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Moving back to the UK after 25 years in US
Hi there,
So glad I have stumbled upon this forum. I am a British citizen married for 37 years to an American. We lived and worked in the UK for 14 years and raised out daughter (duel citizen) we moved to the US in 1996. 8 years ago my daughter moved back to the UK and is now permanently resident there raising her family. This year due to COVID we have been unable to visit and so have decided that we cannot be this far away from her and will be looking to move back to the UK in the next year. Some things about us: We have a house in the UK , we both have National insurance Nos and British Driving licenses, bank account and a dog :-) we will be needing to transfer $$$$ from the sale of our US house and also have several IRA accounts and Pensions. Lot's of questions and don't know where to start So, I am looking for advice on the steps needed to make this move... Is there a company that specializes in this sort of thing that can do all the paper work? is there someone on this forum that has done this? any help would be greatly appreciated. regards Michael |
Re: Moving back to the UK after 25 years in US
First things first.... does your American wife also have British citizenship? If not, then she'll need a visa to live in the UK
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Re: Moving back to the UK after 25 years in US
No, that was something that we debated while she lived in the UK, but never did she does have an old passport that has a visa allowing her to work.
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12989405)
No, that was something that we debated while she lived in the UK, but never did she does have an old passport that has a visa allowing her to work.
The following website gives all info: https://www.gov.uk/uk-family-visa There is the Returning resident visa - but, after 24 years out of the country I doubt you would get this: https://www.gov.uk/returning-resident-visa The majority of people moving from US to UK, even those who have to get a visa for their spouses , do it themselves as the forms are fairly straightforward. Moving your pensions and IRA are a whole different matter (most people again seem to leave them where they are) but others can respond on this. |
Re: Moving back to the UK after 25 years in US
many thanks for your quick response.
those look like good links - checking them out now. |
Re: Moving back to the UK after 25 years in US
My wife and I moved back to England after 29 years away and we continue to manage our US pensions, private and SS, and IRAs from England.
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Re: Moving back to the UK after 25 years in US
Thanks! that good to know. So the pension etc is paid into a US bank that you then transfer from to UK?
do you use a service to do your US tax returns? would you mind sharing some of your other steps that you took when you moved back? |
Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12989466)
Thanks! that good to know. So the pension etc is paid into a US bank that you then transfer from to UK?
do you use a service to do your US tax returns? would you mind sharing some of your other steps that you took when you moved back? We use TransferWise to move money over. We plan on having SS paid directly to our UK bank. We also have an after tax dividend paying equity fund that we converted to an HMRC reporting fund so it receives the lower UK tax rates for dividends and capital gains. We both did voluntary NI contributions so we get close to the max of the OAP. We do use a tax service to do our returns. |
Re: Moving back to the UK after 25 years in US
did you figure all this out yourself, or have someone steer you?
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12989495)
did you figure all this out yourself, or have someone steer you?
There is a webinar on April 1st for example on taxes. https://www.greenbacktaxservices.com...ments-webinar/ List of documents for taxes http://info.greenbacktaxservices.com...=hs_automation |
Re: Moving back to the UK after 25 years in US
Thankyou - I just registered for the Greenbacks webinar.
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Re: Moving back to the UK after 25 years in US
There was a lot of good info - didn't know anything about FBAR :-(
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12990327)
There was a lot of good info - didn't know anything about FBAR :-(
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Re: Moving back to the UK after 25 years in US
Originally Posted by durham_lad
(Post 12989481)
We have a US bank into which my US private pensions are paid and which is linked to our brokerage for transfer of funds to and from.
We use TransferWise to move money over. We plan on having SS paid directly to our UK bank. We also have an after tax dividend paying equity fund that we converted to an HMRC reporting fund so it receives the lower UK tax rates for dividends and capital gains. We both did voluntary NI contributions so we get close to the max of the OAP. We do use a tax service to do our returns. |
Re: Moving back to the UK after 25 years in US
Originally Posted by Frankie0089
(Post 12990988)
Hi Durham Lad, I’m just curious - did you have to maintain a US address in order to manage your private pension? My financial advisor told me I will need to keep one as the financial institution my IRA is with is not licensed to do business overseas. Why would this be an issue if I maintained a US bank account?
At a webinar this week by Greenback Taxes this question or similar was asked and they suggested that if you don’t have a relative or friend whose address you could use then a mail forwarding service doesn’t cost very much and is a street address rather than a PO Box. Good info for me because our daughter plans to leave the USA in 5 to 10 years time should I need to maintain a US address for the brokerage. |
Re: Moving back to the UK after 25 years in US
that is good info! thanks!
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Re: Moving back to the UK after 25 years in US
how did you transfer your money initially when you moved to the UK. We will have the proceeds fro the sale of our house and it is way over the 10,000 limit. or is that just a cash limit?
