American Going Abroad? Avoid this $100,000 FINE

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Tangerine Travels

Tangerine Travels

3 ай бұрын

If you're an American who's living in another country or even traveling to another country, the information in this video is really important because it could save you from huge fines.
A little while back, the US government imposed these new FBAR regulations or Foreign Bank Account Report in which you must file a FBAR if you meet certain qualifications.
FinCEN form 114: bsaefiling1.fincen.treas.gov/...
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ABOUT ME
I'm Jordan, an American living in Mexico with my Husky, Laska. In January of 2018 I left the US to start traveling Mexico. Since then, I've been making travel videos about my life in Mexico, travel tips, Las Vegas tips videos, and advice for those considering moving abroad.
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Пікірлер: 222
@angelaoliver7776
@angelaoliver7776 3 ай бұрын
Only for Americans,the IRS wants to know at all times what it's citizens are doing with their own money. My husband was American when we lived in Australia he still had to file a tax return, never had to pay because he paid taxes in Australia. When I lived in the US Australia didn't expect me to do that at all only Americans are under the watch of big brother for the rest of their lives, unless they decide to not be American anymore, bit that has its own set of issues especially if someone is receiving SS or some other retirement money. Good ole USA!
@user-ff4ix9jr5s
@user-ff4ix9jr5s 3 ай бұрын
😁 Mexicans are Americans as well😊 I was looking for information about the new Mega Mexican Canal🫡 Great Channel 👍
@jamesavakian4977
@jamesavakian4977 3 ай бұрын
Its getting worse and worse with the Biden Regime
@jamesavakian4977
@jamesavakian4977 3 ай бұрын
Its bad for Canadians as well
@Hifidelics
@Hifidelics 3 ай бұрын
@@user-ff4ix9jr5snot according to the US…
@user-ti3vp9mt3z
@user-ti3vp9mt3z 3 ай бұрын
America is becoming fascist
@WealthyExpat
@WealthyExpat 3 ай бұрын
As an American who renounced, I recommend you hire a guy called Leo Zimny, he's perfect for FBARs and US tax returns.
@MEN101
@MEN101 3 ай бұрын
Hola Raf 👋
@xooq_
@xooq_ 3 ай бұрын
Were your taxes too high?
@Rbhawk3rd
@Rbhawk3rd 3 ай бұрын
Just another way of the U.S holding you hostage even after you leave
@rehrbar
@rehrbar 3 ай бұрын
What a drag it is to be an U.S. American and living abroad! I would renounce as soon as possible.
@tarverga
@tarverga 3 ай бұрын
Marry a foreigner.
@murraymorton3085
@murraymorton3085 3 ай бұрын
That's probably why Tina Turner moved to Switzerland !!
@carlab3866
@carlab3866 3 ай бұрын
OMG! SO glad you did this video. Wehad no idea & need to file for prior years!
@mauriciolomeli2940
@mauriciolomeli2940 3 ай бұрын
You’re the best to educate us about all this!!
@marissaemily4498
@marissaemily4498 3 ай бұрын
Jordan, your advice on Fbar filing couldn't have come at a better time. I had no idea I had to file taxes in the US for income earned abroad. This video was very useful to me. I contacted my accountant and he confirmed everything you said. Thanks 😊
@MovingToMexiCo
@MovingToMexiCo 3 ай бұрын
Thank you for the reminder!!
@SiegfriedEmme
@SiegfriedEmme 3 ай бұрын
thanks for the video. I will keep that in mind
@cindyk3076
@cindyk3076 3 ай бұрын
Good info, thank you!
@tryrobb8594
@tryrobb8594 3 ай бұрын
I wired 15k usd into Mx account to pay for a used car one week later. My cpa in US looked up specifics and said since 15k was in Mx acct for less than 30 days that i didnt have to file FBAR or FATCA. If money wasnt just in/out to pay for the car i would have to file those forms.
@Rhaspun
@Rhaspun 3 ай бұрын
Good to hear.
