Is there a capital control for the US?

by **Tax_Avoider** on Sat Mar 04, 2006 9:51 pm

Is there a capital control for the US? What is the amount?

Example, how much money can a foreigner, not living in the US, deposit into or withdraw from his US brokerage account per day or per month?

by **TaxationWeb@BritishA** on Sun Mar 05, 2006 8:01 am

If by capital control, you mean what is the legal maximum you can take at any one time, there is no capital "control" provided monies are transferred via banks and other financial institutions; i.e., you aren't allowed to have more than $10,000 in cash on your person without declaring it when you physically enter or exit the US, but you can transfer millions via banks. There are withholding regulations on sales, if you have to liquidate an asset in order to make the transfer.

On the other hand, you could mean control as in, "What will the authorities notice and wonder about?" All cash transactions are reported to the IRS if over $10,000 OR if "suspicious" for any reason. All capital sales transactions (there are some exceptions) are reported annually to the IRS. All bank interest and dividend payments are reported annually to the IRS. The IRS then shares data tapes with the Inland Revenue. In addition, the US/UK treaty allows for free exchange of tax data between both countries. Data tapes are also shared with a number of other countries, particularly countries where English is the first language.
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