Any funds (money, checks, securities, stocks, bonds, traveler's checks, money orders, casino chips, gold bullion, etc.) are freely transferable to or from the United States, with or without the use of a bank.
The international transfers frequently cited in New Jersey business law cases are subject to an operational fee, but at the same time an international funds transfer declaration is required (with the Customs Service) for amounts over $10,000.
How to transfer funds to and from abroad?
Our notary is clear: any natural person or business entity is allowed to hold an account abroad and therefore to transfer funds to it, if the laws of the country in question allow it.
This can be done through financial institutions such as Western Union, Paypal, TransferWise, Bitcoins platforms, postal banks and other postal or freight service providers, etc.
It is also possible to physically transfer funds from one country to another, for example if a traveler is carrying cash or Traveler's Checks...
The issue of tax evasion
Regardless of the means of transferring funds, they will be subject to a mandatory Customs declaration by the person or company established in the United States, regardless of their nationality.
Transfers of funds between family members are also covered.
This declaration must be made at the latest at the time of transfer
Why is this declaration necessary? Because the sums, securities or values transferred to or from abroad constitute, unless proven otherwise, taxable income.
Failure to declare would constitute a concealment of income and justify a tax adjustment for tax evasion or money laundering.
Find out more:
Advantages of investing in business real estate
Obligations related to the sale of a business
Advantages of a notary specialized in business law