@arturodelgado3433
@arturodelgado3433 3 ай бұрын
Wonder if it applies to me. I transferred around $80K from my US account to my MEX account, and a couple of days later I bought an apartment. Have to investigate if I have to fill out this FBAR thing.
@TangerineTravels
@TangerineTravels 3 ай бұрын
I believe your CPA is wrong. This is from the IRS website. "the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported." www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financia Under the exemptions section, it doesn't mention anything about a 30-day grace period and it states that you must file "if it exceeds that amount at any time."
@lindahill3444
@lindahill3444 3 ай бұрын
@@arturodelgado3433 I believe we real estate purchase was funds wired from one bank to another (escrow acct) we don’t even have a bank acct in Mx yet. But I will be mindful to watch the balance and make sure we can pay in installments if necessary. I think that would satisfy a large purchase.
@davebacon6194
@davebacon6194 3 ай бұрын
Great info, gracias!
@jpedro66
@jpedro66 3 ай бұрын
if you are an individual and has a little bit of money overseas, you must report everything you own. if you are a corporation and has billions of dollars overseas, no problem you are fine
@RubbingPotatoes
@RubbingPotatoes 3 ай бұрын
No you are definitely not fine. Corporations have a lot more complex forms and laws. 5471 5472 Gilti subpart F base anti erosion foreign base income transfer pricing. Shall I go on ?
@haweater1555
@haweater1555 3 ай бұрын
A lot of foreign banks will outright not allow US citizens to open accounts as they dont want to deal with the regulatory hassle. (Unless you have really serious coin to make it worth their while.)
@hagendf
@hagendf 3 ай бұрын
It might depend on Visa status like it does in Mexico. It was easy for me to get an account as a temp resident.
@nobodycaresaboutyourfeelings
@nobodycaresaboutyourfeelings 2 ай бұрын
I’m a permanent resident, and have two bank accounts. One with Banco Santander and BanNorte, so yes you can with the proper documentation. Just my us passport, Mexican residency card, and my curp
@monkmysterio
@monkmysterio 3 ай бұрын
what a thoughtful video idea. God bless you. thank you so much
@dannys-beverage-world
@dannys-beverage-world 3 ай бұрын
I have watched your videos before.. You're getting into the Nomad capitalist topics very cool.
@eyesea123
@eyesea123 3 ай бұрын
more like FUBAR. Thank you for the warning, holy smokes
@alanserjeant4947
@alanserjeant4947 3 ай бұрын
looks like two of us got it 🙂😂🤣🙃
@stuartrubin5730
@stuartrubin5730 3 ай бұрын
I am an Enrolled Agent (tax professional) and can confirm that the information contained herein is essentially correct. Not all foreign insurance policies are required to be included in the filings though.
@dianacook6337
@dianacook6337 3 ай бұрын
Question At full retirement age When buying a house in Mexico for say $250k usd how do you transfer funds safely and to avoid this form and additional taxes?
@stuartrubin5730
@stuartrubin5730 3 ай бұрын
The "FinCen" filings are informational only. However earnings from these assets are generally taxable because U S citizens are taxed on worldwide income. You need a tax attorney to deal with purchasing property in Mexico. This is not my specialty area, but online information is telling me that you need to open a Mexican bank account among the other requirements of purchasing a home there.
@dianacook6337
@dianacook6337 3 ай бұрын
@@stuartrubin5730 thank you.
@hagendf
@hagendf 3 ай бұрын
Yeah I remember seeing that question when I filed my US taxes. As an American expat in Mexico I only move what I plan to spend for the month to my Mexican account and it never exceeds $2,000. It's good to know what I need to do if I move more at any point.
@hoppeanofasgard1365
@hoppeanofasgard1365 3 ай бұрын
This is why Bitcoin is soooo important anymore! Thanks for the heads up Jordan, US is getting more and more tyrannical everyday.
