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Sale to a Buyer in India - best way to receive funds?

Labeled as advice in Domain Buying and Selling Discussion started by fogfever, Oct 9, 2019 at 4:58 PM.

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  1. fogfever

    fogfever Established Member ★★★★★★★★★★

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    I am in the middle of a domain sale to a buyer in India. The sale is over $25k.

    The sale is through a broker who is using their own escrow service (it's a large domain service). The escrow company is now asking for many documents from me the seller because the buyer's bank is requesting it (tax identification number, tax residency certificate, form 10f, declaration of not having permanent establishment in India) The tax residency certificate is particularly hard to obtain because the IRS estimates it takes 6 weeks to receive after requesting. There's also a $185 fee to obtain that certificate.

    Is it normal for so much documentation to be required from an India bank for an Indian domain buyer to make a purchase?
    Does anyone have experience or recommendations for how a domain transaction with an Indian buyer can be handled faster? examples: other payment services besides a wire... sending from an individual under Liberalised Remittance Scheme instead of a corporation... payment plans... etc.

    Thanks in advance for any responses!
     
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  2. Sumeeth

    Sumeeth DomExpert VIP

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    Most probably seems scam , beware. They ask to buy certificate for some amount and obviously you will loose the amount..
     
    Last edited: Oct 9, 2019 at 5:00 PM
  3. DigitalRoar

    DigitalRoar New Member

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  4. Don Gondon

    Don Gondon Established Member

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    This.

    You could suggest installments, there should be some threshold below which the buyer should be able to pay monthly without any of this complicated stuff.
     
  5. fogfever

    fogfever Established Member ★★★★★★★★★★

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    The fee would be paid to the IRS for the document, so it's not a scam like that.
    And, it's a large, well known domain company that is processing the transaction.
     
  6. wwwweb

    wwwweb Top Member VIP ★★★★★★★★★★

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    Name the broker, and service involved, if that large cal their toll free number, and talk to them directly.

    Wow pay $185, and get a $25K sale, sounds like a scam.
     
  7. Sumeeth

    Sumeeth DomExpert VIP

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    Please share your sales email received and other details here so that people here can help you. Once again saying, there is good chance of scam ... Do good research on domain company you are saying and call them if that is true..
     
  8. fogfever

    fogfever Established Member ★★★★★★★★★★

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    It's not a scam to get $185.
    The $185 would be paid to the IRS as a filing fee to request the Tax Residency Certificate.
    It's Form 8802 from the IRS - the US government - https://www.irs.gov/individuals/int...rtification-additional-certification-requests

    I'd like to hear from people in India or people who have sold domains for large amounts to people in India on how best to organize a transaction so that it goes smoothly and quickly.
    I'm not getting scammed for $185. That is not what this thread is about.
     
  9. fogfever

    fogfever Established Member ★★★★★★★★★★

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    I prefer not to post all of that specific information publicly.
    I am almost positive that it is not a scam. It's just a lot of paperwork that is being requested.
    Maybe the buyer has a more stringent bank than other banks in India?
    I am looking for people who have specific experience with transactions from India. Maybe they live in India. Maybe they sold a domain for over $25k to a buyer in India. That's what I want to hear about.

    If you have specific information, please advise.
    But please limit the posts suggesting this is a scam.
    I have been a member on this forum since 2006.. I understand domain scams.
    I repeat - this is not a scam. It is a request about people's experience with expediting large domain transactions from India.
     
  10. karmaco

    karmaco Top Member VIP

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    Never heard of anyone having to provide tax documents to sell a domain. Will be following this thread.
     
  11. b2betrade

    b2betrade Upgraded Member Blue Account

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    Contact DaaZ.com
    UK based company and owners origin India I think they will assist you.
     
    Last edited: Oct 10, 2019 at 12:25 AM
  12. premkumar

    premkumar Member VIP

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    Is it .co.in , .in or .com domain? I think buyer have to provide sale invoice and reason (purpose code)for sending the money but not sure one need to give seller tax details. India is not business friendly country, every bank follow their own procedure to stay safe. Ask buyer to try HDFC or Axis bank or any other private bank. If buyer use public sector bank you will have this problem mostly.
     
  13. b2betrade

    b2betrade Upgraded Member Blue Account

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    Another option is sell domain in installment using dan.com and ask buyer to set preferred currency inr

    No documentation required for small amount
     
    Last edited: Oct 10, 2019 at 5:24 AM
  14. fogfever

    fogfever Established Member ★★★★★★★★★★

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    the domain name is a .com.
    Thanks for the advice about banks.
     
  15. bashariqbal

    bashariqbal Established Member

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    Why are you not going with Escrow.com?
     
  16. namemarket

    namemarket Top Member VIP ★★★★★★★★★★

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    I am confused why a bank would want all that information. Unless I am missing something, I don't see why they would. IMO you should only use escrow.com
     
    Last edited: Oct 10, 2019 at 4:45 PM
  17. Nikhil Jain

    Nikhil Jain Top Member VIP

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    I second that.
     
  18. DanSanchez

    DanSanchez Top Member VIP

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    Don't submit anything to some random person in India, use Epik Escrow. Rob will facilitate without needing to risk losing your identity.
     
  19. NameJi

    NameJi The Domain Lover Gold Account

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    Wire transfer above $5k from india has to be done through Bank with bank manager approval. The bank manager may ask the buyer to prove the legitimacy and purpose of transaction (like purchase order, invoice, seller details etc).

    Amount less than 5k is fine. People can use credit/debit/paypal.

    Two approaches.

    1) help buyer with necessary documents.
    2) provide installments option.

    Thanks.
     

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