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Valid mechanism to transfer pension to East EuropeHello ladies and gentlemen:
I want to ask for advice to transfer pension funds from a country as Mexico to East Europe countries as Ukraine, Russia, Bielorussia, etc.
On my retirement, the amount of monthly payment can go from USD $2,500 up to USD $11,500 (last can be achieved if I add 5% of my actual income , every month).
I know there are strict laws on money transfers in order to avoid illegal actions.
What and how can be done legally?
Any hint or recommendations are welcomed.
Billy, 35 y.o.
Was this just a way to let women know how much money you bring home per month? because there is no special trick, you just wire funds from your local to wherever you're set up. Use an international bank like an hsbc and you'll cut transfer fees to next to nothing.... set up a regular payment plan that'll transfer x amount per month for a fixed term to your location so you don't have to initiate the transaction every month or initiate it yourself if you want to vary the amounts. Rather straight forward.
There is no strict laws stopping you from taking your legal funds anywhere you wish. As long as you can document where your money is coming from no institution will stop it, initially they may slow it with holds till you show a regular pattern of moving money around. I move around large sums of money for my personal business everyday, 100s of thousands on average and they never get held up because my company accounting is upto date and I can account for where every dollar came from, I use a broker because of the larger sums involved and the bank rates being higher but for my own personal banking when I need to move funds around I just do it thru the bank. Anything over 10k per time will get a look by your revenue services, at least they do in the US and Canada but as long as you can account for it they don't care beyond that, if you don't want the scrutiny of having your transfer looked at, keep transfers under 10k. Now if you are talking about how to structure yourself so you're not being taxed to death that's another question but in terms of moving your funds from your former country to your new country that is as simple as i said... and your money is safe in a large international banks hands as well as there is usually some sort of currency protection so you're not getting killed on fluctuating exchange rates.
Thank you Billy, your explanation is very clear.
Here retirement law now make electronic transaction and the pensioner gets information to the authority in which bank account shall be wired the money.
Of course there are mechanism to stop transfer when the pensioner pass away as everything now is made electronically, even death certification.
But as for live abroad I must declare every month at the Mexican embassy that I stay alive.
Women has the right to know about shared incomes when marriage is in the horizon and the future.
Thanks Billy, appreciated your kind advice !!!