@angelaoliver7776
@angelaoliver7776 3 ай бұрын
Bitcoin self cusody yes, but big brother still knows everything if it stored in a crypto exchange in the US or most countries for that matter, here in Australia it's all regulated so there for taxable. Its hard to hide crypto. At some point you will need to use it in someway it can be tracked and traced. Not as easy as you think.
@jamesh8862
@jamesh8862 3 ай бұрын
The problem is that crypto is absolutely worthless. It has no value to hold it up. Central bank digital currencies are already well in the works. When they come online, physical money is going to be withdrawn from circulation & crypto will be competition. That is never going to be allowed. Build back better & the great reset are basically a direct parallel to CCP rule in China. Governments are either going to ban crypto outright or they are going to strangle it by applying usage or hold fees. Buying, selling or transferring it will include a charge & most likely the broker or platform being required to report client & transaction details. They refuse to comply & they will be blackballed.
@investmentanalyst779
@investmentanalyst779 3 ай бұрын
Bitcoin is going to $0. you're not fooling anyone. Holding crypto does not bypass this rule. In fact, it increases your risk of an audit ten-fold, especially if you didn't report it, and they know you have it, the place you bought it from reported it to the IRS.
@hoppeanofasgard1365
@hoppeanofasgard1365 3 ай бұрын
@@investmentanalyst779 That's why you don't buy it from an American exchange dummy, and no BTC is not going to 0, that'd be impossible at this point given that there are both lost bitcoins that can never be dumped or spent, and the enormous amount of corporate money that flowed in post 2020.
@hoppeanofasgard1365
@hoppeanofasgard1365 3 ай бұрын
That's why you don't buy it from an American exchange dummy, and no BTC is not going to 0, that'd be impossible at this point given that there are both lost bitcoins that can never be dumped or spent, and the enormous amount of corporate money that flowed in post 2020.
@Rittlesleo
@Rittlesleo 3 ай бұрын
Natural resources are a volatile market. It’s good to use technical analysis to decide when to but/sell.
@timothybeaton1301
@timothybeaton1301 3 ай бұрын
Why is this even a thing? It seems intentional to just force people to pay them.
@benchoflemons398
@benchoflemons398 3 ай бұрын
Tax evasion
@DaltonMirklestein
@DaltonMirklestein 3 ай бұрын
Because you need to pay taxes pal
@hoppeanofasgard1365
@hoppeanofasgard1365 3 ай бұрын
@@DaltonMirklestein I'm not going to get into how taxation is just extorsion by another name, but I will say this, regardless if you think it's right or wrong, should pay them, should not pay them, if you're living in another country full time and not benefitting from any government services in the US, it makes absolutely no sense to pay them, and you should be exempt from this. There's also a huge difference between retirees that did well for them selves and has been able to put away 10 to 50k and live abroad, and a multi millionaire that lives in the US full time and just keeps all of their money overseas not to pay taxes on it.
@timothybeaton1301
@timothybeaton1301 3 ай бұрын
@DaltonMirklestein I understand that but why would you pay taxes twice? If you're only being taxed in one country and not both then that's fine. Ask questions and don't assume next time.
@timothybeaton1301
@timothybeaton1301 3 ай бұрын
@benchoflemons398 just like I told Dalton. If you are being taxed in one country sure but both absolutely not.
@tejanodallas
@tejanodallas 3 ай бұрын
There is also Form 8938 that needs to be filed along with your tax return if your combined foreign bank account assets surpass certain thresholds. It is called FATCA.
@jeanjasinczuk7543
@jeanjasinczuk7543 3 ай бұрын
The threshold for form 8938 is higher: $50000. Be aware that if you file form 8938, you also need to file the FBAR.
@johnramsey2782
@johnramsey2782 3 ай бұрын
It's absurdly complicated...the whole tax code.
@jeanjasinczuk7543
@jeanjasinczuk7543 3 ай бұрын
@@johnramsey2782 I do not think FBAR is related to tax. That's why there are 2 different forms!
