FATCA

bobestremera

Member

Member since 15 January 2017

San Miguel de Allende

bobestremera

15 January 2017 17:12:12

bobestremera

15 January 2017 17:12:12

San Miguel de Allende

I am interested in retiring to Mexico and have been following the American IRS law known as FATCA.
This is the law that requires foreign banks to collect all information about Americans and their complete banking history in their new country of residence. I have noted that in Europe many banks are simply not accepting new American accounts because of the costly and burdensome compliance rules. Many banks in Europe are even telling long-standing American bank customers to close their European accounts and take their money elsewhere because of FATCA compliance. Are American expats in Mexico experiencing any of these issues?

Thanks, Bob

GuestPoster491

16 January 2017 06:43:41

GuestPoster491

16 January 2017 06:43:41

What banks do (or not do) in Europe has no bearing on banks/life in Mexico. That said, the statement is not true. Most reputable banks are complying with the requirement, as the one I do business is, and simply asked me to complete and sign a form which they file with IRS. No big deal, but again, this is in Europe not Mexico.