## Heading South (Jan 29, 2011)

*I don't know.*



Monty Floyd said:


> ... for example???


I don't know, thats what I am trying to find out. I have been looking into FM3's for several years, but this is the first i have of someone who is single getting their first FM3 with under $1000USD per month income , how much under only you know as you didn't state the amount. As long as I can remember its been at least $1200 US. Maybe this happens all the time, but no one else has come forward to make the same claim.:confused2:


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## RVGRINGO (May 16, 2007)

Monty,
Look at the bottom of the front of your 'No Inmigrante' credencial card, under "Modalidad". What does it say there? To the right of that, under "Caractaristica"; what does that say?


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## Heading South (Jan 29, 2011)

RVGRINGO said:


> Monty,
> Look at the bottom of the front of your 'No Inmigrante' credencial card, under "Modalidad". What does it say there? To the right of that, under "Caractaristica"; what does that say?


RV, are you saying that maybe there are ways to get an FM3 with under a $1000US per month, if so, what are they?


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## RVGRINGO (May 16, 2007)

Yes, there are but I don't know the figures or where to find them. Dependents, for example, would be the first obvious category. There are probably others in the investor, observer, cleric, advisor categories, etc.


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## Monty Floyd (Aug 31, 2010)

RVGRINGO said:


> Monty,
> Look at the bottom of the front of your 'No Inmigrante' credencial card, under "Modalidad". What does it say there? To the right of that, under "Caractaristica"; what does that say?


Modalidad=Rentista-No Lucrativa
Caractaristica=Visitante


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## RVGRINGO (May 16, 2007)

Monty Floyd said:


> Modalidad=Rentista-No Lucrativa
> Caractaristica=Visitante


That indicates a 'retired, non-working temporary resident of Mexico'. So, there does seem to be an open question on the income requirement.


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## RVGRINGO (May 16, 2007)

The deleted posts appeared to be 'baiting' each other.
In any case, there is no need for argument. That will always lead to deletion of a post.
The point here is simple: Someone got a 'credencial' without the usual requirement for proof of income at the previous level we've all experienced. As such, we are curious to know if there has been a change in policy, or just a lax official.
We may never know.


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## Chersie (Mar 7, 2011)

*Seems to be sketchy at best*



kimo said:


> Can anyone confirm from recent hands on experience what the financial requirements are for obtaining an FM3. Last time I checked official websites, as I undersood it, your income had to be at least 250 times what ever the minimum wage in Pesos is set at for workers in Mexico city. Does that still apply?, Because I keep reading on this and other forums that it is $1200 U.S for eg: but that seems too exact a figure when you do the Peso-dollar conversion. And is the figure still cut by 50% if you own property, and cut 50% for ones spouse, so husband and wife would be $1800 us/month or? Basically what I am trying to figure out is, with the rules in place today, If my wife and I owned a condo in Mexico, what would our combined income have to be? I know we have enough, just like to know for sure that we would still have enough if we liquidated some assets, there by reducing our monthly income.
> Gracias


I found this on another website:

"To be granted an FM3 visa you need to prove that you have sufficient funds and/or a steady income to cover your cost of living in Mexico. This can be proven by bank account statements, proof of income, credit cards or a combination of these. The exact amount required is dealt with on a case-by-case basis by immigration authorities, rather than there being a set minimum."

I am hoping that is true as I just barely make $1300 a month and have no expectation that it will ever be more than that. I am looking forward to moving to the Lake Chapala area as soon as my house sells. In this market I will hopefully get enough to pay it and my car off.


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## RVGRINGO (May 16, 2007)

Chersie,
I've checked your source and found it to be out of date and to contain several errors. As a result, I can't recommend that anyone take it too seriously, although it might be the case in some INM offices. In others, the guideline based upon the daily minimum wage multiple seems to be followed.
This is the reason our rules discourage 'cut and paste' items from elsewhere, without attribution.


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## Chersie (Mar 7, 2011)

I'm sorry. I was actually going to say where it came from but so often that is not allowed. The web address is (oops, wouldn't let me include it as I have not made 4 posts or more and am a newbie).

I am so thankful for this forum as I need good sound information and I believe I have found it here. Currently I am checking out the links you gave under "useful links".

Thank you for the info,
Chersie


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## maylane (Jul 16, 2007)

*renew*



RVGRINGO said:


> The deleted posts appeared to be 'baiting' each other.
> In any case, there is no need for argument. That will always lead to deletion of a post.
> The point here is simple: Someone got a 'credencial' without the usual requirement for proof of income at the previous level we've all experienced. As such, we are curious to know if there has been a change in policy, or just a lax official.
> We may never know.


