Mexican banks now required to file IRS forms

Mexican banks are now required to file IRS forms reporting bank account information of Mexican corporations owned by US citizens. Although financial information sharing has been on the books for a long time, it has not been routinely collected in Quintana Roo until now.

The recent application of anti-money laundering statutes in effect in both Mexico and the US has dramatically changed the daily administration of Mexican businesses. In August of 2014, Mexican banks implemented a new policy requiring all transfers of funds made between the United States and Mexico to be made electronically. From one day to the next, Mexican banks stopped accepting US checks, effectively paralyzing cash flow of legitimate US owned Mexican businesses.

One has to presume that this trend will continue in the years to come until there is full transparency between the two banking systems and taxing authorities. This results in the need for another layer of planning for US citizens contemplating opening a Mexican corporation.

We at CancunLaw will assist with all the planning necessary for your Meixcan corporation.