Does anyone know whether banking in a CRS jurisdiction will in practice cause the Mexican tax authorities to get involved and make claims? Am currently looking at Mexico as a solution for residency, combined with banking in Switzerland. I've equally received the guidance of not declaring foreign income/wealth, but am still unsure of what that actually looks like in practice. Advice from anyone on the ground would be appreciated
The Mexican tax authorities and CRS
- Thread starter agentsmithhhhh
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I would advise against providing MX residency info to any financial institution as the cartels can access whatever they want in Mexico and the last thing you want* is Jose el Chungo knowing theres some gringuito making bank in a villa somewhere.
Most people I met in MX used US banking w US addresses and just lived in MX, never filling any tax reports.
In practice MX is turbo mismanaged so you are 150% likely to pull it so far you aint making much noise.
Most people I met in MX used US banking w US addresses and just lived in MX, never filling any tax reports.
In practice MX is turbo mismanaged so you are 150% likely to pull it so far you aint making much noise.
As @TheCryptoAnt said, plus forget banking in Switzerland: it's no longer 1984.
Last edited: Nov 18, 2024
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Last edited: Nov 18, 2024
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
That's a very valid point, thank you.
My current issue is that I've been without a fixed residency for the past 2 years, due to perpetual traveling. I'm now looking︀ to get a residency somewhere in order to get access to banking and cash out︁ some crypto. Have been looking into using Mt Pelerin to then bank with Cite Gestion,︂ which shouldn't be an issue according to talks with them. They obviously need an address︃ though for KYC purposes. Am going to be in MX for the next 6 months,︄ which is why I figured this would be the most straightforward option, esp. since obtaining︅ residency here is very easy.
As a Swiss citizen involved in crypto, I︇ was of the impression that one of the best options for my specific case would︈ be banking with Cite Gestion. What makes you advise against Switzerland?
My current issue is that I've been without a fixed residency for the past 2 years, due to perpetual traveling. I'm now looking︀ to get a residency somewhere in order to get access to banking and cash out︁ some crypto. Have been looking into using Mt Pelerin to then bank with Cite Gestion,︂ which shouldn't be an issue according to talks with them. They obviously need an address︃ though for KYC purposes. Am going to be in MX for the next 6 months,︄ which is why I figured this would be the most straightforward option, esp. since obtaining︅ residency here is very easy.
As a Swiss citizen involved in crypto, I︇ was of the impression that one of the best options for my specific case would︈ be banking with Cite Gestion. What makes you advise against Switzerland?
You can search in the forum, many posts explain why Switzerland today is just like all the other EU countries. In short, nobody needs Switzerland any longer, and you can do very well without banks.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Say there's reasons I would require access to banking though - wouldn't using Cite Gestion in conjunction with Mt Pelerin be a viable option for cashing out as a Swiss citizen? Have seen you mention this solution in the past.
The concept of “Cashing out” is nonsensical.
Cite Gestion + MP is a better solution than others for this nonsense.
As I said, execution by electrocution might be better than death by a thousand cuts.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Fair enough! Do you fully discount any potential systemic risks to stable-coins? I have PTSD from seeing USDC and then USDT depeg these past few years , and am still not 100% sure about tether, given the fud around lack of audits / reserves. At least not sure enough to want to bet my entire wealth on these coins holding their peg.
I know the︀ alternative is to just stay in BTC, but its cyclicality has played out quite similarly︁ throughout its history, with a 70-80% drop in price happening every 4 years. Sure it︂ doesn't mean this will happen again in the future, but there's no discounting its extreme︃ volatility compared to other assets.
Given all of the above, I'd like to have access︄ to other investments (mainly ETFs & real estate) to complement my crypto holdings. I know︅ real estate is quite doable (finding a seller willing to accept crypto, or potentially also︆ through Mt Pelerin who offers settling fiat invoices with crypto), but how would I get︇ access to an ETF or similar product?
I'm aware that my inclination to cash out︈ and go to a bank might be based on having been brainwashed, so I'm genuinely︉ curious about other options that aren't overly complicated or impractical.
I know the︀ alternative is to just stay in BTC, but its cyclicality has played out quite similarly︁ throughout its history, with a 70-80% drop in price happening every 4 years. Sure it︂ doesn't mean this will happen again in the future, but there's no discounting its extreme︃ volatility compared to other assets.
Given all of the above, I'd like to have access︄ to other investments (mainly ETFs & real estate) to complement my crypto holdings. I know︅ real estate is quite doable (finding a seller willing to accept crypto, or potentially also︆ through Mt Pelerin who offers settling fiat invoices with crypto), but how would I get︇ access to an ETF or similar product?
I'm aware that my inclination to cash out︈ and go to a bank might be based on having been brainwashed, so I'm genuinely︉ curious about other options that aren't overly complicated or impractical.
Search forum for stablecoins. In brief: scams and honeypots. Fiat USD much safer, which tells it all.
If you already know that, go short at the top, reverse at the bottom, add leverage and become insanely rich.
Why do you need to compare btc with something else?
You don't need to invest btc. You only need to invest deflationary currency.
