Amount of bank savings required for FM-3

My wife and I are very interested in moving to Mexico on an FM-3 visa. Please clarify the following:
We understand that we must prove monthly income of approximately $1,500 for myself and $750 for my wife or 50% of that amount if we purchase a home and live in Mexico full time.
What we are unclear is this: Can an American also qualify for an FM-3 visa by having so much savings in the bank? If so, what is that amount?
Appreciate any input that we can get on this subject.

For two people I believe you need to show approx. $18,000 USD in a savings account initially and every year at renewal. This is based on today's formula. It could go up over time.

Thanks for that quick reply.
Is that $18,000 in addition to the $1,500 per month or is the $18,000 all that is required?
Do you know where to go to find out officially?

I believe the 18K is the total amount. There is some detailed info in the "Moving to Mexico" area of this forum. Have a poke around. I'm sure our resident expert, Spencer will also chime in when he sees this as well.

Spencer?

For 2011, the income requirement for one person is $14,950 pesos. With one dependent, the amount is $22, 425 which is about $1,870 US dollars.

Some, but not all, INM offices will allow a savings of more than a year's income requirement. For this couple, that would mean a savings account showing more than $22,450 US dollars. Since this is an allowance outside the stated rules, it is very much subject to local interpretation. I would not count on it until verified at the INM office.

The home ownership discount is available only with an FM2 visa.

Rolly wrote:For 2011, the income requirement for one person is $14,950 pesos. With one dependent, the amount is $22, 425 which is about $1,870 US dollars.

Some, but not all, INM offices will allow a savings of more than a year's income requirement. For this couple, that would mean a savings account showing more than $22,450 US dollars. Since this is an allowance outside the stated rules, it is very much subject to local interpretation. I would not count on it until verified at the INM office.

The home ownership discount is available only with an FM2 visa.

Thanks Rolly, didn’t realize this only applied to FM2s. Guess we need to increase the amount we put in the maids retirement account.

CanuckBob wrote:For two people I believe you need to show approx. $18,000 USD in a savings account initially and every year at renewal. This is based on today's formula. It could go up over time.

CBob, one slight clarification, at least as it applies with INM here in the Lake Chapala area [although I believe it's a federal law change].....you no longer have to provide financial statements for visa RENEWALS every year. Financial proof is only required for the initial application and for the fifth year renewal.

Thanks for the clarification everyone.

That is very useful information that I was not able to find in other forums.
This forum is really superb, really appreciate the input from everyone.
If anyone has any additional input it too would be much appreciated.
Seems at times that qualification is a moving target, but that is part of the excitement I guess of wanting to move to Mexico.

Mathematical formula, 250 times minimum wage for an FM2 or 250 x 59.82 or $14,955 pesos per month or in US dollars at today´s 12.16 exchange rate USD $1,230. You should show that in monthly deposits. No 50% off for owning a home with an FM3 BUT a spouse only has to show 50% of the income, or between the two show 150% of the amount and she would be an economic dependent.

Another option to showing monthly deposits would be to show a large sum sitting in the bank which is 12 times or more than the monthly amount so about $14,760 in an account and it can be a retirement account.

There are a few other tricks if the above doesn´t work.

Does the amount of savings have to be in a Mexican bank? Or, can it be in a US bank?

Thanks Intercasa, because that is a formula that I was looking for.
I love being able to see what formulas are being used.
This makes good sense to me.
If you don't mind sharing, what are some other tricks?

Travelmex, be sure to notice that Intercasa's "about $14,760 in an account" is for a single person. You originally ask about you and your wife. That's why I gave a figure of $22,450 for the two of you.



Juanrey, the law says the funds must come from outside México, so it ssems to me that it's unlikely a Mexican account would pass muster.

Mexican bank accounts have been accepted without problems. There are other options but I custom tailor them to the clients situation and thats why I get paid.

We have been using the balance in our Multiva acct for allmost 8 years. And since the last renewal they never asked for anything.

Really useful information Rolly (thanks for the clarication) on Intercasa's response.
Intercasa, that makes sense that each client needs to have their own situationed tailored to them. (I will be in touch)

This is what I have understood thus far on what I need to get started for my wife and myself: Are all these documents necessary? Am I missing something?

a) the original, and a copy, of the application, itself;
b) your passport, and a copy of each and every page of it, whether blank, or not;
c) the original, and a copy of the document given you when you entered Mexico: for many of you this will be an FMT;
d) a letter in Spanish, signed by yourself and addressed to the National Institute of Migration, in which you request a change of your status in the country to that of non-immigrant, Visitante Rentista, to live in Mexico at your own expense, relying on resources from outside the country;
e) the last three monthly statements (originals) from a bank account standing in your name, which either reflect the required income stream, or the balance on deposit, if you're relying on a sum on deposit, rather than an income stream (you will have brought these bank statements with you when you entered Mexico, so you are ready to begin this process), and a copy of each statement;
f) official translations of the three bank statements (easily obtained in Cancun, after you arrive), and copy of each translation;
g) proof that you've paid the initial fee required of you with the application, consisting of the receipt you will be given when you pay the required fee at any bank in Mexico, and three copies of same;
h) proof of your actual residence in Mexico, which can be a paid utility bill, bearing your actual address, for a utility service which is billed in your name; or, if the utility account is in the name of another, then, in addition to the bill and a copy of it- a letter from that person, 1) signed under a declaration they are telling the truth; which 2) shows the address of the property; and, 3) names you as living there, with 4) the date on which you began living there- together with a copy of their personal identification; and, a copy of each and every one of these.

If my wife also wishes to apply for an FM-3, we must have the original marriage certificate authorized and translated at the Mexican Consulate nearest the place of marriage.

Not sure if these items are needed?
Apostille of our Police Records
Health Certificate

You mention Cancun but each place is different so you'd have to ask somebody there as my posts apply to what happens here locally and each area is different.

You have missed one vital item: you MUST make the application online before you go to the INM office. Look here for a step-by-step guide though the whole process.

Also rumor has it the new system might be in place in September so that may affect this thread and all the advice in it which it surely will once the new law is implemented.

That makes sense regarding any area that we choose to end up living in Mexico, but right now we are undecided.
The only reason that Cancun was mentioned is that I had copied that from a list of somone that is moving to Cancun. We are not moving to Cancun, but now I do understand that we need to select someone to help us in the area that we decide to move to.
Right now, we are certainly open to suggestions.
With the new system possibly being in place by September many things no doubt will change, hopefully it will be easier as Rolly puts it.

You also should consider applying for your FM3 visas at your nearest Mexican consulate prior to leaving for Mexico. They don't usually require translations and if you need something else it is easier to get it while you are there. I believe they will approve your application and give you some documents (which are valid for 6 months) to present to the IMN office within 30 days after arriving in Mexico to complete the process.

Do I have this right Rolly & Spencer?

Yes

Excellent and thanks Bob and Rolly very much. It would be nice to see you in Mexico one day in the near future.

The Mexican consulate gives bad advice most of the time and should be avoided at all costs unless absolutely necessary. Many of my clients have paid stiff fines after following the consulate's advice. Also different consulates have different rules and you still need to register with immigration at your destination.

Wow, now that is good advice for sure. We had heard that about Honduran consulates, but not Mexican consulates. OK, we will steer clear of that...
Sounds like you really know the pros and cons of getting set up.
We need to determine here in the near future just where we want to live and at that point we will know how to proceed. Thanks much!