@jeanjasinczuk7543
@jeanjasinczuk7543 3 ай бұрын
This is not a big deal to file that form. Can be done online. The tricky part is to know that you have to file it.
@bbustin1747
@bbustin1747 3 ай бұрын
I remember the IRS offering years ago ,A one time amnesty program for multi millionaires off shore accounts to come clean before they found you. Of course they blamed their “financial advisors”.
@craiggallup5706
@craiggallup5706 3 ай бұрын
Yes its a serious requirement but its incredibly essy to file these. Its done online and after the first time learning curve should take five minutes. Its not a good reason alone to not expatriate or to renounce citizenship.
@luisdelagarza8635
@luisdelagarza8635 3 ай бұрын
Jordan, is Tangerine Travels- ever going to actually travel again ?
@Rbhawk3rd
@Rbhawk3rd 3 ай бұрын
FBAR effed beyond all recognition 😅😅
@lindahill3444
@lindahill3444 3 ай бұрын
Hi i have another question. Just as long as your balance doesn’t exceed 10,000 you should be good. If you have an additional $2,000 in a coffee can buried in the yard you should be fine. No one is saying you can’t have more money, just not in a bank account. Right? Not that I would do the coffee can thing, it’s just to put into context.😊
@Brockdorf
@Brockdorf 3 ай бұрын
The next video should really be to show how easy it is to file the form. You almost literally only have to write down what financial institution the money is at and how much you have. This is a super easy form and should really be considered part of your 1040 if you have any money held abroad. What is more concerning is not filing your BOI information in 2024 and risk up to two years in jail.
@randallbrowning7530
@randallbrowning7530 3 ай бұрын
What I would like to know is this...how does the US government know who has bank accounts in other countries? Are they really all knowing, all seeing, and omnipotent?
@StinkySobaccos
@StinkySobaccos 3 ай бұрын
Yes.
@MrWaterbugdesign
@MrWaterbugdesign 3 ай бұрын
One way is Organisation for Economic Co-operation and Development (OECD) implemented Common Reporting Standard (CRS) in 2014 to share banking info between 38 member countries. Mexico isn't a member. But I assume if any of the 38 wealthy countries made a phone call asking for info most countries would comply. Even countries famous for offering private accounts would probably comply. Switzerland is a member of OECD and is sharing info. However, it's not a perfect system and reporting can be pretty poor quality.
@RubbingPotatoes
@RubbingPotatoes 3 ай бұрын
Maybe that's why the penalties are Soo high? To discourage folks from noncompliance
@thetacokawaii5708
@thetacokawaii5708 3 ай бұрын
​@@MrWaterbugdesignMexico has been an OECD member for well over a decade. At point being its sole Latin American member state. Do some research before spewing misinformation.
@luisdetomaso867
@luisdetomaso867 3 ай бұрын
If you get a second citizenship you can avoid this. For example, if you are American and get a second citizenship in Ecuador, you can open a bank account as an Ecuadorian citizen and it will never be reported to the IRS because the bank knows nothing about your American citizenship
@BCLumberman
@BCLumberman 3 ай бұрын
Not true in Canada. American authorities have forced Canadian banks to report your American citizenship to the IRS. It's called the Foreign Account Tax Compliance Act.
@cinnamonToast0724
@cinnamonToast0724 3 ай бұрын
Do you know if this is true for Mexico too? I am an American citizen married to a Mexican citizen and we're planning on moving down in the near future. I will shortly become a dual citizen.
@luisdetomaso867
@luisdetomaso867 3 ай бұрын
@@cinnamonToast0724 Think about it: when you open a Mexican bank account using your Mexican passport, there is no reason a bank would report your account to the USA IRS. You are just another Mexican at that point
@luisdetomaso867
@luisdetomaso867 3 ай бұрын
@@cinnamonToast0724 If you open a bank account as a Mexican citizen using your Mexican passport, a bank does not report the account to the USA IRS. They have no way of knowing you are a USA citizen
@chefebispo
@chefebispo 3 ай бұрын
A second citizenship will NOT avoid this requirement. Only renouncing your US citizenship will.
