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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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 Posted: Wed Jul 09, 2014 12:20 am Post subject: Repatriation of home sale funds |
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Please comment if you have experience in this matter:
I have been here 11 years.
I am selling my house and my family is moving to Canada.
My house is worth several hundred thousand dollars.
I am having trouble getting the money out of the country.
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The bank asked me to get a record from the tax office of my 11 years of earnings. The tax office will only provide a record of the past five years (why, god only knows!). The five years of earnings are less than the amount of money to be wired, and the bank will limit me to the reported 5 years + $50,000. (The $50K is the standard amount allowable per year without documentation.) |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Wed Jul 09, 2014 1:18 am Post subject: |
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| Nope. The tax office is messing with ya. They can issue a statement of earnings for the entire time you've been in country. I've known guys that have had it done. |
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alongway
Joined: 02 Jan 2012
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| Posted: Wed Jul 09, 2014 6:10 am Post subject: |
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are you married to a Korean? If so, have your wife wire it instead.
Might be easier. |
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northway
Joined: 05 Jul 2010
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| Posted: Wed Jul 09, 2014 11:16 am Post subject: |
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| I'm not super familiar with Korean taxes, but wouldn't the sale of the house show up on your taxes? |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Wed Jul 09, 2014 1:59 pm Post subject: |
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| alongway wrote: |
are you married to a Korean? If so, have your wife wire it instead.
Might be easier. |
My bank said she is limited to $50K unless she can provide documentation of earning the money (which she can't).
Using her family members might be the easiest, but I'll try to do follow the laws if possible. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Wed Jul 09, 2014 2:03 pm Post subject: |
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| Captain Corea wrote: |
| The tax office is messing with ya. They can issue a statement of earnings for the entire time you've been in country. |
Surprisingly, my bank officer got on the phone with them and couldn't make any headway either. The tax office can see my earnings for the entire time on their computer but will print it out only the last 5 years. They wouldn't even tell my bank the number. It's strange. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Jul 09, 2014 3:02 pm Post subject: |
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My bank said she is limited to $50K unless she can provide documentation of earning the money (which she can't).
Using her family members might be the easiest, but I'll try to do follow the laws if possible. |
I've been to the bank several times and gotten several different answers.
The last time I went I was told the $50,000 per year thing x the amount of years you've been here (assuming you've never used any of that amount before) + all documented legal earnings on top of that...
Wouldn't your wife need to have an account in your home country - so the money was wired from her name to her name?
I don't see the logic of them allowing any 'random' person to wire money to your home account otherwise.... Unless you have to prove relationship, ie marriage cert or something like that...... |
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alongway
Joined: 02 Jan 2012
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| Posted: Wed Jul 09, 2014 3:26 pm Post subject: |
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| I don't see the logic of them allowing any 'random' person to wire money to your home account otherwise.... Unless you have to prove relationship, ie marriage cert or something like that...... |
Why not? How do you think people send money around the world to other people? Carrier pigeon? |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Jul 09, 2014 3:34 pm Post subject: |
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| Why not? How do you think people send money around the world to other people? Carrier pigeon? |
Go to a Korean bank, get told 20 different things, have your head almost spinning off its neck from the lack of common sense !@$@ you're told, then yes a carrier pigeon would be a distinct possibility!
In the end, I took their training book home with me (I don’t think they really liked that!) read it, with the help of a Korean buddy (over many beers), went back in and knew more than the new girl who was there to 'help' me!  |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Wed Jul 09, 2014 4:03 pm Post subject: |
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| Lucas wrote: |
The last time I went I was told the $50,000 per year thing x the amount of years you've been here |
I was told it didn't accumulate over the years. I wish it did, then there'd be no problem. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Jul 09, 2014 5:36 pm Post subject: |
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Lucas wrote:
The last time I went I was told the $50,000 per year thing x the amount of years you've been here
I was told it didn't accumulate over the years. I wish it did, then there'd be no problem. |
I was told otherwise by the 'expert' at the bank. The others had told be no, like they did to you.......
I'm going back during my hols to finally sort this out!  |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Wed Jul 09, 2014 8:38 pm Post subject: |
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| Hire a lawyer. Get through the bureacracy. What's a couple of grand when you're shipping home several hundred thousand dollars. They're obviously incompetent. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Wed Jul 09, 2014 8:50 pm Post subject: |
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I went to the KEB in Meyongdong. In the basement there was a specialist in overseas remittance. He explained all of what was needed for large sum transfers.
Most bank branches deal with small er sums. But there are tons of people moving overseas each year - bring a swank of money with them. There is a process, but you'll have to push a bit more to find it out. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Fri Jul 11, 2014 9:39 am Post subject: |
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| I have done it; simply show the bank employee your sale contract and there should be no problem. |
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Old Painless
Joined: 01 Jan 2014
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| Posted: Mon Jul 14, 2014 7:07 pm Post subject: |
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| Weigookin74 wrote: |
| Hire a lawyer. Get through the bureacracy. What's a couple of grand when you're shipping home several hundred thousand dollars. They're obviously incompetent. |
Yep, worked for me. |
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