To open a Mexican bank account, you have to have either temporary or permanent residency (residente temporal or residente permanente). Either one is fairly easy to obtain for those who are of retirement age and have a source of income in their home country. If you qualify, it is always best to apply directly for residente permanente, which is good for life. Residente temporal, on the other hand, requires renewal and increases the cost over the long run.

Word of caution: if you are a US citizen and have more than $10,000 USD in foreign bank account(s) at any time during a year, you will be required to file an FBAR report to the US Treasury the following year. Penalties for non-compliance are excessive. For this reason, many property owners avoid holding more than $10,000 USD in their Mexican bank accounts. 

If you’re ready to apply for a visa, Realty San Miguel can recommend visa specialists to help you, so feel free to connect with one or our agents.