@tommyt8998
@tommyt8998 3 ай бұрын
George Orwell was ahead of his time.
@lindahill3444
@lindahill3444 3 ай бұрын
Is it a total per year, or the balance, say you transfer $5,000 a month and spend it down each month. Would the accumulated amount be calculated or just the balance and any given point?
@TangerineTravels
@TangerineTravels 3 ай бұрын
To my understanding it’s your balance at any one time. So if you transfer $5000, then spend it. Then transfer another $5k and spend it, and your balance in your foreign account never goes above $10k then you’re not required to file the form. I could be wrong and it’s very important to get this right so maybe it would be a good idea to ask someone who knows more than I do.
@johnramsey2782
@johnramsey2782 3 ай бұрын
It's like an absurd game with tax and legal consequences. To what end? Terrorize US taxpayers further?
@lindahill3444
@lindahill3444 3 ай бұрын
@@johnramsey2782 I just assume this is the law. If you ever fly to mexico or Canada, they ask you to report money over a certain amount. I guess that applies to you bank balance also. I just want to do the right thing. I think it’s the U.S. who is going to fine you, not MX. Nothing can be said to be certain, except death and taxes. ‘Benjamin Franklin’ 😞
@greeneking77
@greeneking77 3 ай бұрын
How does the IRS find out about your account in Mexico though?
@owesperez104
@owesperez104 3 ай бұрын
does this also apply if you have dual (Mexican) citizenship?
@TangerineTravels
@TangerineTravels 3 ай бұрын
yes, it applies if you're a "us person" which is basically a us citizen or resident
@kzarz0219
@kzarz0219 3 ай бұрын
So if someone did not file the FBAR documents then are they considered FuBAR?
@mrpeel3239
@mrpeel3239 3 ай бұрын
So, basically, just file even if the balance well under $10k or the equivalent?
@craiggallup5706
@craiggallup5706 3 ай бұрын
No
@johnnoonan9982
@johnnoonan9982 3 ай бұрын
Wow!
@RubbingPotatoes
@RubbingPotatoes 3 ай бұрын
And jordan are you filing form 8858 for your business overseas ? If not, Thats also a stiff $10K penalty. Ouch
@tn18977
@tn18977 3 ай бұрын
The foreign bank will not report to the IRS unless you account has more than the equivalent of USD 50,000. So if you have, say, USD 32,000 in your foreign account and you didn't fill out any of these forms no one's going to know unless you tell on yourself.
@mattberinger2114
@mattberinger2114 3 ай бұрын
That's a very important information! May I ask where you found this source? Thanks
@bbustin1747
@bbustin1747 3 ай бұрын
Do i have to file the form for my caymans account like all the other tax evaders ?😂
@melaniesmith3954
@melaniesmith3954 3 ай бұрын
Does this also affect real estate escrow accounts?
@alrey889
@alrey889 3 ай бұрын
Does real estate fall under that requirement? What if you are dual citizen?
@craiggallup5706
@craiggallup5706 3 ай бұрын
Real estate no. Dual citizen yes.
@realalexmackenzie
@realalexmackenzie 3 ай бұрын
We are seeing the same thing in Canada with absurd penalties for not filing a particular form, even if no tax is due. The stated aim is disclosure to alert tax authorities of potential future tax liabilities going unreported. Fair enough I suppose, but the outsized penalties make it look more like an end in and of itself. The latest is with respect to the need to file special trust tax returns for people who may only have their name associated with another person's asset. The penalties start at $25/day and can go all the way to 5% of the underlying asset's value EACH year. Not so bad for a small investment account you have for your grandchild, but what of the mortgage on a home you helped your children get? You can imagine CRA coming along in not much more than 10 years and laying claim to the ENTIRE asset (considering 5% per year, plus interest). Guaranteed many people will have no idea there was ever a requirement to file this return. Should be interesting in a bunch of years when CRA starts reaping their windfall. I expect we will see more and more of this in year's to come as governments figure out it is a massive tax increase without the bad press the comes with announcing a standard tax rate increase. As a tax CPA, I am rethinking whether the ever-increasing professional liability will be worth it. You can imagine accountants getting sued not long after CRA comes knocking.
