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Paying taxes to Mexico.


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I am confused by what I am hearing about paying taxes to Mexico. I live here but do not work here. I am retired from the U.S. & have social security put into a U.S. account each month which I use a debit card at ATM's to live on. I do not have a bank account here or do I own any property. Am I expected to pay the Mexican government a percentage of what money I turn into pesos each year? Thank you.

Rich

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That's a darned good question Felicity.

I have always assumed that by becoming a citizen of Mexico that you would pay taxes to Mexico...

I would definitely get the answer from a professional tax consultant though.

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If you became naturalized, you would not pay taxes on your social security money to Mexico, because that money was earned in the United States. You would still have to pay taxes on it to the USA though, unless you denounce your citizenship, in which case I believe you would no longer get the social security.

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The answer might not be as easy as it seems. One needs to look at if they are treated as a resident for tax purposes and where do they have the center of their interests as well as does their former home country make them declare their worldwide income solely based upon being a citizen or resident of that country.

Do not confuse lack of enforcement and looking the other way with not being required to file and declare. With international tax treaties you probably will not be double taxed and will get a credit for taxes paid in other treaty countries.

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