Smithers

Nest egg

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    Hi

    so we are moving out next March/April and have got a lump sum to bring with us.

    exchange rate is still not quite what we would wish, is there any taxation issues on bringing the money into the country as an immigrant or does this only occur if we don't bring the money over immediately after emigrating?

    Thanks

    steve n Lesley

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    Guest Guest75

    Just bring your money - no taxation on money transfers - only on any profits.:smile:

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    Hi

    so we are moving out next March/April and have got a lump sum to bring with us.

    exchange rate is still not quite what we would wish, is there any taxation issues on bringing the money into the country as an immigrant or does this only occur if we don't bring the money over immediately after emigrating?

    Thanks

    steve n Lesley

     

     

    I don't think there is any taxation issues anyway. you just pay about 4 cents less than the exchange rate.

    I still have a UK bank account and transfer money over now and again.

     

    FYI the exchange rate has taken nearly 5 years to get back to the same rate it was when we brought over are savings.

     

     

    I was waiting for the magic $2 to the £ but you just get on with it.

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    You are probably still devaluing the money a bit at the moment, but it's much better than a couple of years ago! I don't believe there are any tax implications if you bring it as soon as you move. If you bring it later, you are eligible to pay tax on any profits that have been made in the meantime - i.e. interest and exchange rate increases. I think that's the case anyway.

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    It might also help to register with one of the currency specialists like Moneycorp. You get a better exchange rate and the transfer fees are far better than the banks. You can also choose when to buy and lock in at the best rate. I have a Moneycorp account and many of my guests transfer funds through them.

    Probably the worst financial decision that we made was to transfer our funds here through our bank...

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