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Q: Bringing inheritance money into the US from a foreign country (Andorra) ( No Answer,   5 Comments )
Subject: Bringing inheritance money into the US from a foreign country (Andorra)
Category: Business and Money > Finance
Asked by: ppianeta21-ga
List Price: $10.00
Posted: 26 Jan 2006 19:48 PST
Expires: 25 Feb 2006 19:48 PST
Question ID: 438181
Long story short,
I relative of mine who was living in Andorra died, leaving some money
and two houses. The assets were sold and the money split in 41 parts
between the relatives. My part is sitting in a bank in Andorra and its
around 50k euros($60k).

I want to use this money for a downpayment of a house here in the US
where I currently live (I am of spanish nationality)  but I am unsure
what's the best way to do this without losing too much money in the
process. For example, are these $60k going to be taxed when I transfer
them in?  Being that this money sits on a foreign account under my
name, wouldnt it be simply a transfer of assets and it should not be

Thanks in advance.
There is no answer at this time.

Subject: Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: daniel2d-ga on 26 Jan 2006 20:04 PST
Have your banker transfer the money into your account in the U.S.
Subject: Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: ppianeta21-ga on 26 Jan 2006 22:43 PST
But what are the tax implications of doing this? Won't the IRS ask me
where this money came from?
Subject: Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: dprk007-ga on 28 Jan 2006 14:28 PST
I have had bank accounts in 4 different countries (although NOT the
US) I have transfered money between the accounts without any problem.

If I own the money I make the assumption that i do not owe any tax on
it (to any tax jurisdiction).

However maybe things are not that simple with the US. 

If the Bank account in Andorra is your bank account I would transfer
the money as you see fit.

If the IRS knows about it then let them come back to you. 

Yours Truly 

Subject: Re: Bringing inheritance money into the US from Andorra
From: zaitech-ga on 14 Feb 2006 13:13 PST
First, there are no taxes when you transfer funds or assets into or
out of the USA. The only charges you will have are all bank related;
either transfer fees and/or currency conversions.

The optimal method of transfer would be to have your bank in Andorra
convert the amount into USD before transferring it via SWIFT to your
nominated bank account in the USA. (If transferred in Euros you will
get a poor exchange rate at most US banks. Conversely, European banks
often give much better exchange rates.) If your US bank account is
held with a regional bank or credit union not linked to the SWIFT
network, then you may not be able to transfer the funds directly from
Andorra, and any intermediary banks will each deduct fees. Ask your US
bank if they use SWIFT so you can avoid any unexpected fees or other
surprises. Most larger US banks are linked to the SWIFT network.

The cheapest (and slowest) transfer option is to have your bank in
Andorra send the funds in the form of a banker's draft or bank check
denominated in USD drawn on a US bank. Most US banks will accept these
for clearance without further deductions or charges, but you lose the
potential bank deposit interest in the meantime.

As to US taxes: There is no Federal inheritance tax, but some States
may seek to collect inheritance tax. There would be Federal estate tax
payable if the estate was worth more than US$1,500,000, so you don't
have to worry about that.

Be aware that if you are a Spanish national and resident for tax
purposes, or domiciled in the EU, you may potentially owe Spanish
inheritance tax.

Of final note, US resident and citizen are expected to declare all
bank accounts including foreign-held ones to the IRS on their annual
tax returns.
Subject: Re: Bringing inheritance money into the US from a foreign country (Andorra)
From: rencav-ga on 09 Aug 2006 06:44 PDT
Sorry for not providing any info here. But your case is similar to a
friend's. What was your resolution? Were you able to transfer your
inheritance money into the US? Did you have to file anything with the
IRS? Thank you.

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