Puerto Vallarta, Mexico - For many people that own a vacation rental property, or those who buy a winter home in Puerto Vallarta or the Riviera Nayarit, a tourist visa for Mexico, which allows 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 two 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, and the ability to have contracts (like for a cellphone) in your name, to work legally, and to access Mexican social programs.
To qualify 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 click HERE.
For more Puerto Vallarta real estate and lifestyle tips from Tropicasa Realty, click HERE.
Since 1997, Wayne Franklin and his team at Tropicasa Realty have been a trusted name in Puerto Vallarta real estate. Tropicasa Realty is a regional representative of Who's Who in Luxury Real Estate and, with over 100 years of combined experience in real estate, all agents of the company are affiliated with AMPI as well as being International members of the U.S. National Association of Realtors. Wayne Franklin or any member of his knowledgeable team can be contacted in-person at their Romantic Zone Office - Pulpito 145-A at Olas Altas. While in PV they can be reached at (322) 222-6505 or by calling 866-978-5539 (Toll-Free) from the U.S.
Click HERE to learn more about Tropicasa Realty, or visit tropicasa.com.