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JerrySJD
JerrySJD, Attorney
Category: Business Law
Satisfied Customers: 821
Experience:  Attorney for business formation, business sales, tax, partnerships, sole proprietors and buy/sell agreements.
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Hello, my sister in law who is in Cuba and already approved

Customer Question

Hello, my sister in law who is in Cuba and already approved to come to the USA sold her house to a German person. The money is being transfered from Germany to the US because ultimately my sister in law will come here. Why do I need to provide this person in Germany with an OFAC license if its a simple wire transfer? The German gentleman says he's having trouble wiring the funds because we need to provide his bank with an OFAC license. Why is it so difficult to wire $75,000 from Germany to the US when moneys are wired from all different countries and all different amounts daily? I would understand if the money was going to Cuba, but the money is coming to the US. PLEASE HELP!!! We have been trying to get this done since early February. Your help will be ENORMOUSLY appreciated. Thank you!!!
Submitted: 2 years ago.
Category: Business Law
Expert:  JerrySJD replied 2 years ago.

JerrySJD :

No OFAC license is needed. You are in the USA. Title should not transfer until the money is received. Maybe the German is having trouble because the property is in Cuba, but all he has to do is send a wire. Sending a wire has nothing to do with Cuba.

JerrySJD :

Tell him that an OFAC license has nothing to do with a wire transfer to the USA. Ask him to send a cashier's check by overnight courier, if it will make it any easier.

Customer :

Thank you so much. Would it make it easier on both sides if he sends the cashiers check in pieces? It is a total of $75,000. Maybe if he sends us $25,000 x 3. It would make it easier on us tax wide as well? Another thing is the German is saying that he has already being investigated and that he doesn't know if he can backtrack the transaction. Doesn't this sound "fishy"? I don't see why he wouldn't be able to get his money back and send us a cashiers check. Don't you agree?

Customer :

Would backtracking everything affect the German guy in any way?

JerrySJD :

They are saying that the OFAC is required due to a sale in Cuba. It is a strict reading of the law. Monies sent in violation of OFAC are subject to being held by the USA. The fact that the German is being investigated is either a story or not, but either way, it is not good. This whole thing sounds fishy. Breaking up the payment will not necessarily effect taxes, unless it occurs over multiple years and is considered an installment sale. Since this involves a sale of Cuba property, you are in dangerous territory. Your sister should receive the money in Cuba where she is resident. We do not want any problems with the USA. I know I am circling back, but the more I think about it, the German being under investigation and the OFAC implications ... I would stay away from it. Tell the guy to send the money to Cuba.

Customer :

Thank you again. But, if she is ultimately coming to the US. How would we get that money here? I've heard there is a limit as to the amount of money she or anyone would be able to bring with them to the US. Do you know anything about that limit and/or what it is? I know is much much less than $75,000. We are desperate. Thank you.

JerrySJD :

No problem. There are no limits to the amount of cash you bring in, but you do have to report that cash. Please note a FinCEN 105 form must be completed at the time of entry for monetary instruments over $10,000, including cash.

JerrySJD :

There may be limitation on bringing cash out of Cuba too. Just to be safe, I am going to "Opt Out" and give another expert a chance to look at this question. The last thing you need is to have the cash confiscated by the Cuban or USA authorities at either border. Again, I would stay away from the German wire, under the circumstances. If your cousin can get out of the deal, she should seriously consider it. This whole thing sounds fishy and I do not like where it is heading. Your cousin has not been paid. Right there is a problem. No one transfers property without the money in hand. Tell her to get out of the deal.

Customer :

OMG. Thank you so much but I wish it was as easy as getting out of it. There is one thing I have not said. I guess I should have started from the beginning but like I said.... its a long story and ultimately my money is also there involved. Let me explain. My in-laws who lived with my sister-in-law in Cuba are staying in Cuba. Another smaller property was bought for them but at that time there was no money to purchase this other property so we upfronted the money to my sister-in-law with the hopes of getting it back once she sold the property "in question" now. Now the time is here, the property is somehow "sold" and the money is lost? I am furious and would hate to think that she got fulled. Please give me some hope and advise. Should we tell the German guy to maybe send us the money little by little? "The German's property" is under the name of someone who resides in Cuba. So, ultimately he's just buying the property for this person. It is not his property. Understand?

Customer :

Should I tell the German guy to send cashiers checks little by little under different names here?

Expert:  JerrySJD replied 2 years ago.
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Customer: replied 2 years ago.
Just need a suggestion as to my question above. Thanks.
Expert:  JerrySJD replied 2 years ago.
Tell your cousin to get the money and figure out how to get it here. You do not need to get tangled up in this net, even if you are out the money for now. Not worth the risk. She should get the deed back if she can. At least she will have something. Something is wrong with the buyer. He said so himself. I wouldn't touch it if I were you.

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