New Reporting Requirements for Mexicans and Other Foreigners with Participation in U.S. Entities

Holland & Knight Webinar
US and Mexican flags
April 11, 2024
10:30 AM - 12:00 PM ET

The Beneficial Ownership Information (BOI) Reporting Rule of the Corporate Transparency Act (CTA) entered into force on Jan. 1, 2024. Now, U.S. or Mexican entities will be required to report the individuals who directly or indirectly exercise substantial control over the entity or own 25 percent or more of the ownership interests in that entity, unless the entity is exempt from reporting.

In addition, the Financial Crimes Enforcement Network (FinCEN) on Feb. 16, 2024, proposed a new transparency initiative focused on "all cash" acquisitions of U.S. residential real estate by entities and trusts, with a requirement that real estate professionals involved in the transaction must report the individual beneficial owners and other information to FinCEN within 30 days of closing. Learn what this latest proposal means if you acquire U.S. real estate through an entity or a trust.

Holland & Knight's Corporate Transparency Act Team will address the above key developments, as well as a number of other important issues under the CTA, particular to the Mexican market. Attorneys Eugenio Grageda, Alan Granwell and Michael Titens will cover topics including:

  • how to determine whether an entity is subject to the CTA or is exempt
  • who, when and how to report beneficial owners
  • issues that might be faced by Mexicans and other foreigners with direct or indirect participation in U.S. entities
  • potential penalties
  • what to do when a beneficial owner is unreachable or recalcitrant
  • privacy laws when a beneficial owner's information is reported to FinCEN
  • updating organizational and transactional documents to make them CTA compliant
  • how to keep track of changes for updated reports
  • when to use an outside vendor to file reports
  • status of constitutional challenges to the CTA

There will be sufficient time for questions from attendees.

Information continues to be released on the CTA, so please join us to stay up to date with the latest developments.

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