Dual-citizenship worth it?

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Dual-citizenship worth it?


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Old 25th September 2020, 06:41 AM
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Cool Dual-citizenship worth it?

With plans to reside long-term in Mexico, looking for opinions if there's any benefits or practical negatives to making the move with dual US/Mexican citizenship? I'm eligible by having a parent who is a Mexican national and would eventually be able to have my wife naturalize. We both are US citizens. I know I would be able to convert a fideicomiso to an escritura and save on the annual trust fees but beyond that? Extra tax liabilities, etc??

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Old 25th September 2020, 01:27 PM
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With plans to reside long-term in Mexico, looking for opinions if there's any benefits or practical negatives to making the move with dual US/Mexican citizenship? I'm eligible by having a parent who is a Mexican national and would eventually be able to have my wife naturalize. We both are US citizens. I know I would be able to convert a fideicomiso to an escritura and save on the annual trust fees but beyond that? Extra tax liabilities, etc??
I don't have any Mexican relatives, but was eligible for citizenship based on length of residence, so I became a dual citizen four years ago. For me the biggest benefit is the ability to vote. I also like having an INE identification card. I no longer have to remember to take my passport every time I go to the bank or some place needing ID. There are some minor financial benefits: I get a 15% senior discount on my predial (property tax) and annual water bill. But those are pretty minor.

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Old 25th September 2020, 02:24 PM
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I have lived away from ,y native land since I was 18.. I did not take the US citizenship or British or German but I became a Mexican citizen.. For me it is worth it for the peace of mind.. I do not ever plan to go back to France so without the Mexican citizenship I would not hace a country where I can vote and that I could call home.

The INE card s the miracle card... cuts out any discussion on the rules.. cn or may change on the expats ...been there in other countries, rules change ....

I would not take on a nationality because I can or cannot own land near the border or the sea or because I could save money

You are a US citizen so your situation is different from mine.
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Old 25th September 2020, 03:18 PM
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I am US but long term in Costa Rica and really have added lots of value having the Costa Rican passport. Many advantages like the voting for sure. A bit more respect and less gringo crap even though its obvious Im not true Costa Rican.
Travelling, banking, some tax savings, and discounts to small degree. I lived without it for a longtime but last 5 years have really enjoyed it.
I recently married an old Mexican girlfriend so am now planning on getting the Mexican one also in 2-3 years through her. And she will get a Costa Rican one also.

The more passports and nationalities the better. The tax question though is a tough one and should be investigated further.

Have fun guey!

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Old 25th September 2020, 04:07 PM
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Tax liabilities in Mexico are related more to residence and the location of your financial activity than to citizenship, so citizenship would barely affect taxes, if at all. In my own case, as a permanent resident of Mexico and earning income from a Mexican source, I pay Mexican taxes, and this wouldn’t change if I had Mexican nationality.

One big hypothetical advantage of Mexican nationality is that if the rules and procedures for foreign residents change in the future, it wouldn’t affect you.

One possible disadvantage is reduced residence flexibility: currently there are no limits on the length of time that permanent residents can be out of the country without losing their resident status (although this could change in some hypothetical future time – see previous point). On the other hand, naturalized Mexicans can’t stay out of the country longer than five continuous years without jeopardizing their Mexican nationality.


Last edited by maesonna; 25th September 2020 at 04:13 PM.
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Old 25th September 2020, 04:39 PM
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I don't have any Mexican relatives, but was eligible for citizenship based on length of residence, so I became a dual citizen four years ago. For me the biggest benefit is the ability to vote. I also like having an INE identification card. I no longer have to remember to take my passport every time I go to the bank or some place needing ID. There are some minor financial benefits: I get a 15% senior discount on my predial (property tax) and annual water bill. But those are pretty minor.
Thank you very much for your input! Did you notice any difference in taxation either from the US or Mexican governments (or both)?

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Old 25th September 2020, 06:52 PM
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For the US you are and remain a US citizen and for Mexico you will be a Mexican so really you can only claim one nationality at a time. when travelling other places you claim whatever citizenship... When I go to the states I use my Mexican passport to get out and in of Mexico and Grench when entering the STates,, When I go to a Latin American country I only use my Mexican passport...
Taxes have to do with where the money is or was earned.. The US withold 30% of my money because I am not a US citizen and 10% of my spouse because he is a US citizen.. then I have to claim it back...
You would have to give up your US citizenship formally in order to escape th tax there and then you would have to pay the Mexican taxes
...

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Old 25th September 2020, 11:02 PM
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Thank you very much for your input! Did you notice any difference in taxation either from the US or Mexican governments (or both)?
When I was a permanent resident I was working for the Mexican Government and paid taxes on my Mexican income to Mexico and my US income to the US. Now my only income comes from US sources and I do not pay Mexican taxes. Becoming a citizen has not changed that.

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Old 13th October 2020, 02:34 AM
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On the other hand, naturalized Mexicans can’t stay out of the country longer than five continuous years without jeopardizing their Mexican nationality.
I didn't know that! Does that rule come from SRE? Going to start searching, but if somebody can post a link for me, you might save me some time.

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Old 13th October 2020, 04:02 AM
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Great feedback. Thx.

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