@BCLumberman
@BCLumberman 3 ай бұрын
Sad.
@Oksana1966
@Oksana1966 3 ай бұрын
Does Canada and Mexico share financial information like Canada and USA do?
@luisistheone71
@luisistheone71 3 ай бұрын
Do duel citizenship have to file this form
@TangerineTravels
@TangerineTravels 3 ай бұрын
Yes it applies to every us citizen and resident
@Cpt1nsano
@Cpt1nsano 3 ай бұрын
Oh great, thanks to your video, now I will be willful :(
@segurosincero4057
@segurosincero4057 3 ай бұрын
Now I understand why Americans go overseas and give up their American citizenship.
@DaltonMirklestein
@DaltonMirklestein 3 ай бұрын
What citizenship do you have vato?
@segurosincero4057
@segurosincero4057 3 ай бұрын
@@DaltonMirklestein American and Canadian citizenship Hermano.
@DaltonMirklestein
@DaltonMirklestein 3 ай бұрын
@@segurosincero4057 Esay, are you planning on leaving Canada, moving to San Salvador and relinquishing your citizenships to live as a beach bum?
@segurosincero4057
@segurosincero4057 3 ай бұрын
@@DaltonMirklestein 😀 Gracias por la pregunta. I’m in love with Latin America and I’m considering moving to Ecuador when I retire. But Ecuador is having some problems now unfortunately. Hopefully they can get it all worked out for their sake. If they don’t I have my eyes set on Peru. Canada and the United States have become very difficult places to live. The politics and the taxes in these countries have become insufferable.
@hoppeanofasgard1365
@hoppeanofasgard1365 3 ай бұрын
it's just a ball and chain once you leave for greener pastures.
@dogegamer3288
@dogegamer3288 3 ай бұрын
Also remember to honestly always report your tax abroad. Its a felony and you'll perjure yourself to doing it. Not only that. You won't get social security in the future or Medicare, have a passport (it will be revoked and frozen for international travel and renewal), and face years of prison time. Not worth it. It's the law. It's a felony not to. Pay your tax. Nothing is worth going to prison and losing years of your life away from family and friends. No price is worth losing freedom to prison time under a felony for willful tax evasion.
@mattberinger2114
@mattberinger2114 3 ай бұрын
I understand cracking down on big tax evasion that’s willfully made abroad by US citizens, but what about the many foreign nationals who, before coming to the US, had already a small bank or investment account in their own country? Then they came in US to work and became legal residents, and in the meantime their foreign account grew beyond the equivalent of $10,000. Does the IRS have the resources to pursue them too if they didn’t report it or didn’t know they had to report it?? I honestly doubt it, even if their country is an OECD member, this has nothing to do with evading US taxes, especially if they didn’t become US citizens. If their foreign assets were more than $50,000, then maybe…
@thegoldendog7991
@thegoldendog7991 Ай бұрын
Go ahead and have your foreign account, but keep the amount on the low side., say maybe $6 or $7K to avoid f/x surprises.
@ralphlozano9177
@ralphlozano9177 3 ай бұрын
How does having dual citizenship work in this situation?
@TangerineTravels
@TangerineTravels 3 ай бұрын
It makes no difference in the requirements. If you're a "US person", basically meaning a US citizen or US resident or US green card holder, you have to file this form if you have accounts outside of the US with $10k+ combined.
@belliott4844
@belliott4844 3 ай бұрын
Do you know if this is applicable to Canadians as well?
@angelaoliver7776
@angelaoliver7776 3 ай бұрын
This is US tax laws
@belliott4844
@belliott4844 3 ай бұрын
Yes, but is there a similar requirement for Canada?