I have a friend that just renewed his former fm3. He did not have to show any proof of income. He was told only on first request for a fm3/fm2.


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## elchante (Dec 22, 2008)

i got my first FM3 in April 2008 and was required to show bank statements for three months prior showing my income. since i had been working in the US through midApril, my bank statements showed paycheck deposits that far exceeded the income requirement. 

when i renewed my FM3 the next April, my bank statements showed no income for the three months prior since my social security payments had not yet stated. the facilitator i used for the renewal told me that since i had an IRA account at my credit union in excess of the annual income requirement [i.e. about $14,400US], that was acceptable. 

last year when i renewed, i did not have to provide any proof of income. my facilitator told me at that time that i would only have to do so again on my fifth year renewal. which may explain, Maylane, why your friend did not have to provide income proof when he renewed this year.


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## joco69 (Dec 27, 2007)

gringotim said:


> Does anyone else have knowledge of this, "new law", "no set amount" for
> an FM3, or was there maybe some palm greasing going on, because if there is not a "new law", I don't know how settled I would get because what if next year you do have to show the minimum income, which of course you don't have, because your income is "less than $1000USD/mn. I hope the "no set amount" is true, as it would allow alot more people with low pensions to retire in Mexico, but it does sound too good to be true.


"greasing" is not the way INS does function, actualy they have posters up all over the place to discourage paying for what is a free service. Of course you can use a Facilitator who will do the work for you, but you still have to go in person with or without facilitator to INS to pick up your fm3.
The new law in effect for 10 months now is facilitating the process and at the same time you get a plastic card instead of a booklet. The progress after depositing your request for a fm3 or renewal of it can now be followed on the INS website, you get a code after applying. It takes often as few as 3 working days to be approved, which means yet another trip to the INS office.


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## rosfreed (Mar 3, 2010)

My husband and I just applied for ours, we had the income but it was in a US corporate account so it wouldn't "do". 
We just opened an account in Bancomer, transferred $4,500.00 into the account, and that was good enough to get the visas. We didn't need to show monthly deposits.
When I asked if I needed to show monthly deposits to get the visas renewed in a year, the lady who did the paperwork said "No, as long as you have money in the account when you re-apply it'll be OK.
Funny thing, though, Bancomer charged us 3% on the money we DEPOSITED in the account! There is a charge of 3% for depositing over 15,000 pesos a month.


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## RVGRINGO (May 16, 2007)

That penalty on deposits only applies to cash deposits, not checks or transfers, etc. It is an attempt to collect unpaid taxes from the 'grey market economy' and to reduce money laundering.


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## Isabel5 (Aug 21, 2010)

*Income Required for FM3*



kimo said:


> Can anyone confirm from recent hands on experience what the financial requirements are for obtaining an FM3. Last time I checked official websites, as I undersood it, your income had to be at least 250 times what ever the minimum wage in Pesos is set at for workers in Mexico city. Does that still apply?, Because I keep reading on this and other forums that it is $1200 U.S for eg: but that seems too exact a figure when you do the Peso-dollar conversion. And is the figure still cut by 50% if you own property, and cut 50% for ones spouse, so husband and wife would be $1800 us/month or? Basically what I am trying to figure out is, with the rules in place today, If my wife and I owned a condo in Mexico, what would our combined income have to be? I know we have enough, just like to know for sure that we would still have enough if we liquidated some assets, there by reducing our monthly income.
> Gracias


This is a very good question!! Seems as tho there are varying replies depending upon where paperwork is filed. It would be best to get a concrete answer wouldn't it? I only make $669/mo. on disability but would love to retire in Mexico. I wouldn't be a drain on Mexico's economy yet I know that as thrifty as I am, I should be able to maintain a good lifestyle as long as I wasn't expecting too much. Mexico is a wonderful country. I have spent much time travelling as a lonely planeteer and know that you can live a better life, excellent culture included, anywhere in Mexico. I just worry about the range of information that I see here. In order to live in Mexico properly, it would be greatly appreciated to find out what income is required in order to 'retire'. Perhaps it is based on regions, as some are high cost-of-living and some aren't. Thank you.


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## MangoMike (Apr 7, 2010)

*Why not give it a try?*



Isabel5 said:


> This is a very good question!! Seems as tho there are varying replies depending upon where paperwork is filed. It would be best to get a concrete answer wouldn't it? I only make $669/mo. on disability but would love to retire in Mexico. I wouldn't be a drain on Mexico's economy yet I know that as thrifty as I am, I should be able to maintain a good lifestyle as long as I wasn't expecting too much. Mexico is a wonderful country. I have spent much time travelling as a lonely planeteer and know that you can live a better life, excellent culture included, anywhere in Mexico. I just worry about the range of information that I see here. In order to live in Mexico properly, it would be greatly appreciated to find out what income is required in order to 'retire'. Perhaps it is based on regions, as some are high cost-of-living and some aren't. Thank you.


