Any $ limits on sending money out of Chile?

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ppc clicks
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Any $ limits on sending money out of Chile?

Post by ppc clicks » Fri Jun 09, 2017 2:44 pm

Hi,
I´ve been living in Chile for a few years now. I do hold a Permanencia Definitiva RUT and make my tax returns each year via an accountant.

What i´ve been trying to find out (as my accountant has no idea) is how much money I can send out of Chile within the financial year.
I wouldn´t be surprised if there is some kind of limit, if someone here has any information that can shed some light on this i´d be very grateful.

Cheers!

dmwbmw2
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Re: Any $ limits on sending money out of Chile?

Post by dmwbmw2 » Fri Jun 09, 2017 4:09 pm

I dont think there is a limit, at least not one that any normal person would run into.
But now that you have raised the question I am very interested as well.

This is the airport rule for taking out on your person and I have always believed the same rule applied if you sent out money via a transfer or other means.

I have sent out and brought in more than 10,000 in one go without any declaration, I wouldnt even know where or to whom to declare. Never had any repercussions.

This is what Chile Customs states:
Currency Export regulations:
Local currency (Chilean Peso-CLP) and foreign currencies: no restrictions. Amounts exceeding USD 10,000.- must be declared.

mem
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Re: Any $ limits on sending money out of Chile?

Post by mem » Fri Jun 09, 2017 4:51 pm

Depends on how you plan to send the money?

Western Union? I think its $3000 USD max for WU

If you have a proper bank account here you can try a wire transfer. But if it's over $3000 USD, it may trip the KYC/AML tripwires either exiting chile or entering the US or both. I found this out when we sold out US house, escrow wired me the moolah to my CL bank and the CL bank wanted full documentation of where this money came from. Maybe it will be different going into the US, but I wouldn't count on it and the wire transfer fees are not fun either, especially if there are several intermediary banks

I think the best way is to write a check and mail it, if you have that option. I know that works for depositing to a CL bank with a check drawn on a US account, so I would think it works in reverse. Mail a CL check to a US bank. I know of at least a couple people that did six figure USD amounts with the check method...it took awhile 8-10 weeks, but was basically free of fees

The last method, is to open an account on one of the new crypto moneda exchanges in Chile. SurBTC or eToro for example. Link the account to your CL bank. Fund it in CLP. Buy BTC or ETH and then send the crypto to a US exchange like coinbase or kraken account you setup, sell it and deposit it to your US account linked to the US crypto exchange. Just do they buy and sell quick so there is not much price difference between when you buy it and sell it, so the capital gains (if applicable) are a wash.

at46
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Re: Any $ limits on sending money out of Chile?

Post by at46 » Fri Jun 09, 2017 7:14 pm

mem wrote: The last method, is to open an account on one of the new crypto moneda exchanges in Chile. SurBTC or eToro for example. Link the account to your CL bank. Fund it in CLP. Buy BTC or ETH and then send the crypto to a US exchange like coinbase or kraken account you setup, sell it and deposit it to your US account linked to the US crypto exchange. Just do they buy and sell quick so there is not much price difference between when you buy it and sell it, so the capital gains (if applicable) are a wash.
Good idea about the crypto thing. Another method is to open a fondos mutuos account in USD and wire it out of there. Takes a week to set up and costs 16 lukas to wire. I did around 25K once, no repercussions.

ppc clicks
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Re: Any $ limits on sending money out of Chile?

Post by ppc clicks » Sat Jun 10, 2017 12:25 am

Thanks for all your input.
It looks like i didn´t make it 100% clear.

Without boring you all with the details of why, basically I am making a lot of international bank transfers via my Chilean bank account out to banks in Japan/UK/Europe.
Only 1 of the accounts i send money to is actually in my personal name, the others are companies.

My accountant spotted these transfers when she filed my end of years accounts (i didn´t tell her about them as i didn´t think it necessary).
This would indicate that there is at some (sii) level control or visibility on personal money transfers out of Chile , not really a surprise.
So as the amounts are fairly large and will add up over the year I wondered if I will have any problems or exceed some kind of limit and have to pay some kind of export tax.

Hope this is clear.
Any ideas?

Cheers

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admin
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Re: Any $ limits on sending money out of Chile?

Post by admin » Sat Jun 10, 2017 12:56 pm

There is no limit. You do however need to deal with money laundering compliance paperwork, which mostly is just answering where the money came from and where it is going. Most of the time, not a lot detail is required.

You start moving money in strange and suspiciously structured forms, and yea your going to get someone's attention somewhere.
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From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

ppc clicks
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Re: Any $ limits on sending money out of Chile?

Post by ppc clicks » Sat Jun 10, 2017 4:40 pm

Thanks Charles,
No limits, good to know.
Yeah my accountant told me to keep records of money being sent out in case sii come asking what´s going on.
Being done for money laundering is something I would like to avoid, especially as it´s not what i´m doing ;-)

Thanks again for everyone's input.
Cheers

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nwdiver
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Re: Any $ limits on sending money out of Chile?

Post by nwdiver » Sat Jun 10, 2017 6:01 pm

It not the "out" that is the issue, it's the "into"........ Where it's going will have more questions to be answered (normally)....
It's all about the wine.

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eeuunikkeiexpat
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Re: Any $ limits on sending money out of Chile?

Post by eeuunikkeiexpat » Thu Jun 15, 2017 2:06 pm

New idiotic law introduced, let's see where it goes:

You Won't Believe This Stupid New Law Against Cash And Bitcoin
by Tyler Durden
Jun 14, 2017 7:20 PM
http://www.zerohedge.com/news/2017-06-1 ... nd-bitcoin
Generally, just a SPAM KILLER. You are on your own in this forum. My personal mission here is done.

BUT when necessary, by way of ridicule and truth revelation we shalt do war.

--eeuunikkeiexpat

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Re: Any $ limits on sending money out of Chile?

Post by admin » Fri Jun 16, 2017 3:11 pm

eeuunikkeiexpat wrote:New idiotic law introduced, let's see where it goes:

You Won't Believe This Stupid New Law Against Cash And Bitcoin
by Tyler Durden
Jun 14, 2017 7:20 PM
http://www.zerohedge.com/news/2017-06-1 ... nd-bitcoin
I know a lot of people now, including myself, that are telling family and friends in the U.S. if they want to meet-up, it will have to be somewhere outside the United States. In fact, I got a couple American friends that have already done family vacations in Mexico, inviting down the U.S. family to join them and paying the tickets and hotel, just because they don't want to travel to the U.S. for any reason. It simply too risky.

You have a even minor legal fender bender (TSA agent in a bad mood) while in the States, and kiss your networth good-bye dealing with the legal ramifications. Even if you are totally innocent, and can totally prove it, are you really going to risk say spending 6 months to two years in the States proving it; dropping $50,000 - 100,000 in legal bills, shutting down your life outside the States, just to go to say some stupid family reunion or whatever?

Then also, I won't travel to the U.S. due to Medical costs either. Last trip up there with the family, I told the family that if anyone get's sick, I am just going to charter an airplane to Cuba, Canada, or back to Chile. It would probably be cheaper than an ambulance ride to the Emergency room in the States anyway. :shock:
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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