I intend to sell a plot of land in crete and transfer the funds to the UK.My lawyer confirms that it is commonplace that the value declared on the contract is markedly lower than the purchase price (being ‘tax efficient’ for the purchaser). However, my lawyer also says that my bank, Laiki, won’t transfer the balance of the purchase price to the UK because of money laundering provisions and the money not being documented (even though I do have pink slips for original transfer of funds into Greece). Apparently, the banks have different policies. I would welcome hearing from anyone with experience of a similar difficulty and knowledge of how to best overcome it. A seperate off-shore transaction (UK to UK) isn’t possible. Many thanks.
Ok, so why not take however many Banker’s drafts required below the 10,000 UKP threshold and open several UK accounts and deposit them in each? Conversely, open an account in Jersey and deposit the full amount there.
They are used to sizeable sums being transferred to and from. It’s not as if the monies have been illegally obtained and the paperwork is available showing it came into Greece and is now returning from Greece. CGT may be payable on the profit of course which is why a cash carrying exercise might be worth the risk should you wish to avoid giving Messrs. Brown and Darling yet another share of your hard earned monies i.e. the seller has already paid tax on it once or twice.
One possibility – if the purchaser happens to be from the UK- is to pay the "Official " amount here in Greece and the balance to your account from theirs in the UK. Your lawyer can put safeguards in place.