I've always believed in not taking a verbal "NO" as an answer and reason not to try. Always get it in writing. By doing this you will find that a lot of the No's you are supposed to get, turn into Yes's. If you are vacationing in Mexico, why not get your paperwork together and give it a try? What is there to lose?

MM


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## sparks (Jun 17, 2007)

> In order to live in Mexico properly, it would be greatly appreciated to find out what income is required in order to 'retire'. Perhaps it is based on regions, as some are high cost-of-living and some aren't. Thank you.


To do it by the book ... it takes around $1200 a month. That amount changes as the exchange rate changes. $669 is really pushing it for living comfortably but I guess it can be done. Rent is gonna be between $3-400 so doesn't leave you much ... then there's electric, gas and telephone/Internet .... and you might want TV. There are a number of ways to beat the monthly requirement (on paper) but I can't imagine living off less than $1000


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## gringotim (Jan 5, 2011)

sparks said:


> To do it by the book ... it takes around $1200 a month. That amount changes as the exchange rate changes. $669 is really pushing it for living comfortably but I guess it can be done. Rent is gonna be between $3-400 so doesn't leave you much ... then there's electric, gas and telephone/Internet .... and you might want TV. There are a number of ways to beat the monthly requirement (on paper) but I can't imagine living off less than $1000


The problem with trying to say how much it cost to live anywhere, whether its Mexico, Canada, America etc, is that peoples lifestyle are not all the same. Here on Vancouver Island, (Canada), My wife and I live on a combined income of almost $1300 a month less than our best friends in Vancouver, we are both mortgage free, have 2 cars, (ours are new, theres are about 10yr old), neither have kids, but yet we have money let over every month, and take several vacations a year, while they live pay check to pay check, never take vacations etc. And unlike us, who will both be retiring at 55, he says he'll have to keep working until at least 60. While $669 doesn't sound like much. alot will depend on where in Mexico you live, you deffinately won't live like a king, maybe a disowned prince, I have heard of small apartments in some areas going for under $200 month. Of course if you drink, smoke , gamble etc, your $669 might not be enough. but then you never know. Good luck though, it'll be an adventure.


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## circle110 (Jul 20, 2009)

I agree with Sparks that $699 would be tough. 

However, I met a fellow here in Guanajuato that had been forced into an early shoestring retirement by his company. Although he didn't tell me exactly what his pension is, from what he did tell me I suspect it's around $700. He was renting a place for $275 a month with all utilities plus internet included. I saw the apartment and it was very comfortable. He minded his expenditures and was getting by, but just barely. He then decided to move more out into the country to save money and, as a bonus, explore his newfound love of horseback riding. He found a place for $150 a month and made a deal with the landlady to include 2 prepared meals a day for just a little more (I don't recall how much but it was extremely reasonable). He now is much more comfortable financially plus he gets to ride every day.

So, anything is possible -- you just have to be a little creative and adjust your expectations a bit.

I don't see any way that the OP would qualify for a visa no-imigrante rentista with that income but that doesn't rule out living on an FMM and making the biannual run for the border. To me it would be worth the hassle of making the trip twice a year to be able to enjoy living in Mexico the rest of the time.


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## gringotim (Jan 5, 2011)

Isabel5 said:


> This is a very good question!! Seems as tho there are varying replies depending upon where paperwork is filed. It would be best to get a concrete answer wouldn't it? I only make $669/mo. on disability but would love to retire in Mexico. I wouldn't be a drain on Mexico's economy yet I know that as thrifty as I am, I should be able to maintain a good lifestyle as long as I wasn't expecting too much. Mexico is a wonderful country. I have spent much time travelling as a lonely planeteer and know that you can live a better life, excellent culture included, anywhere in Mexico. I just worry about the range of information that I see here. In order to live in Mexico properly, it would be greatly appreciated to find out what income is required in order to 'retire'. Perhaps it is based on regions, as some are high cost-of-living and some aren't. Thank you.


Did you read the postings on this thread by Monty Floyd, he claims to have gotten an FM3 with an income of less than $1000, how much less is not mentioned, but maybe he can offer you some better info on where to live on less.


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## sparks (Jun 17, 2007)

If they are checking income (they didn't mine last year) ... you just transfer money from a second account to the one you show Immigration. I transferred $800 back and forth for three months before applying from PayPal. I setup PayPal and my bank with a "bill pay" and transfers are free


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