Suggestions on how to achieve going home??
#16
BE Enthusiast
Thread Starter
Joined: Jan 2003
Posts: 388
Re: Suggestions on how to achieve going home??
Bob - what difference will it make by going for citizenship? in terms of tax/pension??
#18
BE Enthusiast
Thread Starter
Joined: Jan 2003
Posts: 388
Re: Suggestions on how to achieve going home??
Many thanks to all of your replies - I'm a lot more calmer today!! I think my plan is roughly this:
I'm going to try and take things one small step at a time. First thing I need to do is to file our papers for citizenship (thank you for that Bob!) Secondly, pay minimum payments on everything and just cut the credit cards up - saving any extra that I can.
I also need to start brushing up on skills - so am looking around at courses/online courses etc.
Lastly, try and get the house in order - we'll try and rent it out. I know I couldn't just get up and leave it - I've worked too damned hard for the last few years. If I can manage it financially, I will go over to the UK for two weeks early part of next year, and go and see former employers/agencies just to get a feel for the job market.
Cricket - your reply was really helpful - thank you - it made me sit down and think. I'm not bitter though and definitely not blaming anyone else - I'll get there in the end - I usually do but sometimes just takes me longer than I'd like!!
I'm going to try and take things one small step at a time. First thing I need to do is to file our papers for citizenship (thank you for that Bob!) Secondly, pay minimum payments on everything and just cut the credit cards up - saving any extra that I can.
I also need to start brushing up on skills - so am looking around at courses/online courses etc.
Lastly, try and get the house in order - we'll try and rent it out. I know I couldn't just get up and leave it - I've worked too damned hard for the last few years. If I can manage it financially, I will go over to the UK for two weeks early part of next year, and go and see former employers/agencies just to get a feel for the job market.
Cricket - your reply was really helpful - thank you - it made me sit down and think. I'm not bitter though and definitely not blaming anyone else - I'll get there in the end - I usually do but sometimes just takes me longer than I'd like!!
#19
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
I keep wondering about citizenship as, unlike most other countries, it puts you on the hook for US taxes 'forever'. But dumping it isnt much more difficult than dumping the green card
They still like you to go to the London Embassy so you can say you mean it
- have a beer in Covent Garden and go home and thats it done. A day out in London. The waiting trime for renunciation has gone up from a few days to 3.5 months because of recent demand
Hoever I am looking into this before I decide : >>>>
In 1996, Congress tried to address a wave of tax-driven expatriation by the wealthy by requiring former citizens to file tax returns for a decade and forbidding Americans who renounced their passports for tax reasons from visiting the United States.
http://www.nytimes.com/2006/12/18/wo...gewanted=print
They still like you to go to the London Embassy so you can say you mean it
- have a beer in Covent Garden and go home and thats it done. A day out in London. The waiting trime for renunciation has gone up from a few days to 3.5 months because of recent demand
Hoever I am looking into this before I decide : >>>>
In 1996, Congress tried to address a wave of tax-driven expatriation by the wealthy by requiring former citizens to file tax returns for a decade and forbidding Americans who renounced their passports for tax reasons from visiting the United States.
http://www.nytimes.com/2006/12/18/wo...gewanted=print
#20
Re: Suggestions on how to achieve going home??
I keep wondering about citizenship as, unlike most other countries, it puts you on the hook for US taxes 'forever'. But dumping it isnt much more difficult than dumping the green card
They still like you to go to the London Embassy so you can say you mean it
- have a beer in Covent Garden and go home and thats it done. A day out in London. The waiting trime for renunciation has gone up from a few days to 3.5 months because of recent demand
Hoever I am looking into this before I decide : >>>>
In 1996, Congress tried to address a wave of tax-driven expatriation by the wealthy by requiring former citizens to file tax returns for a decade and forbidding Americans who renounced their passports for tax reasons from visiting the United States.
http://www.nytimes.com/2006/12/18/wo...gewanted=print
They still like you to go to the London Embassy so you can say you mean it
- have a beer in Covent Garden and go home and thats it done. A day out in London. The waiting trime for renunciation has gone up from a few days to 3.5 months because of recent demand
Hoever I am looking into this before I decide : >>>>
In 1996, Congress tried to address a wave of tax-driven expatriation by the wealthy by requiring former citizens to file tax returns for a decade and forbidding Americans who renounced their passports for tax reasons from visiting the United States.
http://www.nytimes.com/2006/12/18/wo...gewanted=print
#21
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
Heck I never heard that one....
