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Banking laws in Mexico regarding levies in US...

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I am considering moving some funds here from an account in the US. Depending on the outcome of a lawsuit in the US regarding frac fees etc. with a development in South Carolina. I own no property in the states now and have just one bank account. The total amount of $ would be less than $15,000. I have read that it is difficult and expensive for a US collector to take legal action on a bank. here. Anyone with experience or knowledge of this circumstance?

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Well a Monex employee in San Miguel Allende stole a bunch of money from customer accounts and they refused to make good on it and had to be sued.

That might tell you something.

 

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1 hour ago, elevator said:

I am considering moving some funds here from an account in the US. Depending on the outcome of a lawsuit in the US regarding frac fees etc. with a development in South Carolina. I own no property in the states now and have just one bank account. The total amount of $ would be less than $15,000. I have read that it is difficult and expensive for a US collector to take legal action on a bank. here. Anyone with experience or knowledge of this circumstance?

Why do you find it necessary to be able to take legal action before you even do anything. Fortunately this is not a litigious country and you are only moving $15000,in any event.

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39 minutes ago, happyjillin said:

Why do you find it necessary to be able to take legal action before you even do anything. Fortunately this is not a litigious country and you are only moving $15000,in any event.

I **think** the OP's q. is more along the lines of,  "I may lose a lawsuit in the US and rather than have to pay what a judge or jury says I owe, I'm looking for a way to hide my money in Mexico so I can ignore the court's decision."  

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Most countries will execute lawful seizure orders.  The beauty of an off shore local is that it just makes it more difficult to find your assets. Truth is today there is still a papertrail for the seekers to follow.

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Rather than getting a bunch of opinions on a Web board, contact an attorney about reciprocity laws between the countries. Since many of us now, or have in the past, live in a community with a homeowners association that provides various services that must be paid for, I don't expect you will get much sympathy.

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1) I am not considering legal action. Can you read?

2) I was double and triple charged frac fees and penalties due to accounting errors and rule changes. I paid for years until the errors began. This was not a condo assoc. etc. It had no services to speak of. Most of the lots in question were raw land. I am not the only one that was wronged. I didn't ask for approval or judgement, but I guess some can't help themselves.

3) The reason I asked is in case someone had the same experience. I am going to consult an attorney.

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I think you are not supposed to move more than 10,000 at a time or will be subject to scrutiny..... by whom? 

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16 minutes ago, Natasha said:

I think you are not supposed to move more than 10,000 at a time or will be subject to scrutiny..... by whom? 

You can move as much as you want as a Canadian from your Canadian bank to your Mexican bank without scrutiny. I have no idea about US citizens though.

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happyjillin, yes you can move as much as you want but your bank has the obligation to report anything more then CA$ 10,000.00 to CRA. This law was introduced in 2015 to track tax evasion.

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If at anytime during the year,  US citizen has over 10K in a foreign bank account, they are subject to FBAR. 

IRS and FBAR

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thank you for calling me

Elizabeth or her husband Charlie at intercam bank,  she can help you with how Mexican banks work

see her to open an account with intercam

I have referred many persons to them , i trust them, they have always  helped the everyone i sent to them.

Its helps Elizabeth is mexico licensed bank advisor, cal her cell to meet up

Elizabeth Villaseñor Ramírez

Director Adjunto de Negocio

Tel. Directo +52(376)766-3208 y (33)3648-4613

Conmutador +52(33)3648-4660 ext. 4613

evillasenorr@intercam.com.mx

 

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1 hour ago, HoneyBee said:

happyjillin, yes you can move as much as you want but your bank has the obligation to report anything more then CA$ 10,000.00 to CRA. This law was introduced in 2015 to track tax evasion.

So what. The CRA knows what our income is exactly because they tax us and give us annual refunds for over payment. and since we don't invest with our bank  or other institutions there is no T4 issued by the bank. That's all I'm going to say on a public forum about our finances.But I did say that we started a major reno in another thread and that required a substantial movement of funds in one fell swoop.

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To address the OP most directly I believe it is very hard for a private party, not a government, to come here and get and collect a judgment against another private party.  Looking at the amount involved it would be very easy to spend that much and more as something of this kind could easily drag on for years.

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Yep Coons, that is pretty much the consensus, not worth the effort by attempting action here. by most of the folks I've spoken with, who have experience and,or knowledge of this type situation. Appears that keeping any account under $10,000 removes any chance of tracing. Most people haven't judged, but I'll say this, I have never defaulted or walked away from a legal debt, or responsibility. And I've had my share in 71 years.  The organization that I oppose has a bad reputation,. no matter how many times it changed hands.Which led to many of the accounting problems. Anyway, I decided to draw the line about being screwed by this bunch, and so did others

. 1) I am not considering legal action.

2) I was double and triple charged frac fees and penalties due to accounting errors and rule changes. I paid for years until the errors began, so don't judge me.

3) The reason I asked is in case someone had the same experience. I am going to consult an attorney.

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A judgement granted against you by a USA court, in and of itself, is meaningless here in Mexico.  Relax.

If you lose in the USA and a Judgement against is granted, it is "possible" for the collection effort to come to Mexico, but the costs, steps and time involved would make it highly unlikely unless the amount owed is HUGE. Even then it would not be certain to win.

The collections agency would have to take the USA Court documents to a Mexican Consulate, have the documents translated into Spanish by a certified translator approved by the Mexican Consulate, and then "certified" by the Consulate, then the documents would have to come to a Mexican lawyer, who would have to start a new action against you here, using the USA Judgement as the basis.

The process here could take years, without certainty of success.

You haven't indicated the amount of money that's involved in your problem up north, but, unless it is HUGE, the costs (in Mexico) and time involved would make no sense at all to the collection agency in the USA.

If the amount of money is HUGE, or if you are charged with a serious USA Federal crime, or if the plaintiff were extraordinarily well connected with a USA Federal Senator, the USA Justice Department, the FBI or some other such agency that would have the potential to pressure the USA State Department, to ask the Mexican Federal government to step in, it might be possible to skip over process in Mexican courts.

Over a civil problem from the USA?  Not likely.

Pick a local bank you like, services that fit your needs, move the money, and forget about the threat from up north having any reasonable chance of following you here. 

On the other hand, if you are really worried, choose a bank in a third country, such as Panama or Cayman Islands or other similar venue.

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