Large Money Transfer From US

[Bugs 455]

Hello, I am a U.S./Phil dual citizen.  For the past several years, we have been sending regular monthly remittances (150 USD / 7,500 PHP) to family in the Philippines.

 

However, at the end of the year we will be sending a large sum (17,000 USD / 900,000 PHP), to help cover the cost of home construction.

 

I know about the U.S. gift tax (we will be under that trigger at 17,000 USD).  But are there any taxes due to the Philippines on this that we are unaware of?  If so, how is it enforced?

Edited June 3, 2023 by Bugs

[Lover_Boy 12]

On 6/3/2023 at 8:19 AM, Bugs said:

Hello, I am a U.S./Phil dual citizen.  For the past several years, we have been sending regular monthly remittances (150 USD / 7,500 PHP) to family in the Philippines.

 

However, at the end of the year we will be sending a large sum (17,000 USD / 900,000 PHP), to help cover the cost of home construction.

 

I know about the U.S. gift tax (we will be under that trigger at 17,000 USD).  But are there any taxes due to the Philippines on this that we are unaware of?  If so, how is it enforced?

Nothing due to US or Philippines taxing authority, I would suggest doing wire transfer.