When you purchase a property in Mexico, your closing costs can be between 6% and 10%.
Immigration costs, depending on whether you will be a temporary or permanent resident, would be about USD$1,500 including attorney’s fees and other expenses that you will pay to move in to Mexico.
Those are pretty much all the “one-time only” costs involved when moving into Mexico.
If you want to be a temporary resident, there are various ways of getting an immigration visa. One is based on income, the other one is based on assets, and there is a “points system” based on your profession. Or it can be combination of all three.
If you are immigrating to Mexico based on income, you would need to prove about US $1,500 in income to obtain temporary or permanent residency.
If you are immigrating to Mexico based on assets, you only have to show that you have over $125,000 in assets, which could be stocks, bonds, IRAs, or real estate that you hold in your home country.
If you can show that amount in assets then immigration authorities will not need to qualify you based on income. If you are coming to work here in Mexico or if you are coming to practice your profession, they will consider you based on if you are a doctor, an artist, or an athlete, etc., then they will use the point system based on your profession.
By Alfonso Galindo for TYT
Director at I GO YUCATAN.com (Real Estate and Expat Affairs Specialist).