In this video, I'm going to show
you how any one of you can
qualify for Mexican residency through Financial solvency.
The current system for determining financial
solvency is far from perfect.
Now, in this situation, I don't think that
anybody could argue that Big Spender Bill is
in a better financial situation than Saver Sally.
For example, over here you have big spender Bill.
He's had a pretty high salary his whole life, but he buys
a lot of things and he's not very good with money.
Bill has no savings despite having a high salary.
He has a monthly rent of one, $1,200.
And he has $100,000 in debt that he's racked up.
But because of his high salary, he
gets $3,000 a month from Social Security.
So overall, Big Spender Bill is in
a really bad financial position.
However, because of his $3,000 a month
Social Security payment, he does qualify for
Mexican residency through financial solvency.
Saver Sally has been working a low income job her
whole life, but she's managed to accrue $20,000 in savings.
She has her home paid off, she has zero debt.
But because of her low salary throughout her career,
she's only getting $1,000 a month for Social Security.
And because of this Social Security payment, she
does not meet the requirements for financial solvency.
But in this video, I'm going to show
you how someone like Saver Sally can get
legal residency in Mexico through Financial Solvency, even
if Saver Sally had no savings at all.
I had this epiphany this morning, and I'm just
annoyed that I didn't think of this sooner.
But the process for residency.
Typically, you're going to make an appointment with a
Mexican consulate in your home countries and then you're
going to go there with bank statements.
Bank statements proving that you've either had a
certain amount of income over the past six
months or a certain amount of savings and
investments over the past twelve months.
And then if you meet those income
requirements, well, then they're going to approve
you and then you continue the process
in Mexico. When you're at the Mexican consulate,
you're not showing them your tax returns.
They're not running your credit to
see how much debt you have.
You're literally just bringing your bank statements and they're
looking at how many deposits you have coming in
and what those deposits total to they're not even
looking at your expenses at all.
When I qualified for Mexican residency, I
qualified based on my business income.
But really, it wasn't even business income.
It was literally business revenue.
They only cared about the deposits.
They didn't care about the expenses at all.
They didn't care that I had a $2,000 expense over here,
a $500 expense over here, a $3,000 expense up here.
It didn't matter.
They were only looking at the money
coming in, not the money going out.
So let's say you're like Saver Sally
and you have $20,000 in savings.
Well, you don't qualify via savings and
investments, because you need about $50,000, and
she has $1,000 a month in income.
And she doesn't qualify via monthly income
either, because she would need about $2700.
At the most lenient consulate in the United States. We're
going to make a six month plan so Sally can
qualify for Mexican residency before the end of the year.
So right now, she has $1,000 a month in
Social Security income, and at the most lenient consulate
in the United States, she needs approximately $2,700 a
month coming into her bank account every single month.
So that's a difference of one $1,700.
So we need to figure out how we're going to
get an extra $1,700 or more every month in
her bank account for the next six months.
But to be safe, we probably want
a little bit of a buffer.
So maybe we want to get an extra $2,000 a
month, or even $2,300, depending on which consulate we're planning
to go to, because if you go to McAllen, Texas,
in 2023, you only need $2,700 a month.
But it might be difficult for Sally to get
to McAllen, Texas, from Minnesota, and her nearest consulate
requires $3,300 a month, in which case she would
need an extra $2,300 of monthly income.
So Sally has lived a modest life, but over the
course of many years, she has accrued lots of things.
She has a house full of things.
I'm the world's worst artist, but just pretend
these are things inside of her house.
She has lots of things.
And remember, she wants to move to Mexico, and there's no
way that she can bring all this stuff with her.
So this is our secret weapon.
We're going to be selling these things to
be getting that monthly income deposited into our
account to reach that approximately $3,000 per month
mark to qualify for residency.
So by selling everything in here one by one, we're
not only going to be qualifying for Mexican residency, but
we're also going to be helping Sally move.
Because I did this, I had a house full
of things that I had to sell because I
needed the cash before coming to Mexico.
So we're going to make it our goal to
for sale on the app OfferUp.
