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Last I heard, U.S. citizens can take up to $10,000 at a time out of the country without telling anyone. For people who elect to retire overseas, and need to take a larger amount to pay for a home, vehicle, etc., what are the ramifications of taking more than 10K? Is there some type of tax or something?
It's the Treasury Dept that wants to know about cash (or negotiable bonds, travelers checks, etc) over $10K leaving the country. There is a declaration form to fill out.
As far as a banking account, wire transfers, etc. -- the IRS doesn't care where you are moving money around, as long as you are paying taxes on your income, investments, etc.
Even stateside, if you move $10,000 or more from one account to another, it triggers some kind of bank alert. I don't know enough about that to be cogent on that topic. I just know if I move $10,000 at one time, even from one account to another, it triggers some kind of bank inquiry. I can't remember what, exactly. Some banking law since 9/11.
Here are some straight answers on the topic, with some links.
It is to raise a red flag with the Government, about possible money laundering and funding terrorist activities.
the money is not additionally taxed based on where it is going or anything, but might be subject to taxes for other reasons depending on how it was aquired etc.
Thank you so much. I'm not so concerned now. When I retire in a couple more years, I'll be splitting my time between somewhere in the northern Rockys and southern Europe. I was wondering how I'd get my money over there so I could purchase a place. The money will be coming from savings, equity from the house I'll be selling, and the pension, (we can get our money any way we choose). It's all legit, honest money.
Many years ago I did business with an European bank and made all transactions at the $8,000 level. Don't know what if any tracking was required but both the bank and I were not contacted regardless of how many moves were made.
Just transfer out every week less than $10,000 until you've depleted the account.
Quote:
Originally Posted by volosong
That would take more than a year! Going to the bank/credit union once a week, week in and week out. Nah.
Plus there is no reason to. If you are not engaged in laundering money or in funding terrorist groups or activities, then there is no reason to fear the automatic reporting of the transaction(s). There are no bad consequences to the individual.
Plus there is no reason to. If you are not engaged in laundering money or in funding terrorist groups or activities, then there is no reason to fear the automatic reporting of the transaction(s). There are no bad consequences to the individual.
Except just being on the IRS watch list and possible audit.
Except just being on the IRS watch list and possible audit.
Yep. As others mentioned, you can easily carry $10,000 into almost any country without declaring it. And you can bring much more as long as you declare it. However, it DOES require paperwork and you can bet that paperwork makes it's way to the Treasury department.
Also, having offshore accounts in excess of $10,000 you also have to legally declare them each year. And this also puts you at a higher risk of being audited.
As someone else mentioned, as long as you aren't doing anything illegal you don't have anything to worry about. HOWEVER it is NOT fun getting audited by the IRS.
I have several offshore accounts as I own properties in various countries and own companies in various countries so it was essential for me to have several offshore accounts. And I do believe that you're at an increased odds of getting audited by filling these out.
I've gotten audited 3 times in 5 years and it's NOT fun. So think about that aspect as well.
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Going to the bank/credit union once a week, week in and week out. Nah.
