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Isla Guapa
Joined: 19 Apr 2010
Posts: 1520
Location: Mexico City o sea La Gran Manzana Mexicana
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 Posted: Wed Aug 17, 2011 3:24 am Post subject: |
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| JZer wrote: |
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| Exactly...a rentista visa is what retirees get to stay here part or full time, showing income from abroad sufficient to sustain themselves. |
If I take a copy of my US bank account with $12,000 US in it, would I be like to be insued a rentista for one year? |
Each Immigration Office deals with this in a different way. Once you decide where you want to live in Mexico, you'll have to go to the local office and ask them what they require.
I suggest you post an inquiry at this expat website: http://www.mexconnect.com/cgi-bin/forums/gforum.cgi .
The majority of the posters are older retirees in Mexico,and most of them hold rentista visas. They would be able to give you accurate information about the financial requirements for getting this kind of visa. |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Thu Aug 18, 2011 1:09 pm Post subject: |
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MotherF wrote:
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| If Jzer were to open a Mexican bank account in which to recieve money made online, then he would still be legally responsible for income tax, even though that money was deposited from abroad.Of course, I suspect it is easy to slip through the system in such a case. But if we are talking about what's legal, then yes, he would have to pay taxes if he were recieving the income in Mexico. |
In reality, from what I've seen, if it's online work being paid to a US citizen, by a US company to a US bank account, taxes are paid in the USA. In fact, transfers from abroad to a Mexican bank account is the method by which many retirees receive their pensions. |
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BadBeagleBad
Joined: 23 Aug 2010
Posts: 1186
Location: 24.18105,-103.25185
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| Posted: Thu Aug 18, 2011 2:04 pm Post subject: |
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| Samantha wrote: |
In reality, from what I've seen, if it's online work being paid to a US citizen, by a US company to a US bank account, taxes are paid in the USA. In fact, transfers from abroad to a Mexican bank account is the method by which many retirees receive their pensions. |
Yes, but couldn�t that person claim the US tax exemption for money earned abroad and then end up paying nothing? |
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JZer
Joined: 16 Jan 2005
Posts: 3898
Location: Pittsburgh
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| Posted: Thu Aug 18, 2011 3:04 pm Post subject: |
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| Not if the money is earned in the US. If the employer is given a W2, I think there is no way around paying US taxes. |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Thu Aug 18, 2011 3:10 pm Post subject: |
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| JZer wrote: |
| Not if the money is earned in the US. If the employer is given a W2, I think there is no way around paying US taxes. |
Yes, if it's a US employer or a US bank. If you are getting a W2 form, then you can't claim that as foriegn income.
Which isn't what I was imagining. I was imagining say a European employer (an ELT publishing house perhaps) depositing into a Mexican bank account. There is a chance Mexico will inquire about this income as there are banking laws requiring the reporting of deposits over 5,000 pesos. |
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Isla Guapa
Joined: 19 Apr 2010
Posts: 1520
Location: Mexico City o sea La Gran Manzana Mexicana
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| Posted: Thu Aug 18, 2011 3:39 pm Post subject: |
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| MotherF wrote: |
Which isn't what I was imagining. I was imagining say a European employer (an ELT publishing house perhaps) depositing into a Mexican bank account. There is a chance Mexico will inquire about this income as there are banking laws requiring the reporting of deposits over 5,000 pesos. |
My only foreign income is my two pension checks from the States, but they are automatically deposited to my Bank of America account, not to my Mexican bank account, so it's not subject to Mexican banking laws. |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Thu Aug 18, 2011 5:14 pm Post subject: |
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My experience is that International bank transfers (money from abroad) are not considered the same as deposits done inside Mexico, under banking rules.
Last edited by Samantha on Thu Aug 18, 2011 5:18 pm; edited 1 time in total |
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Isla Guapa
Joined: 19 Apr 2010
Posts: 1520
Location: Mexico City o sea La Gran Manzana Mexicana
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| Posted: Thu Aug 18, 2011 5:18 pm Post subject: |
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| Samantha wrote: |
| My experience is that international bank transfers are not considered deposits under Mexican banking rules. |
Thanks for this information, Samantha. |
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BadBeagleBad
Joined: 23 Aug 2010
Posts: 1186
Location: 24.18105,-103.25185
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| Posted: Fri Aug 19, 2011 12:32 am Post subject: |
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| MotherF wrote: |
There is a chance Mexico will inquire about this income as there are banking laws requiring the reporting of deposits over 5,000 pesos. |
[/quote]
But isn�t that just cash deposits? I have my paychecks direct deposited all the time, and have never had anyone say anything. |
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Isla Guapa
Joined: 19 Apr 2010
Posts: 1520
Location: Mexico City o sea La Gran Manzana Mexicana
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| Posted: Fri Aug 19, 2011 12:54 am Post subject: |
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| BadBeagleBad wrote: |
| MotherF wrote: |
There is a chance Mexico will inquire about this income as there are banking laws requiring the reporting of deposits over 5,000 pesos. |
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But isn�t that just cash deposits? I have my paychecks direct deposited all the time, and have never had anyone say anything.[/quote]
I'm pretty sure they have to be cash deposits. |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Fri Aug 19, 2011 1:14 am Post subject: |
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| I believe the maximum amount of a single cash deposit, in pesos, is $15,000 or above that you�ll pay 3%. This applies only to cash, not Wires, not Cheques (personal or traveler�s) and not interbank transfers. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Fri Aug 19, 2011 2:59 am Post subject: |
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| Samantha wrote: |
| I believe the maximum amount of a single cash deposit, in pesos, is $15,000 or above that you�ll pay 3%. This applies only to cash, not Wires, not Cheques (personal or traveler�s) and not interbank transfers. |
Is the bank responsible for collecting the 3% or is the onus on the taxping receiver to declare it? |
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Samantha
Joined: 25 Oct 2003
Posts: 2038
Location: Mexican Riviera
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| Posted: Fri Aug 19, 2011 3:12 am Post subject: |
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| The bank will ding you, they say. We are careful to divide any deposits over 14,999 into separate events, so they don't get their mitts on it. |
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MotherF
Joined: 07 Jun 2010
Posts: 1450
Location: 17�48'N 97�46'W
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| Posted: Fri Aug 19, 2011 2:25 pm Post subject: |
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Checks and wires are subject to inspection. I've had that experience myself.
Nomina(pay roll) deposites are handled differntly, that's why there are special nomina accounts. |
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djpresidente
Joined: 28 Jun 2011
Posts: 17
Location: M�xico, DF
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| Posted: Mon Aug 22, 2011 7:25 pm Post subject: Re: New Visa Process? Applying for the first time... |
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| Guy Courchesne wrote: |
For the moment, nothing has changed regarding the independent visa. You still need to pay for the visa at the bank using a form they give, and bring in the receipt, original and copies of your passport, original and copy of the application printed from the migra website, copy and original of your degree and/or teaching qualifications, and a letter in Spanish outlining what you intend to do independently and how you are qualified to do it. File that and they summon you back to complete the process bringing in photos and another short application, proof of address, take your fingerprints and it's done.
I asked some staff at DF migra about the upcoming changes but they had very little concrete to say. They did confirm that the rumour of no longer being able to turn tourist or business visas into work visas from within Mexico is not true. |
Thanks! I actually found an employer who is willing to sponsor me, which was a bit of a surprise, but it's good to know all the same. I have a friend coming here in two weeks who will probably need to do this.
I was told that it is helpful but not necessary to get your degree apostilled. I'm doing it anyway. |
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