The scenario is: you’ve managed to receive ₩500,000,000 (~$337,265) at a Korean lottery (the catch is, only given in cash) which is delivered to you in two duffel bags. However will there be issues when returning back to the USA with that amount of money since it’s bundles of cash via foreign currency when the cap is $10,000 for undeclared amounts?
those emails are not legit dude.
This must be the shadiest post I’ve seen in quite a while. Ask a professional or get comfortable with cryptocurrencies.
Art, bearer bonds, metals, jewlery, cars, crypto, etc…
Pretty sure that’s the list OP is looking for
So … declare it. You’ve got legitimate record of how it was acquired.
You know he doesn’t. The lottery doesn’t pay with fucking cash in duffel bags. Win the lottery my ass.
Just don’t come back. It sucks here
Half a billion won is not enough to retire, so you’d need to find a job there.
You survived squid game didn’t you?
The 10k cap is not a limit of what you can bring in. You can bring in more as long as you declare it. Obviously you’ll be questioned and probably be investigated, but if the money is clean and legal, you’ll probably just have to pay taxes on it.
Well, if you win that much then you must go to the lottery’s bank (NH) to receive it. As most banks have foreign remittance services I’m sure they will figure out a way to send it abroad for you. Ask for documentation to show your home bank where did the money came from and I think you’re good.
Scratch ticket? Congratulations ^^
This is delightfully specific lmao
when the cap is $10,000 for undeclared amounts?
So if it’s more than that just declare it?
Unless “lottery” is a euphemism for some other means of acquiring a large sum of money that doesn’t provide a receipt…
Yeah the money? It… fell off the lorry, yes. That’s totally why it’s all well circulated bills… What no- that’s not from a dye pack, what do you mean?
You know what it is? My business partner got a great deal on fountain pens. Tge only lroblem us they’re shoddy and leak at the drop lf a hat. Oh, yes sir, oficer, they do use recycled ink from expired bank exploding dye packs. For the environment and whatnot.
We rescued second hand paper from the incinerator, sir, like true environmentalists
Ask the lottery for signed papers declaring how you got the money from them, then file the paperwork for declaring it. You’re probably going to get interviewed for hours, but at the end they’ll just tax it and you’re done.
(make sure you have copies of the papers both for customs and for the bank if you intend to deposit)
but at the end they’ll just tax it and you’re done.
Unless you’re going to the US. Then they’ll press bullshit charges against your money (not you) and seize it for themselves. It’s called civil asset forfeiture.
If you’re going to the US, either put it into Monero or put it into a bank account and let it be taxed normally. Anything but physical bills, since officers will most likely just steal it
Adding onto this, the reason they press charges against the money instead of you is that, in the US, you would be innocent until proven guilty. They get around this by “charging the money” instead in which case it can be considered “guilty” until proven innocent.
What happens next is that you would have to sue them to prove the money/property innocent in court to get it back. Additionally you can’t sue and recover legal fees. So, if they only confiscated a few thousand dollars, you would likely spend more money trying to win in court than you would get awarded in the end.
It’s also worth noting, there’s an incentive for the TSA to tip off DEA agents to sieze the cash because the DEA will then share some of the money back to the TSA. Likewise for local/state police, even if they can’t sieze it under local laws, they can sieze it for some federal law and then the cash will be split between the law enforcement agency that siezed it and some federal agency.
More information here from a group that’s been fighting this in court (and winning some cases with the Supreme Court) here: https://ij.org/issues/private-property/civil-forfeiture/
I don’t really understand the question.
Yes you “can” bring it all in cash, but what will happen is another question.
Like someone else said you’ll pay tax on it. That being the case you’re probably better off trying to deposit it at a bank and transferring it
One possibility is your money gets charged with a crime and is impounded.
I don’t really think that I’d want to be hauling around $330k in duffel bags. I don’t know how hard it’d be to open a bank account in South Korea, but I can’t imagine that it’d be that difficult.
Then deal with having the banks transfer it.
open a bank account in South Korea
I would figure that in most countries, you have to be a expat living there first (since tourists can’t just open bank accounts as one needs a residential address matching the country in question).
This is true with all things in life, but with enough money, most problems fade away.
Banks will tend to drop most of those requirements in exchange for higher minimum balances and potentially fees. The amount of money you need for this will vary wildly country to country.
With that amount of money, I’m sure you can find a bank willing to take it.
Still not without paperwork. You’ll need lawyers too. Going that route can get expensive
No you won’t.
They would have paperwork from the lottery provider.
A US bank with foreign offices would handle this fine.
It’s only 300k, which might be a lot for you and I, but in bank terms, it’s like $3…
Source: worked at a top 3 bank
Maybe in your country
Over here you need to establish residency first
The Front Man managed to get the money from S.Korea to the US…
I think I’ll be fine…
(Okay seriously tho, I’d buy crypto to launder the money and hide it from IRS…)
