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Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121599  
Subject: Cash transfer overseas tax-free? Date: 5/21/2010 7:08 PM
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One thing I like to do is daydream about us moving our retired butts to more exotic locales. One of those places is Australia. If you want to go live there in retirement, they will welcome you with open arms as long as you bring a large infusion of cash. How large? On the order of $400k, which you must invest in the government of the state in which you want to live. It's the Australian equivalent of buying a government bond--you get regular interest payments and you get your money back when it matures.

Which leads to the question, is there any kind of tax on money you take out of the country for such a purchase? I recall somebody mentioning such a thing on this board a while back but I don't remember the circumstances.

--fleg
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Author: wrjohnston91283 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 110487 of 121599
Subject: Re: Cash transfer overseas tax-free? Date: 5/21/2010 9:10 PM
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Which leads to the question, is there any kind of tax on money you take out of the country for such a purchase? I recall somebody mentioning such a thing on this board a while back but I don't remember the circumstances.

I've read about a tax on taking large amounts (I think over $600K) out of the country being taxable if you are leaving the country forever. It's to prevent someone like Bill Gates or Warren Buffet from living in the US all their lives while racking up giant unrealized cap gains, and then renouncing their citizenship after moving to another country.

On a different note, you mention the word cash. Many times when more than $10,000 changes hands in CASH (paper money), it's a reportable event by the receiver. Doesn't mean taxable, but the IRS wants to keep an eye on these things to prevent money laundering and unreported income from cash transactions.

WRJ

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Author: madbrain Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 110488 of 121599
Subject: Re: Cash transfer overseas tax-free? Date: 5/21/2010 9:15 PM
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http://www.irs.gov/businesses/small/international/article/0,...

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