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I am a US Citizen living in California, who is currently in the process of selling a piece of land that I own at the Philippines. 20 years ago, I bought a piece of land for P250,000 pesos. I am current selling the same piece of land for P22 Million pesos. I plan to use to the sales proceed to invest here in the US.

  1. What are the ALL the fees, taxes, etc. that I would have to pay to transfer all my sales proceeds?

  2. How can I minimize the cost to transfer the sales proceeds?

Brythan
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Pat Mundo
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2 Answers2

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This gets asked all the time, it couldn't be simpler

Just use

  • ofx.com (the biggest)
  • transferwise.com (the second biggest)

or any of their competitors. That's all there is to it.

Millions of times a month, humans have to transfer money between various world regions, naturally, major companies exist which do exactly that and nothing else.

You mention "taxes", nobody would have a clue what taxes you owe on such a long-term multi-national situation.

Fattie
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I believe Bitcoin is definitely worth looking into. Fees on the network have subsided, but in addition Litecoin and Ethereum remain very cost effective for sending value. I'm not sure if, upon converting from crypto to fiat, it will be a capital gains tax or some other tax, but it would certainly be transparent enough to be taxed somehow. If any accountants can weigh here it would be helpful.

Commodore64
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