How to invest from Mexico: brokerages, the SIC and brokers
To buy stocks, ETFs or bonds you need an account at an institution. Which options exist, how the SIC works and what to check before opening your account.
You can't buy stocks directly on the exchange: you need an intermediary. In Mexico you have three main paths, each with different advantages and costs.
1. Mexican brokerages
They're institutions authorized and supervised by the CNBV. They operate in pesos and give you access to the Mexican Stock Exchange (BMV), BIVA and the SIC. Many have simple apps and low minimums. They give you an annual tax statement with your gains, losses, dividends and interest, which makes filing easier.
2. The SIC: world stocks in pesos
The International Quotation System (SIC) is the Mexican exchanges' mechanism that lets you buy, from a Mexican brokerage and in pesos, stocks and ETFs listed in other countries, mostly in the U.S. Thousands of securities are there: Apple, Microsoft, Walmart, S&P 500 ETFs and many more.
- You buy in pesos, but the value follows the dollar price: the exchange rate affects you too.
- Gains pay 10% income tax on the year's net gain, like Mexican stocks.
- Not every foreign security is on the SIC; in ARCO, each stock's page tells you whether it's listed.
- Trading hours usually match those of the home exchange.
3. Foreign brokers
You can also open an account with a broker in another country. They usually offer more (options, more markets) and you operate in dollars. But there are important differences:
- You send money abroad and pay the exchange rate and possible transfer fees.
- Taxes are reported differently: the gain is added to your other income and taxed at your rate (1.92% to 35%), instead of the SIC's 10%.
- You don't receive a Mexican tax statement: you calculate and report everything yourself.
- Protection and regulation are those of the broker's country, not the CNBV's.
| Brokerage (BMV and SIC) | Foreign broker | |
|---|---|---|
| Currency | Pesos | Dollars |
| Income tax on gains | 10% of the net gain | At your income tax rate |
| Tax statement | Yes, issued by the brokerage | No; you calculate it |
| Regulator | CNBV | The broker's home regulator |
| Offering | Wide, but not everything is on the SIC | Very wide |
What to check before opening an account
- That it's authorized: look it up in the CNBV registry (or its home regulator's).
- Fees: per trade (plus VAT), custody, inactivity and withdrawals.
- Minimum amount and whether it allows fractional shares.
- What you can buy: BMV, SIC, CETES, funds, ETFs.
- Ease of use: the app, customer support and whether it allows automatic contributions.
How the account is opened
It's usually done online with your INE, CURP, proof of address, RFC and a bank account in your name. They'll build an investor profile with questions about your experience and risk tolerance; by regulation, the institution must offer you products suited to that profile. Then you transfer money (via SPEI) and you can start buying.
Test what you learned
1. What does the SIC allow?
- Buying CETES in dollars
- Buying, from Mexico and in pesos, stocks and ETFs from other countries
- Borrowing to invest
Show the answer
Buying, from Mexico and in pesos, stocks and ETFs from other countries. It's the Mexican exchanges' market for foreign securities.
2. Which institution authorizes and supervises brokerages in Mexico?
- The CNBV
- The IMSS
- PROFECO
Show the answer
The CNBV. The National Banking and Securities Commission.
3. With a foreign broker, how are gains generally taxed?
- A flat 10%, like the SIC
- Added to your income and taxed at your rate
- They aren't taxed
Show the answer
Added to your income and taxed at your rate. That's why the tax treatment is an important difference.
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Everything in this section is educational: it explains how investing works, it doesn't tell you what to buy.