cash??

smudger1946

HI,hOW MUCH CASH CAN I LEGALLY TAKE OUT OF THE COUNTRY, I HAVE THE CHANCE TO BUY A PROPERTY ABROAD AT A GOOD PRICE FOR CASH?
How much can i take out of my bank in cash at anyone time or is it any amount? i know for large sums you have to pre-order cash.
I need about £70,00 not sure what it is in euros.
Smudger

Ian_W

I take it you are being serious?

Subject to pre-ordering/individual bank rules on cash withdrawals - the money is yours so you can withdraw as much as you want in cash BUT under money laundering regs the Bank may well report the transaction to the NCIS or whatever it's called these days so be prepared for plod to ask some questions.
AFAIK there is no limit to the cash you can take out of the country but, again, if spotted at a port or airport HMRC may ask for an explanation so do be prepared for the Marigold treatment! :eek:

The real BIG ALARM BELLS would be when you get it abroad.
Is it a scam to get you there with cash to rob you?
Is the seller entitled to sell?
Will the title be legally registered in your name when you hand over the cash?
Will the title be free from any debts that you may be liable for if you buy?
Is the seller cheating their own taxman and would the tax liability stay with the property?

The SCAM possibilities are endless.
Remember the old saying that - a fool and his money are soon parted.
As someone who has owned property abroad, you risk being taken for a complete mug if you buy property abroad without proper legal advice in the jurisdiction you're considering buying in.

poppy10_2

You can take as much as you like, we don't have currency controls (yet).

However you will be investigated for possible money laundering if you withdraw such a big sum in cash.

worrypants

just as important is the amount of money you want to take into a country
you would need to check this out
have a look at the immgration website of the country you have in mind

Running_Horse

Slightly off topic: My parents were arrested in the 60s for taking West German currency into East Berlin. When I visited Moscow around 1990, most traders would only accept foreign currency. I bought a beer priced in dollars, paid in pounds, and got my change in deutchmarks.

Some countries will restrict what you take abroad, and many countries will need you to account for where the money came from, due to money laundering laws.

Debt_Free_Chick

Surely the purchase would be done via a solicitor, so you would avoid any "alarm bells" as your solicitor (in this country, at least) has a legal duty to satisfy themselves that the money is "legit".

silvercar

Diamonds are far easier to carry than wads of cash!

mr.broderick

poppy10 wrote: »

You can take as much as you like, we don't have currency controls (yet).

However you will be investigated for possible money laundering if you withdraw such a big sum in cash.

Really, a mate and i took £20,000 each strapped to our body to malaga via manchester airport in 1999.
If i'd have knew this i'd have just carried it in my bag

reformedEffortMaker_2

smudger1946-why does it need to be cash?

Alan_M_2

You are required to declare any amount exceeding Euro 10,000 that enters or leaves the EU, the penalty for non declaration is £5,000 and possible confiscation of the money until it can be proved it is legally yours and has not come from illegal activities.

Any cash moved within the EU is exempt from these controls.

If money Leaves a non EU country, travels via the EU but it's end destination is a non EU country it is also exempt from declaration.

seven-day-weekend

Why not open a bank account in the country where you are buying the property, transfer the money to that bank and then draw out the cash?