Mexico's Tax Administration Service (SAT) is already receiving information on Mexicans with accounts in U.S. banks, said Aristóteles Núñez Sánchez, head of the SAT.
In an interview on November 1, 2015, Núñez said that the SAT has already given the United States information on American citizens with accounts and investments in Mexican financial institutions.
The U.S. Internal Revenue Service (IRS) will provide to Mexico the name, address and tax identification number of residents of Mexico with accounts or investments in the United States that have obtained at least US$10 in interest on the previous or current year, while Mexico will provide the IRS the name, address and tax number of Americans with accounts whose balance is greater than US$50,000.
The agreement to exchange mutual information was finalized on April 9, 2014 under the Foreign Account Tax Compliance Act (FATCA), enacted in the United States in 2010. The program is not retroactive.
