FATCA

Last activity 16 January 2017 by sparksmex

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bobestremeraMember15 January 2017 15:12:12

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

GuestPoster491Guest16 January 2017 04:43:41

214245

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.

bobestremeraMember16 January 2017 09:26:04

Thanks for the reply. That's good to know.
Bob

sparksmexSerial expat16 January 2017 15:03:06

219

Keep your money in the US and withdraw as needed

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