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tom farrell

Nov 30, 1919, 12:00 AM

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bank account ? taxes ?

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Hi... I'm an occasional, but more and more frequent, visitor to Mexico from the US. I'm thinking that it might be convenient to have a bank account in Mexico, in case of problems, lost ATM cards, etc. Is it possible to open an account? Savings/checking? The US IRS tells me that the consequences for my US tax status are simple: just pay the tax on any interest income. I'm not going to open a business or anything - just a bank account. I haven't been able to get much info from the Mexican consulate here on my possible Mexican tax status. Does anyone here have info about this, or pointers to where I might look for help?thanks,
tom

Rolly

Nov 30, 1919, 12:00 AM

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bank account ? taxes ?

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My experience is that you must establish residency in Mexico before you can open a bank account. Part of the process is showing proof of residency -- utility bill, rent receipt, etc. I tried to open an account before I moved down here and was refused by two banks. A suit at the second bank explained that since the drug money laundering scandal of a few years ago, banks have become very up-tight.

tom

Nov 30, 1919, 12:00 AM

Post #3 of 3 (1593 views)

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bank account ? taxes ?

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Hi Rolly...Thanks for your helpful reply.tom: My experience is that you must establish residency in Mexico before you can open a bank account. Part of the process is showing proof of residency -- utility bill, rent receipt, etc. I tried to open an account before I moved down here and was refused by two banks. A suit at the second bank explained that since the drug money laundering scandal of a few years ago, banks have become very up-tight.