Moving money out of Italy

[christeen 966]

Wondering if anyone had any experience in moving money out of Italy? It is well over the 10k limit... With the recent political events and banking issues (taxation in Cyprus as a precedent) we are seriously thinking of moving a good portion of our savings over there from Italy to the US.

We kept a good sum over there since his family is still there and in case they need any. We also have a possibility of moving it to Switzerland as his sister is a resident there and will soon be a Swiss citizen and can sponsor an account. We are just looking at options given the financial climate over there. Any thoughts?

[Brother Hesekiel 2,236]

You can move money as you please. All it takes is one wire. I personally have a life/investment insurance that's due on May 1, after 30 years of paying in, money I'd like to transfer, at least part of it. However, the Euro being at 1.29x now, I would like to see some movement upward first, and I'm not sure that's going to happen in the near future.

I recently received 180,000 Euro from a client in Europe, and just a delay of 5 days has cost me several thousand dollars. If you have $10K, it's probably not a big issue, but if you have $100K or even $500K, timing is everything.

[christeen 966]

You can move money as you please. All it takes is one wire. I personally have a life/investment insurance that's due on May 1, after 30 years of paying in, money I'd like to transfer, at least part of it. However, the Euro being at 1.29x now, I would like to see some movement upward first, and I'm not sure that's going to happen in the near future.

I recently received 180,000 Euro from a client in Europe, and just a delay of 5 days has cost me several thousand dollars. If you have $10K, it's probably not a big issue, but if you have $100K or even $500K, timing is everything.

Thanks formthe info... Yes, we are watching that exchange rate too... We are thinking about 150k so it would hit hard with the low x rate... But i am getting a bit jittery with the recent stuff in cyprus and the crackdown in italy on finances...

one question, If younknow, What are the tax implications for the money? We currently file the federal FBAR on the investments, but when we move it, is the money included as regular taxable income? I have not yet met with our accountant for taxes, but just curious if you know.