You're going to go to the App Store on your phone.
You're going to download OfferUp, because they make
it super easy to list things, and it's free
and then we're also going to utilize ebay.
But we're only going to use ebay
for more expensive things and smaller things.
For example, if you have a watch, if you
have an old iPhone, things that are small are
great to sell on ebay because of shipping costs.
But if you want to sell a vacuum cleaner,
for example, that's got to be on offerup.
Because if you sell a vacuum cleaner on ebay, your shipping
costs are going to eat up all of your profits.
So when you sell on ebay, you're going
to get paid by PayPal, which is perfect
because you're going to be getting ACH deposits
into your bank account every single month.
And PayPal transactions are not going to be questioned
by the consulate at all because there's so many
people working online who are gaining a little bit
of extra income working a side gig or something
that are getting paid via PayPal.
However, on offerup, on this app, most
of the transactions are done in cash.
However, you're going to try to get paid
from most people using PayPal, and I think
most people will be willing to do that.
Now, you could have some deposits coming into your account
every month in the form of cash or from friend
to friend transfer apps like Venmo or Cash app.
But I think it's going to look a lot better
on your "resume"
if you have deposits coming from
PayPal instead of like Venmo or Cash app.
So our six month plan is
going to look something like this.
So in May, June, July, August, September,
October, we need at least $2,000 in
monthly deposits into our bank account.
Remember, when you're going to your
consulate appointment, you're not bringing your
PayPal transactions or anything like that.
You're bringing your bank statements.
So your bank statements are what matters.
But as you're selling stuff, your PayPal balance is
going to grow and grow and grow as you
get a whole bunch of deposits into there.
And you're not going to transfer everything
immediately over to your bank account.
So maybe the first month you're
selling stuff, you make $4,000.
Well, you're only going to transfer
like 2000 or maybe 2200.
Then you save the rest for the next month.
So you continue selling stuff in June, and you already had
a balance of like 2000 or 1800 to start June.
But you keep selling stuff, the PayPal balance keeps
growing, and before the end of June, you transfer
another approximately $2,000 into your bank account.
And then you continue doing this every month
and letting your PayPal balance grow, never transferring
the entire amount over at once.
Because, remember, you're going to start running out of stuff
to sell eventually, and you need to have money to
keep sending over from PayPal to your bank account.
And when you have your consulate appointment to
prove economic solvency via monthly income, they want
to see six months of bank statements.
So since our six months are from May to October.
We're going to schedule our consulate appointment
in advance in the month of November.
So let's say you're watching this video later,
like you didn't watch it right when I
put it out, or you're starting this process
later, and your six month schedule is like,
August, September, October, November, December, January.
And then your appointment at the
consulate would be in February.
Well, you have to remember that if you're starting
it later in the year, you have to qualify
for the consulate requirements the next year.
And we won't know the exact consulate requirements for 2024
until about the second week of January or so.
But in 2023, it takes approximately depending
on the consulate, it could be a
little higher, a little bit less.
It takes approximately $3,000 in monthly income.
But that is not the number you have to look
at if you're starting this process in August, because you
would have a February 2024 appointment. Every year for the
past five or six years, the requirements for residency in
Mexico have gone up by about 15% to 20%.
So let's say it's on the higher end
of that and it goes up 20%.
Well, you're going to have to plan on
monthly deposits of $3,600 into your bank account
in order to qualify for temporary residency.
So when you're making transfers from your PayPal into
your bank account, make sure you're thinking about this
if your appointment isn't going to be until 2024.
So let's say you don't have enough things to
sell and are really struggling to meet that required
PayPal transfer into your bank account every single month.
Well, in this case, you can use a
trick that I've used in my life.
So I've been in the credit cards rewards and points game
for a while, and I always try to get the sign
up bonuses because the sign up bonus can be really valuable.
But sometimes it's like you have to spend
$5,000 in three months, and a lot of
times I just wasn't spending that much money.
So a trick I would do is I would go
to a department store or go to Target and be
looking at the clearance racks and looking for the stuff
that's on a deep discount, like 50% off, 75% off.
