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Mexico’s New Beneficial Ownership Disclosure Rules Take Effect

As of January 1, 2022, Mexico’s Tax Administration Service (SAT) has introduced new rules requiring legal entities, trusts, and other vehicles registered in Mexico to disclose their beneficial owners. This move aims to increase transparency and combat tax evasion.

Who Qualifies as a Beneficial Owner?

A beneficial owner is defined as an individual or group of individuals who directly or indirectly benefits from the activities of a Mexican Entity/Vehicle. This includes those who:

• Have control over the entity
• Own more than 15% of shares with voting rights
• Manage its strategy

What Information Must be Disclosed?

Each beneficial owner must provide the following personal and financial information:

• Full name
• ID copy
• Date of birth
• Gender
• Country of origin and nationality
• CURP number
• Contact information

Additionally, the following details are required:

• Marital status
• Relationship with the Mexican Entity/Vehicle
• Degree of participation
• Type of modification or termination of participation

Trusts must also provide information about:

• Settlor
• Trustee
• Beneficiaries

Compliance Requirements

The new rules aim to bring Mexico in line with international standards on beneficial ownership disclosure, such as those recommended by GAFI and the OECD. The definition of a beneficial owner is broad, but the SAT has provided guidelines for interpretation.

Failure to Comply

Failure to comply with these new rules may result in significant fines, highlighting the importance of timely and accurate disclosure.