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henrylaxen

SAT and US Bank Accounts

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Can anyone explain if this affects us expats?

Best wishes,

N&H

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According to an article in Noticias Ya, if as a Mexican

I believe this only applies to Mexican Citizens... if you are not a Mexican Citizen, then it doesn't apply.

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It applies to anyone who has a bank account in Mexico. Just like Mexicans in the USA receiving money from Mexico. If you have to pay taxes in Mexico they can be deducted from your US tax bill.  The Mexican banks also report the the USA holdinhs of US citizens

As they say "consult your tax advisor"

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Yes, I am a Mexican Citizen, as are many other expats I know.

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Mexico, like many other countries, requires that you report your world wide income if you are a citizen. It's one of the reasons why I chose not to become a Mexican Citizen. I did not want to have to do TWO income tax filings. As a Canadian citizen, who is an official legal non-resident, my Canadian income tax is deducted at source in Canada and I do not even have to file a Canadian tax return. Nor do I have a Mexican bank account. Simple. I like simple.

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