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12991009)
how did you transfer your money initially when you moved to the UK. We will have the proceeds fro the sale of our house and it is way over the 10,000 limit. or is that just a cash limit?
https://wise.com/nl/?sourceCurrency=...urceAmount=500 |
Re: Moving back to the UK after 25 years in US
Originally Posted by durham_lad
(Post 12990992)
I do use a correspondence US address for the Brokerage holding our IRAs but I’m not sure it is necessary, although I believe not having a US bank would be a problem. For my 2 US private pensions they only have my UK address but again they pay into my US bank. Our US bank only has our UK address.
At a webinar this week by Greenback Taxes this question or similar was asked and they suggested that if you don’t have a relative or friend whose address you could use then a mail forwarding service doesn’t cost very much and is a street address rather than a PO Box. Good info for me because our daughter plans to leave the USA in 5 to 10 years time should I need to maintain a US address for the brokerage. |
Re: Moving back to the UK after 25 years in US
I will have to check out wise. thanks!
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Re: Moving back to the UK after 25 years in US
Originally Posted by durham_lad
(Post 12991049)
There are no cash limits to what you can bring over. We use Wise normally but for the big one-off transfer of house money we used our bank and asked for the “dealing desk” rate.
https://wise.com/nl/?sourceCurrency=...urceAmount=500 Oh, I was lead to believe that $10,000 was the cash limit. is there paper work for more than $10,000 thanks for teh wise link. |
Re: Moving back to the UK after 25 years in US
Originally Posted by durham_lad
(Post 12990992)
I do use a correspondence US address for the Brokerage holding our IRAs but I’m not sure it is necessary, although I believe not having a US bank would be a problem. For my 2 US private pensions they only have my UK address but again they pay into my US bank. Our US bank only has our UK address.
At a webinar this week by Greenback Taxes this question or similar was asked and they suggested that if you don’t have a relative or friend whose address you could use then a mail forwarding service doesn’t cost very much and is a street address rather than a PO Box. Good info for me because our daughter plans to leave the USA in 5 to 10 years time should I need to maintain a US address for the brokerage. |
Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12991578)
Oh, I was lead to believe that $10,000 was the cash limit. is there paper work for more than $10,000
thanks for teh wise link. |
Re: Moving back to the UK after 25 years in US
Originally Posted by lansbury
(Post 12991597)
If carrying more than £10,000 cash into (or out of) the UK you must declare it to customs. If doing an electronic transfer bank to bank your bank will do what is necessary. Very large sums best to contact your receiving bank and advise them is advance so they can get the information they might need. Normally how you obtained the money ( house sale)
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Re: Moving back to the UK after 25 years in US
that makes sense - thanks
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Re: Moving back to the UK after 25 years in US
I'm in process of doing this .. Feel free to DM me if you wish .
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Re: Moving back to the UK after 25 years in US
thanks - will do!
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Re: Moving back to the UK after 25 years in US
Hi Russet, do you have a real address in the US? Once we move, we will not have a physical mailing address, but will need to maintain our bank account. any issues having a bank account and no mailing address?
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 12994304)
Hi Russet, do you have a real address in the US? Once we move, we will not have a physical mailing address, but will need to maintain our bank account. any issues having a bank account and no mailing address?
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Re: Moving back to the UK after 25 years in US
sounds like you are in teh same boat as us - how long have you been in the US?
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Re: Moving back to the UK after 25 years in US
Thanks for this info. Which US bank are people using that seems to 'talk' well with UK banks?
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Re: Moving back to the UK after 25 years in US
Originally Posted by MTC1983
(Post 13002351)
Thanks for this info. Which US bank are people using that seems to 'talk' well with UK banks?
We have Citibank, which has a few branches in the UK..... |
Re: Moving back to the UK after 25 years in US
Thanks for that. we currently have a credit union and another local bank - but think we need one that can flawlessly interact with a bank in the UK we had thought about HSBC or Barclays.
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Re: Moving back to the UK after 25 years in US
We opened up an HSBC account in the USA the year before we moved back, we already had an HSBC UK account.
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Re: Moving back to the UK after 25 years in US
Thanks that may be the way to go. we already have a santander accounts in the UK, but no sign of one in the US. the US seems to be woefully backward in terms of banking.
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Re: Moving back to the UK after 25 years in US
Originally Posted by SanDiegogirl
(Post 13002380)
We have Citibank, which has a few branches in the UK.....
How does that work in the UK? We are with Citibank here in the US, but the only physical branch that I can find in the UK is the HQ in Canary Wharf, but they seem to have some sort of arrangement with Lloyds. It would be very helpful if that could help get us started at any rate with a UK bank account. |
Re: Moving back to the UK after 25 years in US
MTC : I have had Barclays in Isle of Man for number of years.. I just opened an HSBC account here in States then they opened me a UK account . With HSBC , I can now flawlessly move money from dollars to pounds . Feel free to PM me if you wish ..
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