A retired couple can expect to retire comfortably in Mexico with an average income of about $2,500 a month, or $30,000 a year, according to InternationalLiving.com. These figures include the cost of a house, a maid service, utilities, groceries, entertainment, health insurance, and more.
A few factors play into your cost of living for retirement in Mexico. The biggest is location: Mexico is a large country with big cities, small towns, resort areas, and everything in between, and your exact costs will largely depend on where you live.
It also depends on the lifestyle you plan to lead. Whether you want to retire early, late or on time will also affect your expenses timeline. You will also want to keep an eye on the exchange rates from USD into pesos. Not everything in Mexico is marked as pesos, with many merchants accepting USD, especially in tourist areas. Plus, shopping and living like a local, like buying from street vendors, can save you even more money.
Visas for Retiring in Mexico
Retiring in any foreign country is bound to take a couple of extra steps than if you were to stay put in the U.S. For starters, you’ll need to obtain a visa to reside in Mexico. The duration of your stay in Mexico will determine the kind of visa you need to apply for. Do you plan to stay for a few months at a time, for a few years or for the rest of your life? The shortest option is applying for a tourist visa. These cover your stay for almost six months.
As a retiree, you can choose to apply for a temporary resident visa which lasts for up to four years. To get the process started, visit your nearest Mexican consulate. Your eligibility depends on your assets. For one, you’ll need to provide proof that you can support yourself as a retiree on funds you’ve made (or are making) outside of Mexico.
The minimum monthly requirement is about $1,620 in net income for an individual. You may also choose to provide bank statements for the last 12 months that show an average balance of at least $27,000.
If you choose to stay longer than four years, you can apply for a permanent resident visa. If you made it to four years with a temporary resident visa, you can fairly easily alter it to permanent status. Permanent resident visa status allows you to work in Mexico.
To qualify, you must show investment statements with an average monthly balance over the last 12 months of $107,000 or a monthly net income (or pension) over the last six months of at least $1,620.
Source: Smart Asset