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Paying cash for a house

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13

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    #62
    The Moldy Gowl
    Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    RustyNut wrote: »
    I brought 25k in cash to germany to buy a camper a few years ago.

    Jaysus. I would be suspicious of everyone.
    I had 1300 in my pocket recently in Dublin and that was bad enough.
    I never carry cash


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    #63
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    dar100 wrote: »
    I didn't say they did have to give a reason. I said if any individual was to question the money. the onus to prove is on them.

    The individual questioning would be from either the Garda Siochana or the revenue. While the onus to prove would be on them, the questioning and the access they would have to every aspect of your personal financial history would be unpleasant at best.


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    #64
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    PhoenixParker wrote: »
    If this was the case and the money was legally and lawfully obtained, then I think the recommended course of action would be to engage an accountant who would help you to build the paper trail showing a long term pattern of lawfully earned income exceeding spending. The paper trail might not be complete, but should be enough to show how the sum has been built up. You can contact old employers for records, document previous large purchases, show bank account statements and receipts etc.

    Then once the money is lodged to an account, if there is a query as to its source you have documentation to show the revenue that the money is not the proceeds of crime or black market sales.

    this is good advice, but if I was suspected of money laundering or of another crime then shouldn't that be proved before someone can say that I did get the money by illegal means. Surely you cant just accuse someone just because they have money saved up?


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    #65
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    armabelle wrote: »
    this is good advice, but if I was suspected of money laundering or of another crime then shouldn't that be proved before someone can say that I did get the money by illegal means. Surely you cant just accuse someone just because they have money saved up?

    If you're showing up with 300K in cash of unknown provenance, then they're not just accusing you out of nowhere. A judge would authorise an investigation.


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    #66
    RustyNut
    Registered Users Posts: 3,430 ✭✭✭RustyNut


    The Moldy Gowl wrote: »
    Jaysus. I would be suspicious of everyone.
    I had 1300 in my pocket recently in Dublin and that was bad enough.
    I never carry cash

    Was very relieved to hand it over, Had paperwork from the bank incase I was stopped in the airport going over.


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    #67
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    RustyNut wrote: »
    I brought 25k in cash to germany to buy a camper a few years ago.

    you are allowed to take as much cash as you like from euro to another if I am not mistake.. or is there like a 100k limit?


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    #68
    The Moldy Gowl
    Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    armabelle wrote: »
    yes you are right but I just hate banks and that we have to depend on them like this. Surely a piggy bank is still a legal way to save money?

    Depend on them like what?

    They secure my money so I don't have to deal with it and I have a little card I can use anywhere I want to withdraw my money and spend it on things instead of carrying around a wad of 50s.
    Or pay my rent easily and pay my bills easily.


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    #69
    intheclouds
    Closed Accounts Posts: 3,175 ✭✭✭intheclouds


    armabelle wrote: »
    you are allowed to take as much cash as you like from euro to another if I am not mistake.. or is there like a 100k limit?

    No limit but you are supposed to declare it if its over 10k.

    http://www.revenue.ie/en/customs/leaflets/customs-excise-cash-controls.html


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    #70
    Frynge
    Registered Users Posts: 1,667 ✭✭✭Frynge


    armabelle wrote: »
    like I said, my savings are in 5s and tens and a lot of coins :o

    Allowing for just €1 coins and an equal monetary value distribution for the purchase of a house valued at €300,000.

    Your savings would have a weight of 992.2485kg, +\- 1%. (Assuming all are clean, who uses a fiver for cocain anyway)

    Good luck finding a bank, solicitor, seller or anybody for that matter who will take it off your hands no questions asked.


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    #71
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    PhoenixParker wrote: »
    If you're showing up with 300K in cash of unknown provenance, then they're not just accusing you out of nowhere. A judge would authorise an investigation.

    If I say I got it form my piggy bank and I say that they can investigate me then all should be ok. I mean I am confident nobody can pin me to terrorist activity. What I am asking is if I cannot be proven guilty of money laundering then nobody has the right to refuse me depositing any sum of money into a bank... or?


