Expat Community > Ecuador

booby
Joined 2010
Posts: 1336

Freedom?

12 years ago

IRS limits number of tax-exempt foreign money transfers
Posted By Admin | Published: September 4, 2012 00:43

Ecuador’s IRS has announced it will enforce a limit of two $1,000 transactions per month, per person on money being transferred out of the country. In the past, there was no limit on the number of outflows, mostly in the form of wires, of $1,000 or less, which are exempt from the 5% exit tax imposed in 2009.

The tax office also said that the 5% exit tax will be applied to Ecuadorian credit card accounts for purchases abroad, without the $1,000 exemption.

There is no change to the $ 9,720 limit on funds that travelers can take out the country.

According to IRS director Carlos Carrasco, the new rules will have a limited affect. “The number of people wiring more than $2,000, in $1,000 increments, out of the country each month is very small. We simply want to insure that the system is not abused.”

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Living in Ecuador Guide

Expats in Ecuador share some of the pros and cons of living in Ecuador. Topics covered include where to live, the bureaucracy, the people and more.

Ecuador Forum
Join our Ecuador forum to meet other expats and talk about living in Ecuador.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Ecuador.

Best Places to Live in Ecuador

If you're dreaming about living in Ecuador, here are the 15 Best Places to Live in Ecuador in 2023.

Healthcare in Ecuador

Expats in Ecuador share their experiences with healthcare and overseas medical insurance in Ecuador.

Cost of Living in Ecuador

Expats offer insight into the cost of living in Ecuador.

Moving to Ecuador Guide

Expats in Ecuador offer advice to newcomers and people considering a move to Ecuador about clothing, sunscreen, renting before buying, gringo pricing, Ecuadorians politeness and much more.

Real Estate in Ecuador

Real estate listings in popular cities and towns in Ecuador.

Pros & Cons of Living in Ecuador

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Ecuador.

Retiring in Ecuador

Advice for people retiring in Ecuador.

10 Tips for Living in Ecuador

If you've recently arrived in Ecuador, here are 10 tips for digital nomads living in Ecuador.

Additional Information:

Visit our Ecuador Index for a Full List

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Contribute
Help others in Ecuador by answering questions about the challenges and adventures of living in Ecuador.

Login

Or, Send Login Link

Expat Community > Ecuador

Freedom?

Login