@BCLumberman
@BCLumberman 3 ай бұрын
@@belliott4844 There well may be soon. Trudeau is talking about taxing Canadians wherever they live in the world., It's just another tax grab. Just like the carbon tax.
@thetacokawaii5708
@thetacokawaii5708 3 ай бұрын
​@@belliott4844 No? To my knowledge, only the USA & very few other countries behave like this.
@belliott4844
@belliott4844 3 ай бұрын
Thanks
@jaylinn416
@jaylinn416 3 ай бұрын
I wonder whether this was the reason why McAfee committed suicide!
@mattthompson3656
@mattthompson3656 2 ай бұрын
McAfee set up the computer security for the Clintons and had their emails and info. Must have been something he saw?
@AdamHassan-fj1db
@AdamHassan-fj1db 3 ай бұрын
Shit laws!!! They keep still their own people even if they live aboard! Law is the high expression of people will. But in America it is completely different.
@KennyG944
@KennyG944 3 ай бұрын
If you have family in another country, store your money with them. No bank account, nothing to report. Simple. :-)
@aphilippinesadventure9184
@aphilippinesadventure9184 3 ай бұрын
Or...you cease being a US citizen and you leave the sewer behind.
@MovingToMexiCo
@MovingToMexiCo 3 ай бұрын
Im considering this.
@jim7584
@jim7584 15 күн бұрын
You could but don’t expect to collect any Social Security moving forward.
@derrikarenal3308
@derrikarenal3308 3 ай бұрын
Yep; "closing the doors; no escape' for U.S. citizens. (slavery-ish?.. maybe)
@adamant3844
@adamant3844 3 ай бұрын
Hey how'bout just not going to Mexico...period. What I've learned is this is a country full of scammers and grifters. I was ripped off many times while there recently. Whether it was Aeromexico charging $2800 pesos for a couple of checked bags, the lady at the sandwich bar ripping off customers or the INM expecting gringo's to break law by overstaying their tourist visa to promptly fine them over 10,000 pesos in applying for a residency permit plus another 10,000 pesos for the service fee for the permit under the "Regularization" program. Cab drivers getting angry because you did not tip them enough. The owner of a restaurant charging $58 pesos for a cup of coffee that taste like instant and then trying to justify it by saying he's traveled around the globe and knows his coffee, lol. He tried to charge another 58 pesos for a "refill" thinking that all gringos turn the other cheek. Not this one. I could go on and on with other examples but I think you get my point. If your under the impression i'm new to Mexico you're wrong as I've been going there on and off for 26 years. Between the high cost of hotels, food and petty grifting your viewers would be well advised to look elsewhere. Mexico is NOT what it used to be...trust me Jordan. $100,000 fine for that so called violation Jordan? Nothing surprises me anymore about Mexico and the criminality that exists from goverment on down to some business owners.
@viralsheddingzombie5324
@viralsheddingzombie5324 3 ай бұрын
In what situations would an American need or want to have money deposited in a foreign account?
@TangerineTravels
@TangerineTravels 3 ай бұрын
A few reasons could be 1. Make transacting in that country easier 2. Internationalize your assets in case something bad happens in the US 3. Currency hedging 4. If living in another country, you likely want to keep some funds in that currency 5. It's more difficult for the US government to seize foreign accounts 6. Asset protection. If someone sues you in the US, they may have a harder time getting at foreign assets 7. Investment opportunities such as high yield CDs that aren't available in the US
@viralsheddingzombie5324
@viralsheddingzombie5324 3 ай бұрын
@@TangerineTravels Have you used Wise for money transfers?
@chonkyb3134
@chonkyb3134 3 ай бұрын
Is this only for foreigners living permanently in Mexico ?
@TangerineTravels
@TangerineTravels 3 ай бұрын
No, it's for any American who has a bank/financial account in a foreign country.
@chonkyb3134
@chonkyb3134 3 ай бұрын
@@TangerineTravels , so if an American is visiting Mexico for 180 days, and their bank account in America has > $10,000, then the are subject to the fines ?
