David,
I have been following your emails now for over a year and find
them very interesting.
A friend of mine has their house for sale through MICASA web site
and received a call from someone in Spain, who purchases houses
on behalf of clients and then rents them out over a period of 20
years.
Part of the deal is that my friend would go to spain to open an
account, would receive 30% of the value of the home (in Euro)
into that account. They would subsequently sign for the house
with the notary here is quebec but at the Original Amount - 30%.
What are the implications of such a transaction? My gut feel is
that this is a scenario of someone trying to clean some cash, and
secondly, my friend would end up with problems in regards to
where the 30% came from, should he ever transfer the amount back
to canada, and was audited.
Any help you can provide in this matter would be appreciated.
--------------------------------------------------------------
david ingram replies:
I would not touch it with a 10 foot Ukrainian.
I see no business reason that someone would do the deal in this
manner. The purchaser would owe a lot more capital gains tax on
sale for one example.
There is something similar going on with the sale of cars to
foreigners.
Maybe they want to hold him for ransom.
I am putting it out to the group to see if anyone else knows
about "this" one.
-----------------------------------------------
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