And I would specifically be looking for things
that I thought I could sell pretty quickly.
So what I would do is I would buy
those things and then I would resell them.
And you can use the same trick here
because again, it's not your expenses that matter.
They don't look at the money going out.
They only look at the money coming in.
So if you can buy stuff on clearance at
a 50% discount and get even a little bit
more money back than that, well, then you're going
to be in great shape, and you're going to
be able to continue adding to that PayPal balance.
Now, if you're doing this keep in mind we're trying to
move to Mexico, so we're trying to get rid of stuff,
not acquire new stuff because you're going to have to get
rid of practically everything to be able to move here.
And you don't have to limit
yourself to stores like Target.
You could also go to garage
sales, yard sales, things like that.
Find anything that you can resell so
you can have that money coming into
your PayPal account every single month.
Because remember, it's not expenses that matter.
They don't look at expenses at all when
they're reviewing your financials at the consulate.
They only look at your money coming in.
So you need to make sure you have enough
money coming in from PayPal every single month.
And also a place online I would
look for deals is Slickdeals.net.
If you scour the pages of slickdeals,
you can find quite a few options of
things that would fall into the resellable category.
Go for the stuff that's going to sell quickly.
It can be a great money making opportunity
to buy artificial Christmas trees in January for
90% below retail and then resell them in
November for slightly below retail.
I think that's a way that a lot of low income
earners could earn a few extra thousand dollars every year.
However, I don't think that's very good for this case
because then you'd have to be hanging on to them
for almost a year before you could resell them.
Now let's talk about the risks of doing this.
I think the biggest risk is that you sell some
of your things or a lot of your things and
then you don't get approved for residency, because after all,
each consulate and the individual employee who's working with you
has the flexibility to approve you or not.
And your approval might come down to
whether they like you or not.
So maybe you get declined at one consulate and you
have to go to another consulate or a third consulate
for a third appointment to end up getting approved.
Or maybe you never get approved at all.
That's always a possibility.
And also the rules can change at any time.
So now let's discuss is it okay to do this?
Because I could see some people having a
problem with this and I think it is
okay and these are the reasons why.
Number one, you're playing by their rules.
Number two, they can change the rules at
any time and they've been basically the same
for quite a few years now.
And number three, they let a lot of
other people get residency a whole heck of
a lot easier than going through this route.
For example, during COVID they started this program where
if a tourist lets their visa expire, meaning they
stay longer than they're allowed in the country or
they're in the country illegally, well then they can
just apply for the regularization program and get temporary
residency with no financial requirements whatsoever.
So that's a much easier route than going the way
of trying to prove financials and all of that.
In addition to all of those reasons, take
a look at this example of someone who's
getting approved for residency all the time.
So, Retail Rachel is the manager at a retail store,
and she brings home $3,500 a month from her paycheck.
But the day that she moves to
Mexico, her income goes to zero.
A big fat zero.
So how's that any different from the
person who is making part of their
income selling some things before they move?
That income is going to go away when
they move as well, just like Rachel's did.
But they don't have a single problem
with this, so why would they have
a problem with someone selling some things?
Now, every consulate can make their own decisions, so
maybe there are some consulates out there who would
decline Rachel, and they would say, hey, you're not
going to have your income when you go to
Mexico, so I don't think we can approve you.
However, the consulates that I'm
familiar with, they don't care.
They just want to see that you have an
income that meets or exceeds their limits every month
for the six months preceding your appointment.
Now, one way I have heard about some
people getting approved is morally questionable, and this
is where I would draw the line.
I would absolutely not recommend this.
And that is they would just withdraw a couple of
bank account every month and then deposit it the next
month, and then they just keep doing that.
And then they were recycling the same money over and over
to make it look like they had money coming in.
Whereas if you're selling stuff, or if you have
a job, you actually do have money coming in.
This is new money, not recycled money.
So that's where I would draw the line at.
It not being morally acceptable.
If you found this helpful, please subscribe to
the channel and watch this one next.
It's some of the cities that I think would be
the best places to live on a month in Mexico.