Summary – Permanent Resident Visa MPRV – If you are a Canadian or US citizen this visa allows you to stay in Mexico for as long as you want without restriction on foreign travel. You will need 4 years of Temporary residency status to get it.
Updated July 13, 2013 If you do not want to take this status after 4 years you do not have to. You will however have to start the application process from outside Mexico at a consulate. In that way you can get another 4 years of MTRV status. You may want to do this for various reasons like problems with having your vehicle in Mexico under a permanent status.
Updated February 2013: Please keep in mind that the current regulations are relatively new (Nov. 2012) so you may have different experiences depending on which office you use. The following information is gleaned from many sources across the internet it is only a summary of what I believe I understand. If in doubt consult a professional or ask a question on a forum to get information about the personal experience of others. If your experience is different or suggests errors in the information presented please comment below. Sharing has served us well in the past and will help us through these changes as well.
If you need to apply for a visa or change your immigration status in any way there is an on line procedure which starts the process. That process has been translated and documented here: INM ONline Immigration Application Procedure for Visas and changes
The cost of the visa is: $4,289 pesos (Updated January 2015).
The application process costs an additional 1,000 pesos.
If you lose your visa the replacement cost is 1,080 pesos (January 2015).
The MPRV can be obtained after 4 years of FM3 or FM2 status or a combination of 4 years of FM3, FM2 and Temporary Resident (MTRV) status. It does however depend when you renewed your FM3 or FM2. For example even if you had several years of FM? but last year had to reapply then you still have 3 years of Temporary status before you can get Permanent. In the case of a spouse of a permanent resident or citizen of Mexico the period is 2 years.
There are other ways to qualify they are:
by next-of-kin right to preserve the family unit
by right to preserve the family unit
by humanitarian reason.
There is a transition period in which if you have a non immigrant card (was FM3) or an Immigrant card (was FM2) which has been renewed 3 or 4 times then you can apply for a change of status to Permanent Residency winthin the 6 months prior to it’s expiry.
Once acquired the MPRV does not have to be renewed unless you are a minor.
There is a minimum income requirement for getting this visa in the range of 2,000 US$ per month or US$126,000 of investments for each individual. You may be required to prove this with bank statements for the past 6 months but the INM offices have the discretion to use a combination of assets including real estate to arrive at an equivalency. The idea is that you should be financially self sufficient.
You cannot have a foreign plated vehicle in Mexico under this status.
You must inform the INM of the following changes within 90 days of their occurrence:
• CIVIL STATUS
• CHANGE OF CITIZENSHIP
If you have an Immigrado Booklet then you can get a permanent resident card but that is optional. Not sure what the optional part means but INM says so.
I have always found the Mexconnect forum extremely useful.
The actual regulations are here in Spanish: http://dof.gob.mx/nota_detalle.php?codigo=5276967&fecha=08/11/2012
See also Mark’s comment on how to calculate the investment requirement at the very bottom of this page: Temporary Residency