Urchina
Full time employment: Posting here.
We have family in another country to whom we're considering giving a substantial sum of money (over $10K). Our family are not US citizens and are not US residents and so do not have US taxpayer ID numbers.
My thought at this time is to open an account at Citibank or HSBC and put one of the non-US family members on it as a co-owner, then deposit the money in the account. This would allow them to withdraw the money from the branch in their country and would reduce transfer fees, etc. It would be a USD-denominated account.
Any ideas, pitfalls, or suggestions on this method? I realize we're in a post-911 world and transfers of money abroad are suspicious. We want to do things legally. We'd file a gift tax return (I assume we'd need to) to make sure the paperwork was good on our end.
Ideas? Anyone done something similar?
Thanks!
My thought at this time is to open an account at Citibank or HSBC and put one of the non-US family members on it as a co-owner, then deposit the money in the account. This would allow them to withdraw the money from the branch in their country and would reduce transfer fees, etc. It would be a USD-denominated account.
Any ideas, pitfalls, or suggestions on this method? I realize we're in a post-911 world and transfers of money abroad are suspicious. We want to do things legally. We'd file a gift tax return (I assume we'd need to) to make sure the paperwork was good on our end.
Ideas? Anyone done something similar?
Thanks!