I am helping a buddy sell a old 41 ford and the buyer is from demark. my questions in I know here in the US you are supposed to fill out a form if the cash deposit is 10k or more.. what about wire transfers? the buyer was nice enough to see if he could wire the money to the trucking company and they could deliver it in cash.. which I understand why the trucking company said no to that .. If a truck or car sells for say 35-40k and the buyer in Denmark wants to wire the money to a account we setup is there tax liability for the money received or any forms that need filled out.. I figured there would be a number of people on here who have sold a car and sent it across the pond.. wanted to make sure everything was in the right order to get this done.. Thanks!!
Another option is www.escrow.com. Simply speaking you both open and account and purchaser transfers funds into your account. Car is shipped, big risk I know and if not up to expectations buyer has to pay to ship it back to you. Then once buyer is happy Escrow is advised and release funds to seller.. US Customs would require production of a bill of sale or title before it could be exported. We have similar laws down here however that relate to transfers and deposits however if legitimate there is nothing to be concerned with. Nothing suspicious about a legitimate sale or transaction when selling or buying.
Have them wire the money to your bank. you will need to furnish the buyer with your bank name & address A routing number and a account number,the cost is minimal. HRP
There are companies that specialize in just this. Every country has it's own import and export laws and the last thing you want is for your car is to be stuck in a container in some impound lot overseas for the lack of a form. I had a friend in the wine business that lost an entire container of expensive wine that was tied up in customs for four months while the wine sat in a hot container and was ruined. The AACA Hershey program has several companies listed.
number one is to verify 100% that the buyer is legit, and has the funds available for this kind of transaction. as stated above, best to get professional help on a deal like this. there are members here that are in Denmark that maybe could help you. change title of thread and eliminate sounding like you are trying to skip paying taxes, etc and focus on help in Denmark.
Use common sense,go to the bank you do business with,all banks are familiar with the in's & out's of wiring funds internationally. I have do this 3 times now,Japan,UK and here in the states. This is by far the safest way to sell. HRP
I have already called the bank and they just have me the US code to add to the routing number.. They wasn't sure on taxes.. The guy is not trying to get out of paying taxes, I just wanted to make sure when he gets the money he isn't surprised if or when he has to pay the tax. Maybe best bet it to get ahold of a company that handles more situations like this.
In answer to the first part of your question, the requirement to fill out a document when depositing or withdrawing cash of $10,000 or more is limited to CASH, not checks or wire transfers. It is a government requirement to inhibit 'money laundering' by illicit "businessmen". Buying or selling overseas and transmitting the money via wire transfer provides the necessary tracking for the source of funds that the government seeks. As for other documents, relating to importation and Customs, etc., usually the shipping agents and/or shipping companies handle those matters for the Buyer.....the Seller has little to do beyond providing ownership documents along with the vehicle when handed over to the agent/shipper. Taxation of funds received by a private party Seller, if any tax is due, is handled through the routine filing of one's Annual Tax Return. I would think the Buyer in this instance would have contacted a shipping agent who would guide this process. The transfer of funds should occur between the Seller and Buyer through their respective Banks. Ray
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