let's take a hypothetical situation: my wife is dominican. she has permanent residency in canada as well as a bank account in her name. she sells her land in the dr for a 6-figure sum to a foreigner, let's say in europe. are there any legal ramifications, financial penalties if she has the foreigner transfer the money directly to that bank account in canada? she doesn't want the money to go to the dr bank account because if she needs to bring the money to canada, the dr govt will penalize her by what, 10% at least?
- Thread starter BrasdeLait
- Start date
Transfer of Land Sale Profit to 3rd country
Real Estate Taxes
Assuming the land is owned by her individually and not within a corporation, the DR gov't will want to have their real estate transfer taxes in order to amend the title for the new owners. Further, they will want their taxes for the gains on the sale.
I don't think it makes much difference where the money from the sale actually lands...bank wise.
BrasdeLait said:
Assuming the land is owned by her individually and not within a corporation, the DR gov't will want to have their real estate transfer taxes in order to amend the title for the new owners. Further, they will want their taxes for the gains on the sale.
I don't think it makes much difference where the money from the sale actually lands...bank wise.