Posted on 11/10/2008 7:17:34 AM PST by rvoitier
What actually happens? Is it a matter of just filling out forms or seizure of your money?
Please add me to your ping list.
Thanks.
Easily traveled with that amount (carried by 5 people) this year. No problems.
Could you add me to your ping list...
Welcome aboard.
I’ll take some action on that new list you are considering
Can you make two or three smaller withdrawals within a month?
Ping me with your thoughts. Thanks!
It is much easier to move large sums where you don’t want to use wire transfers to go as simple as traveler’s checks or bearer bonds.
It may be smart to simply mix your currency. Let’s say you want to carry 20k. Take 9k cash, 6k bearer bonds, 4k traveler’s checks. This way, if one part is seized, you aren’t completely SOL.
Many of us are worried about outright gov't confiscation of our hard-earned savings as well as confiscatory taxation. I would not be surprised to see an "excess wealth tax" proposed soon. Everyone with savings of more then say $500,000 will need to donate 10% to the treasury. It's only fair. Why should you have so much and others have so little?
This is not the country it once was and will even less so in the future.
Please add me to your list of those interested in seeing your tax reduction ideas.
I would take $9000, well under the limit, we all know travel is expensive these days... or you could use some other method such as wire transfer (there are millions each day, yours would not be noticed), purchase of gold or silver coins, or even a check if you have made prior arrangements with a bank in the foreign country.
NOTE: banking will not necessarily be done the same way as it is done here in the USA; be sure that you know what you are doing.
My accountant told me I better keep that along with another note saying the debt was paid in my tax file. She said the bank likely reported it to the government. Talk about big brother keeping an eye on you.
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Please add me to your list,
Thanks
They will contact their banker and speak with him about the requirements that are needed from you. The bank sends you a written list. You fulfill the requirements to establish the account.
When you arrive at the foreign bank, the banker will demand the EXACT same identification that previously you sent copies of. So if your drivers license is about to expire, renew it before you send a copy to the new bank. He may ask that your relative or associate sign a statement identifying you as being who you say you are.
Resume living off shore with your local account.
I suggest that you only send $5k to initiate the account. When you have established your identification with the new bank, then have your banker forward the remaining amount from your US account. Pre-arrangements are needed before you leave the US to accomplish this.
Notify your CPA that you are doing this so he can have the necessary tax forms on file.
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That's the legal way of doing this. For the tax free methods contact Pedro, the Pharmacist, Ronnie, The Man, Sweet Louise or your state senator for further information.
“Money” means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers’ checks in any form, money orders, and negotiable instruments or investment securities in bearer form.
Use ATMs/cash machines.
Hypothetically, let’s say you are a Texan who made some money. You could overpay your Visa card by 100,000. Then, when vacationing in the Cayman Islands, purchase jewelry worth 100,000. Then you gave the jewelry to charity.
Repeat.
When you withdraw the money from your bank, unless you routinely move around large amounts of cash, the bank will file a SAR (Suspicious Activity Report) on you. So you will already be on the government’s radar.
If you try to structure the transactions to avoid triggering the reporting, you’ve committed a crime.
As far as taking the money out of the country, you would need to file the appropriate paperwork with whatever customs calls itself now. There isn’t a limit on what you can take out, so long as you fill out the paperwork correctly. Many countries require you to make similar declarations when you enter the country. (And when you leave - you may have to account for the difference).
Looks like you want a FinCin 105:
(PDF Format)
http://www.fincen.gov/forms/files/fin105_cmir.pdf
Of course, the tricky part is tracking down a customs agent when you leave the country.
If you are going to say Mexico or Haiti I wouldn’t suggest announcing that you are carrying around more than fourty or fifty bucks.
Ping me, please, with your list of ideas. I am wondering about our retirement money & at what point we should take it out before it is completely GONE.
I would ask our accountant, but found out during the election he is probably one of ‘them’.
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