Moving out capital from PI

[Union Jack]

Hello there, I think I'll not be the only one in wanting to know how to get money out of the PI. The scenario would be, after buying property, house, lot or whatever and years later, selling everything and wanting to move back to Europe/ USA. For what I can see, if married to a Pinoy/ Pinay, is relatively easy to acquire a property, investing quiet a large sum in the process. The difficulty comes when you want to pack up your bags because it did not work out or whatever other reason...and return "home".
How do you get the money from the sale of all your properties out of the country? If it is somehow possible ( I'm talking legit here), which is the best way without the Authorities making a kill by taxing you over the top and also with the currency exchange, what is the best method? It might never happen, but I think is best to know!!

[jellyfish]

Without (any) tax will be difficult.
You can have accounts here in Dollars, Euro's, Pesos ....
Simply put your money on one or more currencies/bank accounts and transfer only when the currency exchange rate is favourable.
Can't tell yuo precisely about the taxes they could take in certain cases.
Will ask my bank.

[tanjames_ph]

Is it possible to deposit cash into a PayPal account and then withraw from that when you're in another part of the world?

[Union Jack]

Originally Posted by jellyfish

Without (any) tax will be difficult.
You can have accounts here in Dollars, Euro's, Pesos ....
Simply put your money on one or more currencies/bank accounts and transfer only when the currency exchange rate is favourable.
Can't tell yuo precisely about the taxes they could take in certain cases.
Will ask my bank.

Thanks Jellyfish, pls. tell me, would it make any difference if I was to open an account with a foreign Bank such as HSBC, in the sense of amount allowed out (by the way, is there a limit on how much you can take out of the country?), taxation for doing so, cost of tranferring......
PayPal could be an expensive option but it may be worth to investigate.
Best regards.

[jellyfish]

Union Jack and Tanjames,

I have to go to my new bank next monday and will ask them.
I expect they can and will tell me the details.
So I will react later.

[tubigboy]

Wait a year or so. When the election time of 2010 comes up for the position of President there will be all kinds of political problems and this will scare off current and potential investors because the government will be percieved as unsound and unstable and to be considered a high risk. This will push up the or weaken the peso. Just my two cents worth.
Plus, from what I have been told from some of my sources and what I have read in the newspapers, the investment of businesses into the Philippines is on a sharp decline. Also, established companies are not allocating or increasing capital growth within the Philippines, they are establishing companies in other Asian nations. Except for Texas Instruments and a few of the embassies that are moving their embassies to Fort Bonafacio. So, political instability, reduction in foreign investment, and competition for other Asian countries will be enhanced in a year or so. Thats when you want to closely monitor the peso.

[Union Jack]

Hello Tubigboy, what you said is probably true, but my reason of touching the subject was not to make a quick buck and leave the country but just to know which options I would have if a personal problem was to arise, say ill health, family loss, law suit, death threats or simply having enough of the sunshine

[jellyfish]

Union Jack,What I learned from other foreigners is that HSBC is not charging costs for transfers from Euro's from their HSBC bank in Europe to the HSBC-one they have in the Phils and vice versa.
The average balance each month must be 100.000 pesos (acc. to this same source).
Also acc. to my bank (BoC) there are no problems transferring money to another country.
Per transfer they charge you 31.50 USD ,regardless the amount of money you transfer.

Tanjames, that same source (BoC) told me that if you have enrolled with Paypal, you can deposit and withdraw later when being in another country.

[jimeve]

Originally Posted by jellyfish

Union Jack,What I learned from other foreigners is that HSBC is not charging costs for transfers from Euro's from their HSBC bank in Europe to the HSBC-one they have in the Phils and vice versa.
The average balance each month must be 100.000 pesos (acc. to this same source).
Also acc. to my bank (BoC) there are no problems transferring money to another country.
Per transfer they charge you 31.50 USD ,regardless the amount of money you transfer.

Tanjames, that same source (BoC) told me that if you have enrolled with Paypal, you can deposit and withdraw later when being in another country.

Hi jellyfish, but what if one had to withdraw 10 million pesos and send it to
Europe or America

[Union Jack]

Yeah Jellyfish, what about that kind of amount?