Does anyone own Property in a foreign Country?

[Waldo 0]

I was just wondering if anyone did and how you could get around the taxing thing (Transporting over $10,000) to pay for property.

[Niels Bohr 72]

I have a foreign account overseas. I just transfer my money through the bank here to the bank there. Never had any problems. Not only that, I didn't even get hit with taxes.

[Waldo 0]

I have a foreign account overseas. I just transfer my money through the bank here to the bank there. Never had any problems. Not only that, I didn't even get hit with taxes.

Thats awesome. I want to buy some property in Peru, just not sure what I need to do to go about getting it without being charged for moving money.

[payxibka 10,044]

foreign bank account, each of us (3) brought over money each time to build up balance.... after a few trips ... or international wire transfer

Edited January 7, 2009 by payxibka

[Niels Bohr 72]

You can ask if your bank uses SWIFT to wire money to another bank. Check the banks in PERU is they have a SWIFT wire transfer account. If they do, contact your bank here. They do take a fee depending on what bank you use over at PERU.

[chri'stina 190]

Foreign bank account & joint owner with father in India for legalities and such.(hubby's father)

[Jasman0717 8]

I own a chicken farm through a partnership agreement. I just went to my credit union and did an electronic transfer to my business partner's account in the Philippines. I had no problems what so ever.

[MandR 0]

Open up a bank account in Lima and if I remember correctly I had to do it jointly with my wife.

Then you can do an international wire transfer......

Edited January 8, 2009 by MandR

[mawilson 2,133]

I was just wondering if anyone did and how you could get around the taxing thing (Transporting over $10,000) to pay for property.

What "transporting over $10,000" thing?

[Ban Hammer 12,829]

I was just wondering if anyone did and how you could get around the taxing thing (Transporting over $10,000) to pay for property.

What "transporting over $10,000" thing?

moving 10k out of the country, remember that illegal that was caught with 50k on him?

[Waldo 0]

yeah it's on the form you fill out when your flying to another country. Are you taking out more then $10k. From my understanding it's a no-no. I owned a business down there but all the assets from that stayed that there. If we do do something like that I'll probably have the wife do half and me do half to our accounts down there.

[mawilson 2,133]

I was just wondering if anyone did and how you could get around the taxing thing (Transporting over $10,000) to pay for property.

What "transporting over $10,000" thing?

moving 10k out of the country, remember that illegal that was caught with 50k on him?

Well it's not illegal - you can move ANY amount of money out of the country, just have to

declare it if it's over $10k.

[Waldo 0]

do you know if it gets taxed?

[mawilson 2,133]

Are you taking out more then $10k. From my understanding it's a no-no.

Why is that a no-no? You can take 10 million bucks with you, just declare it - that's all.

[Jasman0717 8]

do you know if it gets taxed?

I am able to write off business expenses on my chicken farm. Net income, if I collect rather than reinvesting in the farm, is taxable.