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I got a intracompany transfer and I'll be living in the US for a couple years so I'm selling my apartment in my home country and planning to move the funds to the US to maybe see if it's convenient to buy a flat there. Is there some notification or something I should do before the bank transfer?

Thanks!

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You need to be sure that you pay appropriate taxes due in your home country on the sale proceeds from selling your flat in your home country; else your home country may have objections to your proposed transfer of the sale proceeds to the US. You will, of course, need to establish a bank account in the US to receive the money which will need you to have a TaxPayer ID Number in the US. This will typically be a Social Security Number which your company will help you to get since you will continue to be an employee of the same company; just working (and getting paid) in the US instead of your home country. Most countries have tax treaties or double-taxation-avoidance-agreements with the US and this will affect your taxes in the US and in your home country.

  • Thanks Dilip! I know how to handle the taxes at home but I was wondering if the US may want or need a notice before I transfer. – Luis Dec 1 '19 at 18:57
  • @Luis Just use a standard wire-transfer service to transfer the money from your savings account in your home country to the US instead of bringing a satchel full of cash when you come to the US, It is not illegal to bring cash to the US but if the cash is worth more than US $10K, you need to fill out a form for the US Customs telling them you are bringing in lots of cash. The harder part would be finding a bank that will accept the satchelful of cash as a deposit to start your new account. So, come to the US, set up your US account, and then transfer the bulk of the money via wire transfer. – Dilip Sarwate Dec 2 '19 at 0:00
  • Thanks Dilip. I don’t pretend to use cash but my idea was to transfer bank to bank. Is there a reason I should use any kind of 3rd party service? – Luis Dec 2 '19 at 1:09
  • My question was more about the transfer. Won’t I get any inquiry from the bank and/or IRS due to the amount? I would like to be prepared in advance to comply with any legal requirement. Specially if there is any form or thing I should present before transferring the money to the US – Luis Dec 2 '19 at 1:11
  • may you have any hint? Thanks!! – Luis Dec 20 '19 at 21:44

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