Transferring money

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Re: Transferring money

Post by admin » Fri Oct 02, 2020 11:16 am

papageno wrote:
Fri Oct 02, 2020 10:11 am
Charles, could you expand on that? Does it create income tax or IVA issues?
You need to escrow the payment at a notary until the title transfer is complete.

Otherwise, be ready to go to court to try and get your money back if something goes wrong. Which should only take somewhere between years, and never.
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Re: Transferring money

Post by admin » Fri Oct 02, 2020 11:21 am

Guess you could call it avoiding the "sucker tax". :lol: :shock:

Typically costs about 100% of the price, plus legal fees and court costs.
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Re: Transferring money

Post by papageno » Fri Oct 02, 2020 11:59 am

admin wrote:
Fri Oct 02, 2020 11:16 am
papageno wrote:
Fri Oct 02, 2020 10:11 am
Charles, could you expand on that? Does it create income tax or IVA issues?
You need to escrow the payment at a notary until the title transfer is complete.

Otherwise, be ready to go to court to try and get your money back if something goes wrong. Which should only take somewhere between years, and never.
Got it, thanks.

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Re: Transferring money

Post by nosaj » Sun Oct 04, 2020 12:00 am

admin wrote:
Fri Oct 02, 2020 8:30 am
No tax.

But never ever ever transfer money directly in to a seller's bank account.

That is a whole different topic.
Great thank you.. Yes we will most definitely not pay into a sellers account, we want to pay it into my wife's account but don't want to be taxed on it when it arrives from our transferwise account.. Then we can have the bank "hold" the amount until its fully transfered into our name. Thanks!

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Re: Transferring money

Post by admin » Sun Oct 04, 2020 4:37 pm

There is no tax on the transfer.

The tax depends on what you are doing, what you arr buying, etc. Nothing to do with the wire prosses.

But, I think you are fundemantaly misunderstanding the purchase process for real estate, if you are focusing on the tax implications of just a transfer of the money.

Sorry if I am reading that wrong, based on your limited posts; but, been at this a while and my radar has lit up with the nature of your question.
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Re: Transferring money

Post by nosaj » Mon Oct 05, 2020 8:13 am

admin wrote:
Sun Oct 04, 2020 4:37 pm
There is no tax on the transfer.

The tax depends on what you are doing, what you arr buying, etc. Nothing to do with the wire prosses.

But, I think you are fundemantaly misunderstanding the purchase process for real estate, if you are focusing on the tax implications of just a transfer of the money.

Sorry if I am reading that wrong, based on your limited posts; but, been at this a while and my radar has lit up with the nature of your question.
I'm focusing on the tax implications because that's the part I don't want to get a surprise with.
I understand the process of purchasing property in South Africa but things work differently here and I'm still coming to grips with process and terminology. So fundamentally (if I understand correctly from this thread/forum) don't buy in a company name but rather personal, make sure you don't transfer into the sellers account but use something like a Vale Vista that the notary holds onto until transfer is done and don't use the agents conveyancer but rather an independent one? As I said I'm still coming to grips with the whole process as in getting the due diligence/ estudio de titulos etc etc..
The first step however is bringing the money so we can actually afford a piece of land..

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Re: Transferring money

Post by eeuunikkeiexpat » Mon Oct 05, 2020 10:07 am

Remember, you will need proof/origin of funds before they are cleared for your use in Chile by the executive in charge of this at the bank.
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Re: Transferring money

Post by nosaj » Mon Oct 05, 2020 11:40 am

eeuunikkeiexpat wrote:
Mon Oct 05, 2020 10:07 am
Remember, you will need proof/origin of funds before they are cleared for your use in Chile by the executive in charge of this at the bank.
OK, I didn't know this was necessary, thanks for the heads up! .. Is it a document I get from the bank? I presume you need this for funds over a certain amount?

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Re: Transferring money

Post by 41southchile » Mon Oct 05, 2020 2:05 pm

nosaj wrote:
Mon Oct 05, 2020 11:40 am
eeuunikkeiexpat wrote:
Mon Oct 05, 2020 10:07 am
Remember, you will need proof/origin of funds before they are cleared for your use in Chile by the executive in charge of this at the bank.
OK, I didn't know this was necessary, thanks for the heads up! .. Is it a document I get from the bank? I presume you need this for funds over a certain amount?
Yeah proof of origin is more important than any tax implications from the banks pov, I imagine even more if you are a U.S citizen or moving it from a country less reputable . I have never heard of anyone paying any tax just for moving money into the country for property purchases, I never did 7 years ago either, was very straight forward.
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Re: Transferring money

Post by alextrombone » Fri Mar 12, 2021 6:51 am

How would one go about getting money from my U.K. account into a Vale Vista for a notary when buying a property. Is it possible to do this via Transferwise?

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Re: Transferring money

Post by Huelshoff » Fri Mar 12, 2021 9:15 am

eeuunikkeiexpat wrote:
Mon Oct 05, 2020 10:07 am
Remember, you will need proof/origin of funds before they are cleared for your use in Chile by the executive in charge of this at the bank.
Could you please elaborate on this? I have transferred a couple of hundred thousand USD to my account at Banco de Chile over the past year, and have used only a small part of the funds. The bank has never asked me anything about the source of my funds, although they do know about one of my pensions (the money has been coming from another pension fund). Yet I am about to buy a parcela, and will need a Vale Vista for a big chunk of it soon. Is there some amount of withdrawal that sets off the alarm bells at the bank?

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Re: Transferring money

Post by admin » Fri Mar 12, 2021 10:17 am

alextrombone wrote:
Fri Mar 12, 2021 6:51 am
How would one go about getting money from my U.K. account into a Vale Vista for a notary when buying a property. Is it possible to do this via Transferwise?
No. You need a bank account.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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