- Impact
- 80
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!
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!