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[quote=”DavidCMurray”]Bill, what prevents you from wire transferring money from a Costa Rican bank to one in the U.S?
[/quote]Hi David –
Absolutely nothing “prohibits” the transfer (as far as I know) but what happens (again, as far as I know) FACTA requires the recipient bank to withhold 30% of the incoming funds until such time as the recipient individual can prove to the IRS or Treasury Dept., or Homeland Security, or ATF, or whomever that there is no skulduggery associated with the international transfer.I have every check, every invoice, every contractor’s request for payment, every wire transfer document, etc. associated with the acquisition of our property and the design, construction, furnishing and decorating of our home in Samara – but I’m not sure that will be enough for the tax gestapos.
So, in an effort to having to avoid all of the hassles associated with the international transfer(s), I strongly prefer having the funds transferred within, rather than into, the States.
David, you have probably figured out by now that politically I am a bit to the right of Attila the Hun, but when it comes to monies that are rightfully mine and/or will belong to my wife, kids and grand kids, then I become quite the Libertarian!
Even with the funds in a US bank, can “big bro” place a levy on it? Sure, but they have to be a lot quicker and have a lot more reasons to do so – and at the same time I still have 100% of my money as opposed to being in the position of trying to “recapture” the 30% that “big bro” has already seized.
It is not totally unlike your mortgage interest and (I think) real estate tax deductions you have reported that you claim here in CR. I’m not sure that those will pass IRS muster, but I applaud your creativity in claiming them to avoid taxes.
After all, there is a huge difference between tax avoidance and tax evasion. One can be defended as “an honest mistake” while the other is much more difficult to defend.
[u][b]TOTALLY UNRELATED[/b][/u] – Please pray for the families of those that suffered the loss of loved ones, especially the children, today in the horrific events in Newport CT.
[quote=”critterhill”]If I buy a home in Costa Rica from an American with a bank account here in the states, can we keep our money transfer here in the states and the paperwork in Costa Rica to complete the transaction?
Would this be allowed? Recommended?[/quote]
Yes it is allowed, the registry only cares about their transfer taxes being paid in Costa Rica. You can also give a property away, in this case no money would be involved.
We handled a transaction where both parties, buyer and seller, wanted to do it this way. Both had granted POA to people in C.R. but the money transaction was done in the U.S. while all parties, including broker and attorney, were on a conference call. Some attorneys are willing to fly to the U.S. and have them sign the documents there, and overview the money transaction.
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