QUESTION
Carrying Cash On Airplane from Grand Cayman Islands Airport to US.
Asked on May 20th, 2012 on Business Law - Hawaii
More details to this question:
If I have a business in The Caymans and I bring US untaxed money into the airport in a carry on bag, will they locals report it at the airport. I know you can have up to $10k in cash when leaving US without reporting, but does the cayman airport security officials report over $10k? Thanks, I know its a complicated Q but I need to know more until hiring a lawyer. Thanks!
2 ANSWERS
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Doland & Fraade
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Unless you are consulting a Cayman Islands attorney or someone familiar with Cayman Islands customs, you are unlikely to get a meaningful response. Remember that it is not just cash but financial instruments that count in the $10,000 obligation, so if you $7,000 cash and a Caymans cashier's check for $5,000 you need to file the US delcaration upon entry.
Answered on Jun 12th, 2012 at 5:03 PM
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As a general matter, airport security personnel are disconnected from the revenue process -- their sole role is to maintain the safety of air travel. There is always the possibility that an unusual amount of cash could be used to identify you as other than a law-abiding traveler. It should be noted that, while the US has a reporting requirement for cash brought into the US, there is no process by which such cash is automatically deemed unlawful or unreported income. You should consult an attorney about your tax situation.
Answered on May 20th, 2012 at 10:02 PM