Gringoes.com: What if? LCC money transfer

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kasey
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Topic: What if? LCC money transfer
Posted: 27 July 2010 at 15:46

Hi,

Does anyone know what are the tax implications if I transfered from the UK £15,000 over 4 months to my wifes bank banco do brasil account in Brasil using a money transfer company like LCC?

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Bubbles
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Posted: 27 July 2010 at 15:59

I hope not!

Have done similar* via TransFast but kept each transfer to $R10.000....

* To a friend, not your wife.

Edited by Bubbles - 27 July 2010 at 16:01

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Mineiro_Alemão
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Posted: 29 July 2010 at 10:44

Taxes? I don´t think so.

But when you transfered the money directly into her account, it´s good that she has douments proofing the origin of that money. In case RECEITA FEDERAL detects the movement of thoose amounts in her account, they want to know where it comes from. They may ask her to do a DECLARAÇÃO DE IMPOSTO DE RENDA or simply bloc the her CPF, so she has to go to the RF explaining the money!

Wink

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DUNGA
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Posted: 29 July 2010 at 11:22

Originally posted by kasey

... what are the tax implications if I transfered from the UK £15,000 over 4 months to my wifes bank banco do brasil account in Brasil ... ?

If they notice, it would appear to be income, unless you file jointly and make corresponding withdrawals from your accounts in the UK. I beleive.
Ask a contador ... they usually don't charge for a simple consultation.
Best Luck!!!

A Mangueira é a música do Brasil

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kasey
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Posted: 29 July 2010 at 12:15

Originally posted by Mineiro_Alemão

Taxes? I don´t think so.

But when you transfered the money directly into her account, it´s good that she has douments proofing the origin of that money. In case RECEITA FEDERAL detects the movement of thoose amounts in her account, they want to know where it comes from. They may ask her to do a DECLARAÇÃO DE IMPOSTO DE RENDA or simply bloc the her CPF, so she has to go to the RF explaining the money!

Wink

If they ask her to do a DECLARAÇÃO DE IMPOSTO DE RENDA and we are actually just using her account as a holding account to then buy a house withing 5 months of the deposits would they end up taxing that money as either a) her income (although its not) or b) a gift from myself (which again stricktly its not as I will use the money later to buy an apartment......

eeee its complicated right?

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MovingSoon
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Posted: 29 July 2010 at 13:26

I've transfered amounts MUCH bigger than that at one time...you just have to document where the money came from.

No big deal. The receiving bank in Brazil has NEVER asked for anything or proof. I had to provide the proof when the money left.

Life's journey is not to arrive at the grave with a well preserved body, but to skid in sideways at a high rate of speed, drink in one hand, totally worn out shouting, "Whoa, what a ride"!

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kasey
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Posted: 05 August 2010 at 14:43

Originally posted by MovingSoon

I've transfered amounts MUCH bigger than that at one time...you just have to document where the money came from.

No big deal. The receiving bank in Brazil has NEVER asked for anything or proof. I had to provide the proof when the money left.

Did you transfer this via a bank account or money transfer? With regards to proof would it be enough for me to just show reciepts from the money transfer company that I used here in the UK?

Doeas this mean that if I transfer £15,000 to her account over 5 months, all I have to do is provide reciepts in order to not be liable for any taxes of any sort?

I hope so!!!

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kasey
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Posted: 05 August 2010 at 14:49

Originally posted by Bubbles

I hope not!

Have done similar* via TransFast but kept each transfer to $R10.000....

* To a friend, not your wife.

lol, thats a shame an extra $R10,000 would have been a lovely suprise!!! Tongue

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phil123
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Posted: Yesterday at 08:28

Using Transfast (LCC competitor in UK) you can transfer £15.000 on a single transaction but you have to show a document to clarify where the £15.000 came from.
Also, depending on your bank in Brazil, the amount can take up to 48h to the full amount reach your account.

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Money Transfers
Gringoes.com : Brazil : Money Transfers