FATCA

Spencer, what's your take on the FATCA -- Foreign Account Tax Compliance Act? Specifically, how does it affect someone whose house is held by a fideicomiso?

There have been changes in recent years making things stricter but even years ago when things were more lax there was talk about people needing to report their fideicomisos as they are beneficial owners and have an interest in a foreign trust. For those people the down side to compliance is small as it pretty easy. I haven't heard much on the issue lately, just 2005 to 2006 or so. I'm not sure what has changed.

There is a guy on MexConnect claiming under the 2010 FATCA law, one who lives in house under a fideicomiso trust will be taxed for the value of living in the house. Sounds pretty strange to me.