#22
Re: Suggestions on how to achieve going home??
Yep, that is why I decided I may as well go for the citizenship. I have paid taxes for ever, so I may as well reap the benefits of citizenship.
But that has been a whole other story.
Definitely check up on the GC tax issue. I am positive that is the case.
But that has been a whole other story.
Definitely check up on the GC tax issue. I am positive that is the case.
#23
Re: Suggestions on how to achieve going home??
I found this too...
As a permanent resident (greencard holder) you are required to file a
tax return whether you are living in the US or not. You must report
your worldwide income and, if necessary, pay any taxes. However, you
may be entitled to the foreign earned income exclusion which could
eliminate any income tax.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
As a permanent resident (greencard holder) you are required to file a
tax return whether you are living in the US or not. You must report
your worldwide income and, if necessary, pay any taxes. However, you
may be entitled to the foreign earned income exclusion which could
eliminate any income tax.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
#24
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
If a citizen who renounces their citizenship is only is on the hook for a few years, then it would seem harsh for an ex resident to be hooked for life
My first reaction is sceptical, but nonsensical things never stopped the tax man, so I will keep an open mind until I can check further
#25
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
I found this too...
As a permanent resident (greencard holder) you are required to file a
tax return whether you are living in the US or not. You must report
your worldwide income and, if necessary, pay any taxes. However, you
may be entitled to the foreign earned income exclusion which could
eliminate any income tax.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
As a permanent resident (greencard holder) you are required to file a
tax return whether you are living in the US or not. You must report
your worldwide income and, if necessary, pay any taxes. However, you
may be entitled to the foreign earned income exclusion which could
eliminate any income tax.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
However I am highly sceptical that a person who hands in their green card and goes home to a foregn country, then has to do US tax reporting for the rest of their lives. It doesn't sound right at all. When I was young and brash I would have said that it's wrong, but nowadays I keep an open mind until I see chapter and verse
#26
Banned
Joined: Aug 2007
Location: the dry part of Washington State
Posts: 1,333
Re: Suggestions on how to achieve going home??
Found this:
A 15 year holder of a GC who has over $2 mill in assets or annual tax liability of $139k can be charged to income tax on the unrealised value of their home's gain !!!!
http://www.taxmeless.com/USCitizenRenounce.htm
So they do get nasty with GC holders who go over the wall - but cant find a lifetime hook yet
A 15 year holder of a GC who has over $2 mill in assets or annual tax liability of $139k can be charged to income tax on the unrealised value of their home's gain !!!!
http://www.taxmeless.com/USCitizenRenounce.htm
So they do get nasty with GC holders who go over the wall - but cant find a lifetime hook yet
Last edited by exvj; Jun 22nd 2009 at 6:24 am.
#27
Re: Suggestions on how to achieve going home??
I will do - I know If I hand in my green card now, I would have to report 2009 taxes wherever I am resident for the rest of the year, but I have never heard that a person who has held a green card at any time must report US taxes for the rest of their lives
If a citizen who renounces their citizenship is only is on the hook for a few years, then it would seem harsh for an ex resident to be hooked for life
My first reaction is sceptical, but nonsensical things never stopped the tax man, so I will keep an open mind until I can check further
If a citizen who renounces their citizenship is only is on the hook for a few years, then it would seem harsh for an ex resident to be hooked for life
My first reaction is sceptical, but nonsensical things never stopped the tax man, so I will keep an open mind until I can check further
#29
Banned
Joined: Jul 2008
Posts: 1,769
Re: Suggestions on how to achieve going home??
Glad to offer help. Just one thing........have you looked at consolidating your credit card debts onto a 6 month 0% interest deal? Would save you loads.
Remember you won't get a credit card in the UK because you'll have no credit rating so you might need to keep one credit card.
That old leverage plan I mentioned???
Remember you won't get a credit card in the UK because you'll have no credit rating so you might need to keep one credit card.
That old leverage plan I mentioned???
#30
BE Enthusiast
Thread Starter
Joined: Jan 2003
Posts: 388
Re: Suggestions on how to achieve going home??
Glad to offer help. Just one thing........have you looked at consolidating your credit card debts onto a 6 month 0% interest deal? Would save you loads.
Remember you won't get a credit card in the UK because you'll have no credit rating so you might need to keep one credit card.
That old leverage plan I mentioned???
Remember you won't get a credit card in the UK because you'll have no credit rating so you might need to keep one credit card.
That old leverage plan I mentioned???
Does anyone know the answer???