SSN / SIN required by all Mexican Banks?

[MakeItSo]

Do all Mexican banks require SSN or SIN numbers from American or Canadian expats who are residentes in Mexico, in order to open an account?

[Mostlylost]

FATCA requires foreign financial institutions and entities to report information on accounts held by a U.S. taxpayer. 

In compliance with this law, foreign institutions send information including your name, address, account numbers, balances, and identification numbers to the IRS. 

In most cases, foreign banks will ask you to fill out Form W-8 or Form W-9 if you are a US citizen or if you ever lived in the US. Even if you ignore this request for information, a bank may still forward your bank account details or interest on foreign holdings to the IRS if they have reason to believe that you are a US person.

 

 

A US person, as mentioned above, must file FBAR when they have a financial interest or authority over a financial account located outside the United States. However, they will only need to file if the foreign accounts exceed $10,000 at any time during the calendar year they are filing taxes for.

Whether or not your foreign financial account has produced taxable income, you’ll still need to report it on FBAR. Living abroad and filing a joint income tax return will affect whether or not you need to report these assets.

According to the IRS, if you are a US person living in the US, you must file Form 8938 if you must file an income tax return and:

Filing Single - The total value of your foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year

Married Filing Jointly - The total value of your foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

Married Filing Separately - The total value of your foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

According to the IRS, If you are a US person living abroad, you must file Form 8938 if you must file an income tax return and:

Single or Married Filing Separately - The total of your foreign financial assets is more than $200,000 at the end of the year.

Married Filing Jointly - The total of your foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. This rule applies even if only one spouse is living abroad.

Jointly but Unmarried - The total of your foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year.

 

[MakeItSo]

56 minutes ago, Mostlylost said:

FATCA requires foreign financial institutions and entities to report information on accounts held by a U.S. taxpayer. 

That is a US requirement. Why do Mexican banks require the SIN number from Canadians? 

[Mostlylost]

2 hours ago, MakeItSo said:

That is a US requirement. Why do Mexican banks require the SIN number from Canadians? 

You would need to search Canadian law

They require that to open a bank account in Canada I assume. 

[Usvetsinmexico]

Well I just opened a joint account at multiva and we didn't give our ssn. Just passport and permanent visa card

[Ferret]

I also didn't need to provide a SIN when I opened an account with Intercam. Just passport and Immigration ID card.

[Mostlylost]

11 hours ago, Usvetsinmexico said:

Well I just opened a joint account at multiva and we didn't give our ssn. Just passport and permanent visa card

In most cases, foreign banks will ask you to fill out Form W-8 or Form W-9 if you are a US citizen or if you ever lived in the US. Even if you ignore this request for information, a bank may still forward your bank account details or interest on foreign holdings to the IRS if they have reason to believe that you are a US person.