FBAR Filing for US Expats in Mexico
Mexico has the largest US expat population of any country. US citizens and permanent residents living in Mexico must report Mexican bank accounts, AFORE retirement accounts, and investment accounts on FinCEN Form 114. The high MXN/USD exchange rate means even modest peso balances can trigger the $10,000 threshold.
Approximately 1.6 million US citizens live in Mexico (largest expat population)
Common Mexico Banks Reported on FBAR
Mexico Account Types Reportable on FBAR
- Cuenta de cheques (checking accounts)
- Cuenta de ahorro (savings accounts)
- AFORE retirement accounts
- CETES (government securities)
- Pagarés (promissory notes)
- Investment fund accounts
Mexico Pension & Retirement Account FBAR Rules
Mexican AFORE retirement accounts (Administradoras de Fondos para el Retiro) are reportable on FBAR. The US-Mexico tax treaty provides limited relief for certain pension distributions.
Key FBAR Considerations for Mexico
- !AFORE retirement accounts are reportable foreign financial accounts
- !Mexican fideicomiso (bank trust for property) may create FBAR reporting obligations
- !Currency conversion requires Treasury rates for MXN/USD at account maximum value
- !Many US retirees in Mexico have both US and Mexican bank accounts
MXN/USD Currency Conversion
FBAR requires reporting account values in US dollars. FBAR Direct automatically converts Mexican Peso (MXN) balances to USD using the Treasury Department's end-of-year exchange rate, so you can enter your account values in MXN.
File Your FBAR for Mexico Accounts
Most people finish in under 10 minutes. Automatic MXN/USD conversion included.
Start Filing — From $59