Legal transfer of assets after immigration

[khan2024 0]

I have recently received approval for my American immigration visa and would like to understand the legal process for transferring my assets from Pakistan to the USA.  Please guide me on the best legal methods, including any tax implications and required documentation?

[JeanneAdil 6,677]

best to see a GOOD tax attorney

[Lil bear 4,346]

3 hours ago, khan2024 said:

I have recently received approval for my American immigration visa and would like to understand the legal process for transferring my assets from Pakistan to the USA.  Please guide me on the best legal methods, including any tax implications and required documentation?

Taxation agent/accountant very well versed on the complexities of overseas assets for immigrants. Can be v costly if you don’t know the complete information. 

[khan2024 0]

18 minutes ago, Lil bear said:

Taxation agent/accountant very well versed on the complexities of overseas assets for immigrants. Can be v costly if you don’t know the complete information. 

My question is whether the transfer will be through the bank, or if there is a limit on how much can be transferred within a certain period.

[Lil bear 4,346]

28 minutes ago, khan2024 said:

My question is whether the transfer will be through the bank, or if there is a limit on how much can be transferred within a certain period.

There is no limit on transfer amounts. It has to be deposited somewhere.. usually into a bank account.. All transactions over $10000 are reported to the IRS. The source of the funds .. savings, sale of a house, earned interest, withdrawal from a retirement fund.. and your status ( lpr etc) at the time of transfer will dictate what the IRS deems taxable income. US taxes some sources very differently to other countries and you can find yourself owing tax if you are not aware of the issues. 

Edited February 6 by Lil bear

[khan2024 0]

1 hour ago, Lil bear said:

There is no limit on transfer amounts. It has to be deposited somewhere.. usually into a bank account.. All transactions over $10000 are reported to the IRS. The source of the funds .. savings, sale of a house, earned interest, withdrawal from a retirement fund.. and your status ( lpr etc) at the time of transfer will dictate what the IRS deems taxable income. US taxes some sources very differently to other countries and you can find yourself owing tax if you are not aware of the issues. 

Thank you for your detailed input.

I want to know the situation in Pakistan regarding the transfer of funds to the USA after immigration, as there are certain limits, and banks are saying it's not allowed.

 

[Lil bear 4,346]

Sounds like you are taking about Pakistan regulations  .. see a local accountant    
 

Best to ask as  precise questions as possible… otherwise you will m keep getting general or US based answers 

[khan2024 0]

15 hours ago, Lil bear said:

Sounds like you are taking about Pakistan regulations  .. see a local accountant    
 

Best to ask as  precise questions as possible… otherwise you will m keep getting general or US based answers 

It’s written from Pakistan to America in my initial question.