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Visit Alamos Mexico  |  Community  |  U.S. Consulate and Mexican Immigration information (Moderator: searanch)  |  Topic: FATCA for expats
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Weather Guy
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« on: June 29, 2014, 12:35:11 PM »

If you have not filed your IRS form W9 with your US and Mexican banks take note of the attached article from Reuters. This is another wake up call to those of us who reside outside of the US.  This law is real, it goes into effect tomorrow, and some Mexican banks are already collecting account holders information. Even if you do not have a Mexican bank account, as the law is written, by our understanding, your transaction to withdraw pesos from any ATM in Mexico will require compliance on your part by filing a W9 with your US bank to avoid a 30% withholding of your withdrawal.

Steve

U.S. expats find their money is no longer welcome at the bank
BY GEOFF WILLIAMS
Wed Jun 11, 2014 12:05pm EDT
 (Reuters) - Imagine being excluded from the financial services industry because of your passport.
That happened to Carrie Walczak, an American living in Germany, in May. She received a letter from Deutsche Bank [DBKGSG.UL] informing her that her bank account was going to be closed because she is an American.
Walczak, a 37-year-old from upstate New York, lived in Brussels for seven years with her Belgian husband before moving to Bad Homburg, Germany, where she has resided for the past 18 months. Walczak says the letter informed her of new tax regulations required by the U.S. government, and because of that she is being dropped as a customer.
She says that a second bank account, from a financial institution based in Brussels, remains open -- but only because she signed two documents allowing the bank to disclose all of her banking information to the IRS. She has a third bank, based in Germany, which hasn't sent any letters to her
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robyn t
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« Reply #1 on: July 01, 2014, 11:35:09 AM »

The w 9 form simply asks for your social security number so the bank can report interest earnings to the IRS. I thought it was standard procedure for US banks and they would already have that. Why would it be necessary to send them another one?
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Weather Guy
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« Reply #2 on: July 02, 2014, 10:03:08 AM »

Robyn,
Yes it is true that your US bank likely has you SS#. What the W9 is about, for us expats, is notice that you are compliant with FATCA  via your bank. It does not make sense, but is it how the law is written.  For more info see FATCA on Wikipedia for a good explanation of how we arrived in this mess.

Steve
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sarahmonday
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« Reply #3 on: July 04, 2014, 08:25:08 AM »

Do we have to submit a W9 form to our Alamos bank?
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Weather Guy
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« Reply #4 on: July 04, 2014, 04:00:14 PM »

The Mexican banks I have talked to said we should expect to hear from them this month regarding the information they will require. You will most likely see a form similar to the W9 but in Spanish.  The statute allows the banks to generate their own form as long as they collect the required information.

Steve
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Aphrodite
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« Reply #5 on: July 08, 2014, 03:16:27 PM »

Wikipedia is not an accurate internet source. Anyone can post anything on this site and it is not governed in any way. I would advise people to consult their individual US banks regarding this issue, not trust gossip, some know-it-all loudmouth or Wikipedia.
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robyn t
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« Reply #6 on: July 09, 2014, 06:30:57 PM »

I went to my US bank today , Chase in Nogales. They told me the fatca law is for foreign banks, and that they have my tax id info already. I use my Chase atm debit card in Mexico and there are no papers to fill out and no problems with the IRS.  it is just common sense, Robyn
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Michael Heraty
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« Reply #7 on: July 13, 2014, 01:26:32 PM »

This came up in my Google feed and I had to give my two cents.

First, why would anyone voluntarily disclose foreign account information to the IRS? It simply doesn't make sense.

Second, "Aphrodite", you need to educate yourself about Wikipedia and the peer review process it is sustained by. Based on the tone of your message, I would say you are butt-hurt about something.

Third, "Robyn T" seems totally clueless.

A good tax attorney from the U.S. could likely sort this all out.

José Linares
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Aphrodite
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« Reply #8 on: July 13, 2014, 06:02:53 PM »

I thought this was supposed to be a forum for the sharing of information, not name-calling.  I spoke very generally and did not single out anyone out by name, unlike the message I am responding to. Get educated yourself, sir.
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Michael Heraty
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« Reply #9 on: July 13, 2014, 06:23:28 PM »

"Aphrodite": can you point out where exactly I called anyone a name? Yes, I directly addressed you by your pseudonym, but at least I was upfront about your issues instead of snooty and insinuating like you came off in your tirade. Since you seem to be begging to be called a name, why don't you check your private messages?
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Admin
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« Reply #10 on: July 14, 2014, 01:37:15 PM »

Michael Jose has moved on.  Had something to do with an anvil and Panama...
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