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    #72
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    Frynge wrote: »
    Allowing for just €1 coins and an equal monetary value distribution for the purchase of a house valued at €300,000.

    Your savings would have a weight of 992.2485kg, +\- 1%. (Assuming all are clean, who uses a fiver for cocain anyway)

    Good luck finding a bank, solicitor, seller or anybody for that matter who will take it off your hands no questions asked.


    hehe, yeah nobody would. you are right about that


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    #73
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    intheclouds wrote: »
    No limit but you are supposed to declare it if its over 10k.

    http://www.revenue.ie/en/customs/leaflets/customs-excise-cash-controls.html

    That's entering or leaving the EU, Ireland - Germany is within the EU so that doesn't apply.


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    #74
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    dar100 wrote: »
    I didn't say they did have to give a reason. I said if any individual was to question the money. the onus to prove is on them.

    As regards tax assessments you're wrong. Unless it dates back more than 4 tax years, if Revenue raise an assessment for tax, it's up to you to disprove the assessment.

    If it's more than 4 years ago Revenue need to prove (to a civil standard I.e. balance of probabilities) that they had reasonable grounds to believe your return (if any) was incorrect due to negligence, after that it's back over to you to disprove their assessment.


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    #75
    bigpink
    Banned (with Prison Access) Posts: 4,552 ✭✭✭bigpink


    Set a little part time business and show some money in and pay tax on it


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    #76
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    The Moldy Gowl wrote: »
    Depend on them like what?

    They secure my money so I don't have to deal with it and I have a little card I can use anywhere I want to withdraw my money and spend it on things instead of carrying around a wad of 50s.
    Or pay my rent easily and pay my bills easily.

    Yes the convenience is great but if you have to explain where you got each bill of your savings then I would say that you do depend on them. Depend on them to validate your life savings


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    #77
    L1011
    Registered Users Posts: 68,904 ✭✭✭✭L1011


    dar100 wrote: »
    I didn't say they did have to give a reason. I said if any individual was to question the money. the onus to prove is on them.

    Except when its Revenue, though. And it will, in this case.


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    #78
    mahoganygas
    Closed Accounts Posts: 1,488 ✭✭✭mahoganygas


    armabelle wrote: »
    yes you are right but I just hate banks and that we have to depend on them like this.

    [sigh]...... ok OP, go on. Why do you hate the banks?
    I'll bite. :(


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    #79
    The Moldy Gowl
    Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    armabelle wrote: »
    Yes the convenience is great but if you have to explain where you got each bill of your savings then I would say that you do depend on them. Depend on them to validate your life savings

    I don't have to explain anything to anyone. My wages get paid into my account and that's that, direct debit set up for bills and rent and that's that.
    I have to do anything.


    So no. Not really. I don't depend on them, I know my money goes into my account and money comes out for my bills and I can buy things with my little plastic card.
    There is no breakdown of society and the modern, civilised, world is a better place for having no cash.

    It must be an almighty pain in the hole having to pay everything with cash and making sure you have enough cash for a day or a night out.


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    #80
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    mahoganygas wrote: »
    [sigh]...... ok OP, go on. Why do you hate the banks?
    I'll bite. :(

    No I don't hate them... just want to know i can live without them if I want.

    Also there are some good reasons I gave before but I will add two more

    cybercrime... people can get cleaned out this way if their details are swiped
    and also, why should anybody know how much money I have?


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    #81
    Sono
    Registered Users Posts: 2,414 ✭✭✭Sono


    OP what's your address?


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    #82
    The Moldy Gowl
    Closed Accounts Posts: 19,889 ✭✭✭✭The Moldy Gowl


    So... Leaving 300k in your house is safer than the minimal risk of those 2 events happening?

    You can have a bank account and no online banking as well.

    No one cares how much you have. Sure doesn't your boss know how much you earn and the person who administers your wages, and the taxman. Don't think the bank employee really cares how much you earn.
    Your salary is just a number to them and they pay no attention to it.


