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Hi
Please can you help us with some financial advice. Those of you who are lucky enough to have sold your house and then I assume go into rented accomodation. Where do you deposit your funds from the sale of your house? Best ways to avoid paying tax on the interest too. You would need to put it somewhere safe between house sale and finding a business in Florida!
Thank you
Julie, you normally have to put the funds for the business purchase into an escrow account in the US to prove 'good faith' for the purchase. You also need to have this in order to apply for your visa as the US Embassy need to see that you have made a substantial commitment to the purchase of a business. If you have a business broker, they will be able to explain this all for you.
In the meantime, until you find a business, you can either put the funds into somewhere like a Building Society account or leave them in your current account if you don't want to earn interest. You could also transfer the money into a US check account so that it's ready as soon as you find a business to purchase.
flyrr100
21-04-2005, 04:05
If you are a US resident be careful. You are liable for Capital Gaines Tax unless you roll the profit into another property or business, I think within two years. (Check, I may be wrong on the time.)
Think about buying a short term CD. The rates aren't great but it's interest.
You need to prove provenance of the money you use to buy the bizz. They need to know you havent borrowed it for example, or not beyond a certain percentage. Or obtained it illegally. Transferring it straight from a bank account in the UK to the US attorney who will hold it in escrow until the business closes out has its advantages as it is easy to prove provenance that way. We just put ours in a high interest bearing building society account. If you find a biz, you will need to move quickly as their may be competition so you dont want anything that you need to give loads of notice on.