GOING HALFS ON AN APARTMENT AND NOT GOT A BANK ACCOUNT....

Hi, i am just about to go halfs with someone on an apartment. The thing is i havent got a bank account, and need to know if the following is legal and also if its possible, and if it isn't legal then how would i make it legal, and if its not possible how would i make it possible....

My friend lives in Colombia, my friend is going to pay monthly in cash for this apartment that is going to be in both of our names. The way i am going to get the money to my friend is to transfer my money from my account from back home to my friends account back in the country my friends from three months at a time as its costs quite a bit for a international money transfer, keeping in mind even though my friend has a Colombian bank account and cedula the decision is we pay in cash. Is it legal, and is it possible?

After all payments are met and the apartment is ready in 2010 would it be possible for me to get an investment visa, or would i have to get an investment visa before i brought the apartment or which is more, would it be possible to even get an investment visa even if half the apartment is in my name, but because we used cash we have no proof of parting with our money therefore not being able to get an investment visa?? I was thinking as long as we had the apartments in our name and we both spent over $100,000 dollers then i could get an investment visa?

Also....can anyone tell me which is the best way if i wished to do so, to get the money out of the country keeping in mind the way i am buying this apartment? Someone told me as long as you make sure you fill out form 5 (i think the bank does this for you) then your legal and you can take the money out of the country changing your pesos into dollers here, then taking upto $10.000 out in cash to back home BUT again, we are paying in cash. Also forms 4 and 11? Would i have to fill these out because i brought an apartment or are these only nessacery if you want an investment visa?

Oh and i have a lawyer involved in the matter too of course.

If anyone has got answers please your comments would be apprieciated.

By Changbeer123 on Jan 24, 2008, 14:34 in Friendly Talkzone.

---

guacharaca says on Jan 24, 2008, 15:40: Sounds like your friend saw the movie "The Sting" and guess who his target is. It just does not make sense unless your friend is trying to launder money or steal from you. Since you have a lawyer, and he is your lawyer (not your friend's lawyer) then you have your answer. You keep saying "cash" yet you are wiring the money in.....that is not cash. Since you are wiring the money in, it should be possible to wire that same amount of money out being that you fill out the correct forms when you wire it in. If you are not a resident, and only visit occassionally, I do not believe the 6 month time limit starts ticking for obtaining the investment visa. Colombianos: Las armas os han dado independencia, las leyes os daran libertad. (Santander) 0 funny, 0 helpful.

Robert Jorge says on Jan 24, 2008, 17:03: Man, just reading that gave me the: "drop everything and run for the hills" feeling. He who farts in church, sits in his own pew. 0 funny, 0 helpful.

podborski says on Jan 24, 2008, 17:58: can i interest you in a cheap container load of whiskey? 0 funny, 0 helpful.

osuspain says on Jan 24, 2008, 21:47: It does sound a bit shady. Money and Friendship = Trouble 0 funny, 0 helpful.

Robert Jorge says on Jan 24, 2008, 22:04: osuspain, you said it. NEVER mix money and friendship, unless you are really willing to lose one or the other and not worry about it. Hell, I lost a friend over a dispute about splitting the cost of a hotel room. I can't imagine an actual business or property deal with a close friend. But that is just me. He who farts in church, sits in his own pew. 0 funny, 0 helpful.

More posts by the same author:

Going halfs on an apartment and not got a bank account..... 2