@TangerineTravels
@TangerineTravels 3 ай бұрын
No, it only applies if you have a foreign bank account.
@chonkyb3134
@chonkyb3134 3 ай бұрын
@@TangerineTravels , i am confused : so an American bank account is not considered a foreign bank account ?
@MEN101
@MEN101 3 ай бұрын
@@chonkyb3134it’s for American citizens only. They can’t have more than $10,000 in foreign bank accounts without declaring it to the US tax department. What’s so hard to understand, Billy bob?
@pluisnonplux9728
@pluisnonplux9728 3 ай бұрын
Make shure you dont have money on the bank, but put it in crypto, metal, land, houses and so on.
@joebidet2050
@joebidet2050 3 ай бұрын
Another option Example your wife she filipina does not have us passport or green card Have her open a bank account in philippine bank And deposit the money in her account
@joebidet2050
@joebidet2050 3 ай бұрын
Banks dont pay much interest anyways . I keep my cash under my matress 😊
@silverlining6259
@silverlining6259 3 ай бұрын
Obama did that to Americans
@RobertWilson-ou1ie
@RobertWilson-ou1ie 3 ай бұрын
If you have failed to fill out this form for some years, if you plead guilty with an explanation of ignorance, what is the expected penalty. Thank you in advance.
@TangerineTravels
@TangerineTravels 3 ай бұрын
$10,000 per year. Before paying that I'd spend $200 on a consultation with a lawyer to see what your best option is.
@RobertWilson-ou1ie
@RobertWilson-ou1ie 3 ай бұрын
@@TangerineTravels Thank you. I am on it.
@clownpocket
@clownpocket 3 ай бұрын
Talk about junk fees.
@RJ-pe6uj
@RJ-pe6uj 3 ай бұрын
Great information I didn't know that. If I have Mexican wife can I put money into her Mexican Bank.
@MEN101
@MEN101 3 ай бұрын
Mexicans get taxed too and they follow the IRS system.
@RubbingPotatoes
@RubbingPotatoes 3 ай бұрын
Depends if you file jointly. Look up 6013 G election
@wleeclark7696
@wleeclark7696 3 ай бұрын
Better hope she doesn't have a Mexican boyfriend who wants to live with her in Brazil . . . with a big nest egg for their retirement!
@Jendowney1619
@Jendowney1619 3 ай бұрын
Why do they want to know who has money huh lol😂
@patrickruvolo8427
@patrickruvolo8427 3 ай бұрын
ha ha...that is why we did not open an account in Mexico.. Of course, If my name was Hunter I could open 27 accounts.
@xooq_
@xooq_ 3 ай бұрын
Can you have 10 bank accounts under 10,000 lol
@okutaviof
@okutaviof 3 ай бұрын
Cryptos...
@WackoMac
@WackoMac Ай бұрын
I have no fucking money as is.......
@Rbhawk3rd
@Rbhawk3rd 3 ай бұрын
Use crypto
@jena2664
@jena2664 Ай бұрын
Soon they are going to tax you for buying to many tacos.
@walkerskii
@walkerskii 3 ай бұрын
Excellent video!!! BTW, it would be a good idea not to wear a gray t-shirt in videos, cuz heather gray is not complimentary to your skin color & it looks like you just got out of a sweaty gym class. Also make sure your hair is dry so it doesn't look greasy
@ralphlozano9177
@ralphlozano9177 3 ай бұрын
Sounds like we got a tutti-frutti here,...the flaming variety!
@directrue1742
@directrue1742 3 ай бұрын
This is some BS you are not working in the USA... make a LLC in the country you live in Costa Rica is S.A an sociedad anonima...
@chrislangley4029
@chrislangley4029 3 ай бұрын
I have been dealing with this garbage for years. Thanks to Obama!!! 🤬
@NeonAnimeDreams
@NeonAnimeDreams 3 ай бұрын
Ah, so that's when this crap started, all makes sense now....
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