Hey there, folks! Welcome back to the Substack, don’t forget to subscribe! I wanted to share our journey applying for a Mexican temporary residency visa and a Spanish temporary resident visa while living in Panama.
Why Mexico?
After four years of living in Panama, I’ve decided it’s time to move on. Mexico emerged as a fantastic base destination thanks to its amazing food, great connectivity, friendly expat community, and lower cost of living. Plus, after five years, you can apply for citizenship—who wouldn’t want access to the best tacos forever?
Choosing the Right Visa
My girlfriend and I researched various visa options and landed on the temporary resident visa through financial solvency. It’s similar to European self-sufficiency visas (check the list of these in the resources section of the Geo-Fire Facebook Group). The requirements seemed straightforward: prove you have either $74,000 in bank accounts or a monthly income of around $4,394. We didn’t see too many issues, so off we went!
The Official Requirements
As of now, the requirements are:
- Proof of $74,000 in investments or bank accounts, or employment/pension income of approximately $4,394 per month.
- Completed application form.
- Passport (original and a copy).
- One passport-sized photograph.
- Proof of legal status in the country where you are applying.
Navigating Facebook Fluff
While gathering documents and waiting for our embassy appointment, I turned to Facebook groups for tips. What I found was a mixed bag: embassies often have different requirements for each applicant. One person might need 12 months of bank statements, while another is only asked for six. Some embassies allow certain types of income, while others do not. Facebook can provide valuable insights, but it often complicates matters. Looking back, I should have realised at this moment that there was nuance in the process and emailed the embassy directly. This would come back to haunt us.
The Reality of Our Appointment
After collecting all the necessary documents, my girlfriend and I headed to our appointment about six weeks later. Securing a slot was a challenge, as they’re released monthly. You kind of have to know when the new appointments will be available and be Jimmy on the spot when they drop.
Dressed to impress (I even bought a pair of pants!), we arrived at the small Mexican embassy in Panama City. When our names were called, a straight-talking staff member quickly informed me that I was using an outdated form. Round two began as we filled out the same information on a new version.
My girlfriend was then asked for additional bank documentation, which we quickly retrieved. Finally, after a long wait, we were called up again to learn that we would both need to return tomorrow morning to learn our fates.
The Disappointment
The next morning, we returned with hope, but my girlfriend was called first and delivered the disappointing news: our applications had been denied. The reason? “Your money is not in Panamanian bank accounts.” Despite my insistence that this requirement wasn’t mentioned on the official website, the staff member explained that each embassy can impose its own criteria. Although we could show more than enough income and assets to meet the official requirements, the fact that not all our assets were in Panama led to a thumbs down.
Frustrated, we left, questioning how anyone is supposed to know specifics like this if they aren’t listed on the Mexican government website. It felt frustratingly vague, and our failure to ask about these nuances ultimately cost us.
The Decision
After discussing our options, we decided to halt our Mexican visa plans. Consolidating a significant amount of capital into Panama would mean it wouldn’t be working for us financially (lazy money), the transfers would incur hefty fees, and my previous banking experiences (horrific) here in Panama mean that I won’t be moving capital here anytime soon.
Top Tips
- Email Your Local Embassy: Check for specific requirements not listed on the official website.
- Be Quick with Appointments: They’re released monthly, so be ready to grab one.
- Simplify Financial Proof: Use one account with clear payment schedules.
- Bring Extra Copies: If they ask for six months’ statements, print 12 just in case!
- Have Cash for Fees: Always a good backup plan.
Conclusion
We were thrilled about the prospect of Mexican residency, drawn by its affordability, delicious cuisine, and the potential for a new passport. However, challenges with the local embassy and Panama’s banking situation have made things more complicated. For now, we’ve decided to put Mexico in the “too hard basket” while we focus on our Spanish visa applications. If everything works out in Spain and we find a banking solution, Mexico will definitely be back on our taco menu! Stay tuned for updates!
Cheers,
Andy
Panama City…for just alittle bit longer.
