International currency whizzkids

[ManDownUnder]

What are the tax or other implications if I wanted to move a large amount of cash offshore for property investment (now's a GREAT time to buy in the US...).

Is there an easy peasy way to do it?

[MisterD]

Dunno about sending $$ out, but bringing money in from the UK we just wired it from account to account with no hassles at all and that was sizeable, proceeds from selling property type sums.

[Grahameeboy]

I think that any overseas investment is subject to contributions to the IRD i.e. income from...if you declare that is

[Manxman]

What are the tax or other implications if I wanted to move a large amount of cash offshore for property investment (now's a GREAT time to buy in the US...).

Is there an easy peasy way to do it?

Without giving any specific financial advice (I'm not allowed to), consider the following:
You will 'most likely' have to (among many other considerations not mentioned here)...
1) open a US bank account (and all the i/d clearance 'blah' that that may involve)
2) complete a US tax return, for US income (or capital gains???) you earn (eg interest, rental income)
3) engage a US accountant (to minimise your tax liability there and possibly prepare your US tax return for you).
4) include overseas Income on your NZ tax return

Doing the 'wire' of funds is the easy bit, the rest is $$$

You might be eligible for double tax relief, and will probably need to engage a NZ accountant to sort this for you.

Easy peasy - no. Complicated, time consuming and costly - unfortunately, yes.

[HenryDorsetCase]

you need a lawyer over there also. The US is very far from being the land of the free and the home of the brave and their bureaucracy can make Stalinist russia look like an Act party benefit. Add to that local, state and federal implications and it can quickly become a nightmare. Foreigners owning property over there can be problematic I believe (post Sept 11), as may repatriating eventual profits.

I can get you a referral in New York, Boston and probably Florida, maybe more.... also an old classmate of mine is a partner ina NY accountancy firm (I doubt he would deal with stuff as mundane as what you're talking about, but he might know someone or have lumpy minions to do it).

PM me if you want a referral.

[Manxman]

you need a lawyer over there also. The US is very far from being the land of the free and the home of the brave and their bureaucracy can make Stalinist russia look like an Act party benefit. Add to that local, state and federal implications and it can quickly become a nightmare. Foreigners owning property over there can be problematic I believe (post Sept 11), as may repatriating eventual profits.

I can get you a referral in New York, Boston and probably Florida, maybe more.... also an old classmate of mine is a partner ina NY accountancy firm (I doubt he would deal with stuff as mundane as what you're talking about, but he might know someone or have lumpy minions to do it).

PM me if you want a referral.

...what the man said...this'll be the the "many more considerations" mentioned.

[hellnback]

You could do this - Forex, don't know anything about it but it gives you $50000 to practice with.
A guy at work is trying it after talking to 'some guy' that had made 'millions' (could be pub talk...??)

[Usarka]

You could do this - Forex, don't know anything about it but it gives you $50000 to practice with.
A guy at work is trying it after talking to 'some guy' that had made 'millions' (could be pub talk...??)

If you could make millions by trading currency in this way, would you

1. making more millions in the same way
   OR
2. develop and package some software then go on roadshows around the world trying to sell it to others.....

[Hoon]

Yep a guy at work tried it for a while. He made steady gains for a few months but lost all his profit and then some on one bad call.

Another guy I know bought US$10K last year when it was about .77c. He would've been +$500 now if he just left it in the bank instead of -$800.

Its just another form of gambling. You always hear about those that make money but never from those that lose.

If it were that easy everyone would be doing it.

[chris]

Dunno about sending $$ out, but bringing money in from the UK we just wired it from account to account with no hassles at all and that was sizeable, proceeds from selling property type sums.

Don't use a bank for starters. Try this company first and get a comparison on the total that will arrive in your NZ$ account.

[ManDownUnder]

If it were that easy everyone would be doing it.

LOL yup... simple rule to keep in mind - for every win there are 2 losses (the margin taken by the brokering house, and the poor sap that bought/sold enabling you to complete your trade).