Korean Job Discussion Forums

[iCollective]

(Hope I'm posting this in the right forum)

After ten years in Korea, my wife and I are planning to move back to the States this summer so that she can pursue a PhD. She is a Korean citizen who will (hopefully) be getting her IR-1 visa (green card) in the near future, and I am a USA citizen.

My biggest concern about this move involves transferring our money. I'll thus appreciate any pointers from knowledgeable sources (or from anyone who can point me to such a person).

First, though, I should mention that because our money has always been kept in my wife's bank accounts, over which I have neither legal title nor signature authority, I've never gone through the FBAR process, though I am up-to-date on my income tax filing.

Questions:

1) For anyone who's gone through the IR-1 visa process, did the FBAR issue come up? That is, if we're counting my wife's assets on her visa application, is this going to pose a problem?

2) When transferring at least some of this money - let's say $50K-100K - back to the States, what's the best way to go about it? If we transfer it from HER Korean account to MY American account, what sort of hassles can we expect? For anyone who's moved larger sums of money back to the States, what's the best way to go about it?

Again, thanks for any informed answers or directions to people I might consult.

[Captain Corea]

Speaking as a non-American who has delved into this process, I'll comment in generalities.

You, as the foreigner, can get a statement of earnings from the tax office, and remit that amount to your home country. For the amounts you're talking about, that might be the better way.

For your spouse to do it, they will have to declare to the k-gov her intention to "permanently" reside overseas, and will then be given a (slightly) different passport and k-ID. They will also allow her to remit a large, one time, remittance.

Hope that helps.

-CC

[sojusucks]

[iCollective]

Thanks, guys. I think we've got it sussed but I'll have to educate myself on this FBAR nonsense once my wife gets her green card.