Bringing money from over sea.

2 Replies

I have an aunt and uncle that lives in Cambodia. They want to invest in some properties with me. In Arizona to be specific.

I don’t even know where to start with the process.

Would me to knows the basic steps that I’ll need to take to make this work.

It will be for buy and hold properties to generate rental incomes.

Any other help would be appreciated.

Originally posted by @Sam Sopheak :

I have an aunt and uncle that lives in Cambodia. They want to invest in some properties with me. In Arizona to be specific.

I don’t even know where to start with the process.

Would me to knows the basic steps that I’ll need to take to make this work.

It will be for buy and hold properties to generate rental incomes.

Any other help would be appreciated.

I have a little bit of understanding of this, but very superficial and conceptual. Since my parents are from India, they had to bring some family money to US in the late 90s.  You need a CPA/CA (Chartered Accountant) in your country of origin to guide you with the transfer. There are lot of strict rules what your country (Cambodia) will most likely impose on the money going out.  Your folks may not be able to transfer money over a certain amount per calendar year. 

This is an interesting read, and although it pertains to transfer of money from India to USA, it would give you an idea of how complicated it could get. So better get a qualified CPA when in doubt, but your first step could be to research govt websites of Cambodia, which might have information on transfer of money to foreign countries. 

Transfer of Money from India to USA

Also, when you do get money here, you will have to prove to the bank, if getting the mortgage,that it's not dirty money. But that's for later..  

@Sam Sopheak

Are your aunt and uncle US citizens?
if they are - they are required to inform the US of any accounts held in a foreign country that is in excess of $10,000. 
If there is some large transfer coming from them and the IRS picks up on it; it can not look so good if they failed to report it.

Does your aunt/uncle plan to loan you money for you to invest or to actually invest in the properties.

They may be required to apply for an ITIN and file a US tax return if they invest in real estate directly or indirectly through a pass-through vehicle.

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