Moving Money Out Of Phils

[Thomas]

Situation:

I haven't memorised this, because I plan to move to Phils for ever  :mocking:    but I ask for an other needing it. A house owner is very ill and will move to his home country soon of health reasons, so his house will probably NOT be sold before he leave.  So the money will need to be SEND to him anyway.  But I know it's a max limit of how much money is alloved to CARRY when leaving anyway.  (10 000 USD ?) He transfered money to an acount belonging to a Filipina, who paid his whole house cash.

 

 

Roughly I remember there is a law leting much money get OUT of Phils IF such amount is transfered in earlier. What proofs are needed concerning the amount moved TO Phils?

 

If Phils officials don't find the proofs good enough to transfer out all at same time, what's the max limits for sending money out of Phils?   Per calender year or what?

 

Easy and OBVIOUS legal solution is much prefered, because the sell handler is very honest* but not used to such things.

 

* I make an other topic about that   :)

[JJReyes]

You can bring to or take out up to $10,000 in currency without declaration. You can do the same for larger amounts, but you have to declare it. They will want to know why you are carrying so much cash.

Suggestion is to do a bank-to-bank wire transfer. The wire fees could be as high as $100 per transaction. If it is wire transfer, the amount is immediately credit to the receiving bank account.

Kindly note that the Bangko Central ng Pilipinas limit is PHP10,000 in or out from the Philippines. Foreign currency is $10,000 USD or equivalent. Again, the amount could be larger, but you have to declare it.

Edited March 2, 2015 by JJReyes

[Thomas]

Foreign currency is $10,000 USD or equivalent. Again, the amount could be larger, but you have to declare it.

Yes. But what's needed to make much higher amounts to be APPROVED?

[ironmaiden]

You have to show them where the money is coming from. If you can proove that you transfered money to the Phils to buy a house and that same house is now sold, you should have no problems bringing that money out again. The bankbook with all the money transfers in it would be proof, but if the money was transfered to a bank account belonging to someone else than the house owner then it's gonna be hard to proove...

[Thomas]

You have to show them where the money is coming from. If you can proove that you transfered money to the Phils to buy a house and that same house is now sold, you should have no problems bringing that money out again. The bankbook with all the money transfers in it would be proof, but if the money was transfered to a bank account belonging to someone else than the house owner then it's gonna be hard to proove...

Transfers:

1. from the foreigner's bank acount abroad

to the Filipina's bank acount in Phils.

2. The Filipina paid the house ((thinking only the land was in her name and the house in the foreigner's name, but all was done on her name.)

3. When/if it's managed to be sold, I suppouse the earlier bank acounts will be used in opposite direction,  IF the foreigner has the bank acount still in his home country  (because he moved to Phils "for ever" but need to return to his home country of health reasons.)

 

IF he don't have his old acount, do you believe p3 will be found ok?

[ironmaiden]

Thomas, it's always easy to show that the new account belongs to the same person (same name), they just need to know here where the money came from. So if the money was transfered to a Filipinas account and after selling the house the money goes out of the country via the same persons account, then there should be no problem. I asked this kind of question once at some immigration officer and this is what they told me. Without bank transfers to show them they will assume you made the money here and then you have to proove you paid taxes...

[Thomas]

Thomas, it's always easy to show that the new account belongs to the same person (same name), they just need to know here where the money came from. So if the money was transfered to a Filipinas account and after selling the house the money goes out of the country via the same persons account, then there should be no problem. I asked this kind of question once at some immigration officer and this is what they told me. Without bank transfers to show them they will assume you made the money here and then you have to proove you paid taxes...

It will. But the part which make me a bit unsure is the money came from an other person's bank acount abroad, and will go back to same person abroad, if he don't die before it's sold (he is seriously ill) then I suppouse it will be send to his sister.