Moving to Mexico. What should I do with my driver license address?

[cebuan]

Originally Posted by dothetwist

Do not lie to either financial institutions or to local/state/federal governments about where you live. If you do not live in the US, some banks and brokers will close your accounts. Before you move to MX or any foreign country, contact your financial institutions and see what you need to do. There are plenty of US institutions that will allow you to keep your funds with them and they will also issue credit cards to you, legally. If a bank/broker/government asks you where you live and you lie, you have broken the law.

Millions of Americans have multiple addresses, within or outside the USA. You can claim any address to be your "residence", and transact all your business from there, regardless of where you spend some or most of the year.

You are not breaking the law unless your representation is for the purpose of some kind of fraud or evasion of penalty. It is certainly not against the law to "fail to notify" a bank or government body of your whereabouts, or how long you have been there, or plan to be there, as long as you can show that you still have as true association with what you claim your address to be.

Your bank can certainly not confiscation your assets for that reason, and I seriously doubt that they can close your account, unless some other major violations of bank policy occur. I've maintained accounts in US banks for years after going overseas, without ever telling them where I was. If you're talking about millions of dollars, yes, there is probably a law.

[dothetwist]

Read thhiw about US citizens living abroad who have had their US accounts closed:
https://www.wsj.com/articles/expats-...oad-1410465182

Americans living abroad are being cut off by banks and brokerages as financial institutions seek to steer clear of a U.S. crackdown on money laundering and tax evasion.

The traditional challenges of expatriate life—adapting to a new culture, separation from family and friends—are being complicated by the tougher U.S. laws and more aggressive scrutiny of customer accounts.
Several factors are contributing to the squeeze. One is the Foreign Account Tax Compliance Act, called Fatca. Congress enacted it in 2010 after learning that foreign banks, especially in Switzerland, had profited by encouraging U.S. taxpayers to hide money with them abroad. The main provisions of Fatca took effect in July.

As a result, foreign financial firms must report to the Internal Revenue Service investment income and balances above certain thresholds for accounts held by U.S. customers. Nearly 100,000 banks and other companies have registered with the IRS. If they hadn't, all their customers would have 30% withheld from income received from U.S. sources, such as interest and dividends.

Still, many registered firms are closing accounts for Americans abroad or declining to open new ones, in order to avoid increased compliance costs and the consequences for potential errors.

[kevxu]

Originally Posted by Willy702

These things don't allow mailbox addresses to be used, but they so rarely send you something in the mail if you elect to get everything online. Pick a spot with a relative or friend, tell them you are doing it but don't expect any important mail, and then make sure you keep up with your accounts online. The only thing you might have to deal with is a credit card as you get close to expiration, but if you don't get it through whoever you designated for your mail, you can always call and get a replacement sent to a hotel somewhere if you tell them you are traveling.

What purpose is their in lying? If you have a foreign residency visa and you are caught lying about your address it will raise questions of money laundering.

I am an American who has lived abroad for almost two decades, and you just give your actual foreign residencial address, which will also be on your passport. I never had an American bank or other American financial institution care that I live abroad permanently.