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  • #16736
    Anonymous
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        • Practcally Cretan
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        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.

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        BullionVault

        #17152
        Topdriller
            • Topics: 76
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            Why use a Greek bank at all? Most transactions here are done in cash. Why not take the monies back to the UK and deposit it once there?

            Jon

            #17396
            Crete4me
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                Topdriller wrote: Why use a Greek bank at all?  Most transactions here are done in cash.  Why not take the monies back to the UK and deposit it once there?

                Jon

                If it is a reasonable sum possibly two problems.

                1 Carrying all that money around

                2 Quite likely to get the third degree from your bank in the Uk. Again money laundering.

                #17574
                Topdriller
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                    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.

                    Jon

                    #17695
                    Crete4me
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                        Petros wrote: 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 ..

                        Have you asked your bank if they will do the transfer?

                        If they won’t try another bank, one must do it.

                        #17787
                        eleni
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                            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.

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