Real estate can easily be bought with crypto.
You don't need that. You need an economics/finance tutor.
You might also need a life coach. You need to make that switch in your head. 😉
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
No reason to be condescending. I understand︀ the point you're trying to make on BTCs superiority. You've shared your IBKR portfolio here︁ too in the past, so I assume you're no stranger to diversification and investing in︂ things other than BTC.
If only it were this easy. Timing is obviously a big factor - imo it's︅ more of a matter of when and not if. Or do you suggest that BTC︆ will no longer decrease in USD terms?
If only it were this easy. Timing is obviously a big factor - imo it's︅ more of a matter of when and not if. Or do you suggest that BTC︆ will no longer decrease in USD terms?
I happen to have fiat which I use for generating cash to buy btc.
The USD price of btc is irrelevant. Swings in such price are just noise in long term (and log) scale.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Have been looking into this option too, but it seems to be a bit trickier due to a technicality, i.e. needing to move back to my home country temporarily in order to get a specific document that is required to obtain residency in Paraguay. It's technically still doable, just a pain in the a*s. Was considering Mexico since I am currently here anyways and the path to residency is a lot easier.
Regarding @TheCryptoAnt 's point: I am curious how real the threat of this information being shared with criminal entities is in Mexico. Is this︀ a real risk for a low 7 figure amount held in a foreign bank with︁ Mexico listed as residency? Does not fulfilling the criteria for tax residency (only spending under︂ 183 days in the country) change this at all?
Regarding @TheCryptoAnt 's point: I am curious how real the threat of this information being shared with criminal entities is in Mexico. Is this︀ a real risk for a low 7 figure amount held in a foreign bank with︁ Mexico listed as residency? Does not fulfilling the criteria for tax residency (only spending under︂ 183 days in the country) change this at all?
Just dont ever bank in mx with high amounts because mx banks do sell info to criminals. Spread your money over accounts in the US and EU. If you use a mx address be careful not to give your current/real address
Why cant you order the criminal record nor the birth certificate? Does the embassy not provide these?
Or is it the fact you have been without residency 2y the issue?
if you look for the︄ safety of your native country of Switzerland, do not go to that part of the︅ world. I imagine its hard to think this way coming from such a place and︆ you demonstrate here you are not used to live under such circumstance.
Look up the︇ average salary in Mex, it is very low compared to your number and no one︈ has any realistic chance to come to anything close to 7 figs. In Switzerland 7figs︉ is more like a good sized pocket money, but this is totally different in third︊ world where only the shrewd/overly ambitious and smart and/or connected can amass this kind of︋ wealth.
If you wanna play this, you gotta approach it differently.
Its again the time︌ of Habibi come to Dubai 😉
Or is it the fact you have been without residency 2y the issue?
if you look for the︄ safety of your native country of Switzerland, do not go to that part of the︅ world. I imagine its hard to think this way coming from such a place and︆ you demonstrate here you are not used to live under such circumstance.
Look up the︇ average salary in Mex, it is very low compared to your number and no one︈ has any realistic chance to come to anything close to 7 figs. In Switzerland 7figs︉ is more like a good sized pocket money, but this is totally different in third︊ world where only the shrewd/overly ambitious and smart and/or connected can amass this kind of︋ wealth.
If you wanna play this, you gotta approach it differently.
Its again the time︌ of Habibi come to Dubai 😉
I've lived in areas︁ you could consider third world countries in the past and am in no way expecting︂ Mexico to come close to the safety of Switzerland. If safety were the main concern,︃ I could just stay put in Switzerland.
Fully aware of the discrepancies in wealth /︄ income between the two countries...
care to elaborate?
Fully aware of the discrepancies in wealth /︄ income between the two countries...
care to elaborate?
Then why do you even consider this idea of wanting your account info shared with Mex?
habibi come to Dubai 😉
habibi come to Dubai 😉
I'm new to all of this. Was never in a financial position to have to ask myself these questions in the past. Now that I've made progress in terms of my wealth, I'm trying to learn how to best go about preserving it without making any dumb mistakes.
My current goal is to obtain a residency. Being in Mexico, I figured it might be the most straightforward solution. From the responses here I gather that it would be more or less worthless in my︀ situation though, since using it for banking would pose a safety risk.
Unfortunately really couldn't see myself spending a substantial amount︁ of time in Dubai
My current goal is to obtain a residency. Being in Mexico, I figured it might be the most straightforward solution. From the responses here I gather that it would be more or less worthless in my︀ situation though, since using it for banking would pose a safety risk.
Unfortunately really couldn't see myself spending a substantial amount︁ of time in Dubai
Very, hence why all rich people live in gated communities rather flat in houses or in gated buildings in CDMX.
If the cartel gets to know about it, yes it will most likely be an issue. Usually one you can get away from by paying.
No if you plan it right; just dont use Mexican addresses, phone︂ numbers, residency cards, etc etc when opening accounts.
If the cartel gets to know about it, yes it will most likely be an issue. Usually one you can get away from by paying.
No if you plan it right; just dont use Mexican addresses, phone︂ numbers, residency cards, etc etc when opening accounts.
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