For many people that own a vacation rental property or those who buy a winter home in Puerto Vallarta or Riviera Nayarit, a tourist visa for Mexico, which will allow you to stay in the country legally for up to 180 days, is enough. But many people who own a home in Puerto Vallarta opt to apply for a residency visa, available in 2 forms: Temporary Residency Visa, for those that want to stay in Mexico for more than 6 months but less than 4 years, or Permanent Residency Visa, which allows you to stay in Mexico permanently.
Some of the benefits of having a residency visa, depending on which version you choose, include being able to stay in Mexico without limitation, the ability to have contracts (like for your cellphone) held in your name, the ability to work legally and access to Mexican social programs.
For qualifying for a temporary residency visa in Mexico, one must be able to show proof of an average balance of $27,000 USD for the previous 12 months held in their bank account or proof of a monthly income equivalent to approximately $1,600 USD for the previous 6 months from time of application. For permanent residency, those numbers change to a balance of $106,000 USD for 12 months or 6 months of monthly income of $2,700 USD per month.
To learn more regarding the process for Canadians and Americans applying for a Mexican residency visa visit http://bit.ly/2L0Erx0.
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