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    #83
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    The Moldy Gowl wrote: »
    I don't have to explain anything to anyone. My wages get paid into my account and that's that, direct debit set up for bills and rent and that's that.
    I have to do anything.


    So no. Not really. I don't depend on them, I know my money goes into my account and money comes out for my bills and I can buy things with my little plastic card.
    There is no breakdown of society and the modern, civilised, world is a better place for having no cash.

    It must be an almighty pain in the hole having to pay everything with cash and making sure you have enough cash for a day or a night out.

    yes sure I can't disagree but if you wanted to not save in a bank you would have a problem when it came time to buy something like a house. Sure if you had all your payslips then ok but not everybody has the same job, lives in the same place, or keeps all their payslips or paper for every cent they earn over 20 years.


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    #84
    miezekatze
    Registered Users Posts: 1,341 ✭✭✭miezekatze


    armabelle wrote: »
    No I don't hate them... just want to know i can live without them if I want.

    Also there are some good reasons I gave before but I will add two more

    cybercrime... people can get cleaned out this way if their details are swiped
    and also, why should anybody know how much money I have?

    If you're concerned about someone cleaning out your bank account, put your money in a separate savings account where you have to give notice if you want to take anything out. Only leave enough for day to day expenses in your current account. I think you can still have accounts without Internet banking too.

    If you're concerned about other people knowing how much money you have, maybe spread it across different banks.

    I think you're just making things unnecessarily difficult for yourself. Of course you could live without banks, but why bother?


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    #85
    TeaBagMania
    Registered Users Posts: 1,192 ✭✭✭TeaBagMania


    I hate banks, they can seize your account at any time for “suspicion of a crime” they don’t even have to prove it.

    A guy out of the country for a year on vacation was making his mortgage payments in California from his savings account; state of California seized his account because he was making these payments but had no taxable income. Ones was on him to prove where the money came from. So yeah F**k banks

    If you can find someone that owns their home outright you might be able to get them self finance. Let’s say 50K down and 25K a year. Contract between the two of you stating he will sign over house when full payment is made


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    #86
    REFLINE1
    Registered Users Posts: 396 ✭✭REFLINE1


    armabelle wrote: »
    like I said, my savings are in 5s and tens and a lot of coins :o

    PM address plz


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    #87
    dar100
    Registered Users Posts: 1,735 ✭✭✭dar100


    barneystinson wrote: »
    As regards tax assessments you're wrong. Unless it dates back more than 4 tax years, if Revenue raise an assessment for tax, it's up to you to disprove the assessment.

    If it's more than 4 years ago Revenue need to prove (to a civil standard I.e. balance of probabilities) that they had reasonable grounds to believe your return (if any) was incorrect due to negligence, after that it's back over to you to disprove their assessment.

    But he was already taxed at source, the monies were taxable and the revenue will have records


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    #88
    L1011
    Registered Users Posts: 68,904 ✭✭✭✭L1011


    TeaBagMania wrote: »
    I hate banks, they can seize your account at any time for “suspicion of a crime” they don’t even have to prove it.

    This isn't the US so, no, they can't
    TeaBagMania wrote: »
    If you can find someone that owns their home outright you might be able to get them self finance. Let’s say 50K down and 25K a year. Contract between the two of you stating he will sign over house when full payment is made

    Won't get around it either. They won't be able to lodge the cash without questions being asked and they've now just made themselves an accessory to the crime.


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    #89
    TeaBagMania
    Registered Users Posts: 1,192 ✭✭✭TeaBagMania


    The Moldy Gowl wrote: »
    So... Leaving 300k in your house is safer than the minimal risk of those 2 events happening?

    In ground fireproof safe


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    #90
    mahoganygas
    Closed Accounts Posts: 1,488 ✭✭✭mahoganygas


    REFLINE1 wrote: »
    PM address plz

    I'll bring the wheelbarrows.


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    #91
    intheclouds
    Closed Accounts Posts: 3,175 ✭✭✭intheclouds


    L1011 wrote: »
    This isn't the US so, no, they can't.

    No but in 2012 the irish government passed legislation allowing revenue to take money directly from your bank account if they wished.


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