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Entering the U.S. With Registered Securities

Question: 
Does a person carrying investment securities in registered form worth more than $10000 have to file Customs form 4790/FinCen 105 when entering the U.S.? If so, will that person be required to pay any duties to the U.S. government on those securities?
Answer: 

Answer by Richard Insley: My memory is a bit hazy about the characteristics of a registered security, but there's probably no CMIR requirement because ownership does not depend on possession of the instrument. If securities are in bearer form (ownership passes along with the paper--like currency) then a CMIR is necessary when the imported security is worth more than $10,000 US.

Answer: 

Answer by John Burnett: The instructions on the reverse of FinCEN Form 105 agree exactly with Richard's allegedly fuzzy memory. Unless the title to the securities passes with delivery, they are not considered monetary instruments for which a report need be filed on Form 105. Title to the securities would pass on delivery if the securities were in bearer form, or an attached stock power or similar form for transfer of ownership were signed without naming the transferee.

First published on BankersOnline.com 3/7/05

First published on 03/07/2005

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