# Visa income verification



## McVane (Jan 16, 2011)

Hi,
My girlfriend and I, late fifties, currently reside in the US and are considering living in Mexico for the better part of the year.

We are not yet eligible for SS and have no guaranteed income streams such as lifetime annuities. However, our investments would be sufficient to generate the dollars required to meet the monthly FM3 income thresholds.

Perhaps someone can help me understand if we will have problems obtaining an FM3 visa? What we can do now to facilitate the FM3 process?

Time wise, we may be coming down as early as May.

Thanx


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## RVGRINGO (May 16, 2007)

You can present the three most recent months of your investment/bank statements, showing at least something like $20,000 minimum balance, or, you could set up an automatic transfer to individual accounts. Those should show some $1250 per month, each, as steady deposits. You will need individual accounts, if you aren't married. You need to do this only for your initial application for a visa, and again when you must reapply after five years. It won't be necessary for annual renewals up to the five year term of the visa.


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## McVane (Jan 16, 2011)

RVGRINGO said:


> You can present the three most recent months of your investment/bank statements, showing at least something like $20,000 minimum balance, or, you could set up an automatic transfer to individual accounts. Those should show some $1250 per month, each, as steady deposits. You will need individual accounts, if you aren't married. You need to do this only for your initial application for a visa, and again when you must reapply after five years. It won't be necessary for annual renewals up to the five year term of the visa.


Thanks much RV!

A couple of follow up questions to be sure I understand:

The first suggestion seems straight forward. Open two U.S. money market accounts and seed it with 20k each. Show the MM statements to the Mexican visa officials at the time the FM3 is applied for. Is this right?

For your second suggestion, I could my instruct my investment house to transfer $1250 a month into a U.S. money market account for myself and $1250 a month into a similar account for my girlfriend. After three months of transfers, I would have enough of audit trail in place.

What documentation would I have to provide for the FM3 officials? 
Would it simply be showing them the money market statements? 
Or would I have to also show the letters of instructions?

Would these transfers have to continue after the FM3 was granted?

Would I ever have to show dollars transferred into Mexico and converted to pesos?

I realize there are several questions here, but understanding the details gives me more confidence about moving forward.

Regards...


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## RVGRINGO (May 16, 2007)

INM is simply looking for proof of solvency and your ability to sustain yourselves above a minimum level. As such, your assumptions are correct.

The first suggestion seems straight forward. Open two U.S. money market accounts and seed it with 20k each. Show the MM statements to the Mexican visa officials at the time the FM3 is applied for. Is this right?
Correct; show them three months of statements.

For your second suggestion, I could my instruct my investment house to transfer $1250 a month into a U.S. money market account for myself and $1250 a month into a similar account for my girlfriend. After three months of transfers, I would have enough of audit trail in place.
That would probably suffice.

What documentation would I have to provide for the FM3 officials? 
Would it simply be showing them the money market statements? 
Or would I have to also show the letters of instructions?
You could have the letter ready (translated) but it probably wouldn't be needed.

Would these transfers have to continue after the FM3 was granted?
INM is going to assume that they would, so the instruction letter should not mention the three months of transfers. You could cancel it, if you wish.

Would I ever have to show dollars transferred into Mexico and converted to pesos?
No, but it would be wise to have the ATM withdrawals for living expenses show on your bank statements.


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## McVane (Jan 16, 2011)

RVGRINGO said:


> INM is simply looking for proof of solvency and your ability to sustain yourselves above a minimum level. As such, your assumptions are correct.
> 
> The first suggestion seems straight forward. Open two U.S. money market accounts and seed it with 20k each. Show the MM statements to the Mexican visa officials at the time the FM3 is applied for. Is this right?
> Correct; show them three months of statements.
> ...


Thanks again!
Sounds like this part of the process should not present too many problems then.

One thing I have not found in my internet searches is if there is a requirement on the amount of time per year you have to remain in Mexico to maintain the FM3. Is there a minimum number of months?

We are considering coming down for a few months to check things out, apply for and receive the FM3s and then return back to the states to settle affairs before coming back for an extended duration. Not sure how long it will take to get things in order, so I don't know how many months of the first year would actually be spent on Mexican soil. After that the time split between U.S. and Mexico would vary.

Do you think we will have problems in this area?

Regards...


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## sparks (Jun 17, 2007)

It might be easier to just transfer $1250-1500 a month into a bank account that you will use for your ATM withdrawals for living expenses (or whatever you'll need). I have done both, 3 months of deposits and a total sum in an account. I even had a Paypal account to transfer money each month into my bank account .... but that was back when interest rates were 4-5%. Yes they only want 3 months so cancel after approved.

Since ATM is the most common access to cash ... check for banks that have no International fees


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## sparks (Jun 17, 2007)

A tourit visa or FMM is good for 180 days. Stick with that and come down relaxed when you have more time


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## McVane (Jan 16, 2011)

sparks said:


> A tourit visa or FMM is good for 180 days. Stick with that and come down relaxed when you have more time


Hi Sparks,
Thanks for the reply. Your suggestion regarding making funded accounts useful for ATM withdrawals seems like a good idea. Appreaciated.

There were a couple of reasons why I wanted to get the FM3 ASAP.
One is psychological. Having the FM3 will energize our conviction to uproot many decades of living for a new glorious adventure. 
The second is to get started on the IMMS process ASAP. I have heard that preexisting conditions are not covered in the first two years. We are goth in relative good health, but would to get into the system to preclude medical stuff happening before hand.

Regards...


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## RVGRINGO (May 16, 2007)

The FMM has the advantage of not worrying about having to be in Mexico for renewal of a 'no inmigrante' visa or IMSS documents, both of which can take some time to accomplish, especially if holiday weeks are involved and government offices can be closed or ineffective for long periods. To answer your question; The 'no inmigrante' visa (old FM3) has no restriction on time out of country, except for the need to be in country to renew.


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