# Required income confusion



## VVChuck (Jul 11, 2010)

I recently purchased a home in La Paz and plan on moving there permanently as soon as my house in Cleveland sells. I am 61 and my wife is 59. We currently have a pension income of over $1000 per month. in 1 year I will get Soc Sec of over a $1000. We also have personal savings to tide us over until our Soc security kicks in. Bottom line is, would the amounts above and savings qualify? We own the home outright - no payments.


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## kcowan (Jul 24, 2010)

I know an expat here who worked for a real estate company. Because he was on commission, he had received no regular salary. So he withdrew and then deposited $2000 each month for 6 months to create the audit trail he needed. Because you are not down here in Mexico, this might not work for you. But the real objective of all this is to ensure that your are financially independent. Maybe open up a Mexican bank account and transfer money very month?

When we renewed our FM3 (no inmigrante) n December, they wanted copies of the bank statements which showed regular payments of our utilities but no deposits for more than the 6 months they wanted. It was renewed no problem. The account showed a balance of 50000+ pesos.

If you don't have a Mexican bank account, I would ask them whether statements from back home would qualify.


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## RVGRINGO (May 16, 2007)

The information in the previous two posts is obsolete. The system changed completely in May, 2010. Application is now done from within Mexico, after your arrival on an FMM, and online for the first steps to create the appropriate documents. Those, and your personal documents & proofs of financials are then presented, in person, to the INM office nearest your Mexican residence, with proof of that address. The reduced income requirement is now only available with an 'inmigrante credencial' (old FM2). Please see the index page for a thread on this topic.


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