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Americans Sheltered Dollars in Mexican Banks
Millions of U.S. dollars are deposited in Baja California banks in Tijuana Mexicali and Ensenada seeking higher interest rates and tax secrecy. The total in Baja California exceeds 1.5 billion with most in U.S. accounts. Mexican rates run 10.19 to 14.10 percent while U.S. banks pay 4.50 to 7.75 percent. Depositors face 15 to 21 percent U.S. tax withholding on interest, with net yields 8.75 to 12 percent.
MENTIONED IN THIS ARTICLE
New York Times
Tijuana
Mexico
United States
U.S
Baja Califor
Nia
Mexicali
Ensenada
Switzerland
Baja California
Miguel Marques
Victor M. Rubio and Co
John Davies
Banco Nacional de Tiguana
International Department
Internal Revenue Service
I.R.S
Mexican Banking Commission
Treasury Department
Customs of