With the taxes and fees being that huge it is even harder to do a good job by investing in the Stock Market. A year ago I couldn't find any US institution allowing me to invest because of my condition (being Mexican). They state that I must -at least- live at the US (what I can't at this moment). So, my question is about any institution that would offer a solution for me, allowing to invest in the Stock Market from Mexico (paying by credit card, paypal or whatever). Thanks.
2007-05-19 07:15:50 · 4 answers · asked by Giovanni 1 in Business & Finance ➔ Taxes ➔ United States
I am not sure how it works in Mexico, but the basics are the same.
First, you pay cash, not credit card or paypal. You deposit it into a brokerage account at an online brokerage such as Scottrade.
Taxes are only charged on gains. It only counts as a gain if you sell it for more than you paid for it.
So if you bought $2,000 worth of stock, and sold it for $3,000, you pay tax on $1,000 out of your profits.
In the US, if you hold a stock for less more than a year before selling it, the tax is much less. I don't know if it is the same in Mexico.
In the US, you open your brokerage account as a retirement account, and defer or eliminate your taxes that way. There might be similiar tax shelters in Mexico, but you need to find them.
Good luck to you.
2007-05-19 07:22:40 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 1⤋
Start with the Mexican stock exchange. You will be able to buy US stocks on the MSE. You won't have access to all US stocks, just those (usually large "Blue Chip" companies) stock that have a listing on the MSE.
Check with a local large bank and find out if they can set up a stock trading account. In the US & Canada most large banks have an investing division.
Adios!
2007-05-19 08:39:46 · answer #2 · answered by tashiasdad 2 · 0⤊ 0⤋
If you are a citizen of Mexico living in Mexico, you are subject to Mexican tax law. Even if you open an account with a US firm, you may still owe tax in Mexico. Please ask this question in Taxes->Mexico. It it not a US tax question.
2007-05-19 13:42:57 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
I HAD TO SHOW MY SOCIAL SECURITY CARD TO OPEN AN ACCOUNT.
B OF A (BANK OF AMERICA) MAY OFFER YOU A DEAL..THEY ARE OFFERING CREDIT CARDS TO NON-CITIZENS.
MAYBE THEY WILL OPEN A PORTFOLIO FOR YOU.
2007-05-19 07:21:46 · answer #4 · answered by charlotte q 2 · 0⤊ 0⤋