Degten

My husband and I both born and raised in the UK are currently green
card holders since Oct 2001. We love it here but life sometimes takes
its twists and turns...

I believe that in the event that we leave the country and give up
residency to reside back in the UK (to look after elderly parents)
that we would be liable for 30% witholding tax on all assets based in
the US should we decide to leave the country after being permanent
residents for over 8 years. But we have also heard that it is
possible to get a waiver from witholding if we go back to our home
country.

1. Has anyone in the britexpats forum had any experience of this? I
guess if it is impossible we would look to become US citizens in a few
years (we would also have US estate tax issues if we stay on so might
be a good idea?). Do the assets have to travel back to the UK or can
they be transported to an offshore account?

2. Anyone know a good tax specialist in NYC who deals with these
complicated tax issues?

3. How easy is it to bring an aged parent over to the US once we
become citizens? Anyone know the likely timeline?

TIA

Cheers, DeDe

franc111s

Whow, lots of questions. COnsidering your situation and if you are good wage earners I would invest in talking to Grant Thornton (UK side). They are not that expensive and they looked after me for years. They have access to some of the best international tax advisors in the world. Milton Keynes is where my guys were based. they also now HOW to deal with the UK tax man when they try to tax you as a UK resident (I didn't want to be).

I then left all my US tax stuff with a local accountant. THis is worked for me.

You do worry me when you say your are PR but are looking to move to the UK. If you start to think you can avoid the US tax system then really you are putting your GC in jeopardy. BCIS does not like GC card holders to hold onto the GC if they cannot show their ties to the USA. i.e. if you plan to leave the USA for more than 6 months you need to speak with a good immigration attorney. If you are leaving for long enough to consider entering into the UK tax system then I fear you could lose your GC. Do remember, the US and UK have tax treaties so you won't be double taxed. I can't see therefore why you would not be better off in the USA tax system. The rates are lower and mortgage relief is 100% on interest on upto "2" homes !!

Assuming you are not planning on moving to the UK for very long then once you become citizens (takes you about 6-9 months from N400 app filing) then you can file for your parents. I can't confirm if there's a 3 year wait for new citizens. I read that somewhere but that might not apply to parents (sorry). In any case, once you can apply, it's normally a matter of a few weeks/months. i.e. much faster than anything else BCIS does.

Again, we thought about bringing one of our aged parents over since they travel here so much. However, the pitfalls for us were 1. We couldn't find anyone that would give us the essential health insurance (my mother-in-law spent $30k when she had a stroke here. Since she had travel insurance she was OK BUT think about your own parents.). In fact, if you find an insurance policy - let me know !!). And 2. they would not drive whilst in the USA and thus would lose their "little" independence.

Good Luck.

Degten

On Wed, 02 Feb 2005 20:42:26 +0000, franc111s
<member34607@british_expats.com> wrote:

    >> My husband and I both born and raised in the UK are currently green
    >> card holders since Oct 2001. We love it here but life sometimes takes
    >> its twists and turns...
    >> I believe that in the event that we leave the country and give up
    >> residency to reside back in the UK (to look after elderly parents)
    >> that we would be liable for 30% witholding tax on all assets based in
    >> the US should we decide to leave the country after being permanent
    >> residents for over 8 years. But we have also heard that it is
    >> possible to get a waiver from witholding if we go back to our home
    >> country.
    >> 1. Has anyone in the britexpats forum had any experience of this? I
    >> guess if it is impossible we would look to become US citizens in a
    >> few
    >> years (we would also have US estate tax issues if we stay on so
    >> might
    >> be a good idea?). Do the assets have to travel back to the UK or
    >> can
    >> they be transported to an offshore account?
    >> 2. Anyone know a good tax specialist in NYC who deals with these
    >> complicated tax issues?
    >> 3. How easy is it to bring an aged parent over to the US once we
    >> become citizens? Anyone know the likely timeline?
    >> TIA
    >> Cheers, DeDe
    >Whow, lots of questions. COnsidering your situation and if you are good
    >wage earners I would invest in talking to Grant Thornton (UK side). They
    >are not that expensive and they looked after me for years. They have
    >access to some of the best international tax advisors in the world.
    >Milton Keynes is where my guys were based. they also now HOW to deal
    >with the UK tax man when they try to tax you as a UK resident (I didn't
    >want to be).
    >I then left all my US tax stuff with a local accountant. THis is
    >worked for me.
    >You do worry me when you say your are PR but are looking to move to the
    >UK. If you start to think you can avoid the US tax system then really
    >you are putting your GC in jeopardy. BCIS does not like GC card holders
    >to hold onto the GC if they cannot show their ties to the USA. i.e. if
    >you plan to leave the USA for more than 6 months you need to speak with
    >a good immigration attorney. If you are leaving for long enough to
    >consider entering into the UK tax system then I fear you could lose your
    >GC. Do remember, the US and UK have tax treaties so you won't be double
    >taxed. I can't see therefore why you would not be better off in the USA
    >tax system. The rates are lower and mortgage relief is 100% on interest
    >on upto "2" homes !!

If we leave the US to look after parents we know that we would be
giving up our hard won residencies. It would be a permanent move. We
would have to give up green cards or be subject to the witholding tax.
Leaving the US is still an unpalatable hypothetical for us (and maybe
having to start again via the whole H1 process) but needs to be
considered.
    >Assuming you are not planning on moving to the UK for very long then
    >once you become citizens (takes you about 6-9 months from N400 app
    >filing) then you can file for your parents. I can't confirm if there's
    >a 3 year wait for new citizens. I read that somewhere but that might
    >not apply to parents (sorry). In any case, once you can apply, it's
    >normally a matter of a few weeks/months. i.e. much faster than anything
    >else BCIS does.

wow. that surprises me. I thought it took forever.
    >Again, we thought about bringing one of our aged parents over since they
    >travel here so much. However, the pitfalls for us were 1. We couldn't
    >find anyone that would give us the essential health insurance (my mother-in-
    >law spent $30k when she had a stroke here. Since she had travel
    >insurance she was OK BUT think about your own parents.). In fact, if you
    >find an insurance policy - let me know !!). And 2. they would not drive
    >whilst in the USA and thus would lose their "little" independence.

mmm... folks have UK health insurance. Wonder if can be maintained
and used in the US??? also why couldn't they drive in the US? was it
insurance or comfort with driving on the other side of the road? we
have found it relatively easy to add new names to insurance policies
and internal driving license should work?
    >Good Luck.

Thanks DeDe

Alun

Degten <[email protected]> wrote in
news:1107444302.0b852446b780f70ba3c2b8271fd21f4c@t eranews:

    > On Wed, 02 Feb 2005 20:42:26 +0000, franc111s
    > <member34607@british_expats.com> wrote:
    >
    >>> My husband and I both born and raised in the UK are currently green
    >>> card holders since Oct 2001. We love it here but life sometimes
    >>> takes its twists and turns...
    >>> I believe that in the event that we leave the country and give up
    >>> residency to reside back in the UK (to look after elderly parents)
    >>> that we would be liable for 30% witholding tax on all assets based in
    >>> the US should we decide to leave the country after being permanent
    >>> residents for over 8 years. But we have also heard that it is
    >>> possible to get a waiver from witholding if we go back to our home
    >>> country.
    >>> 1. Has anyone in the britexpats forum had any experience of this? I
    >>> guess if it is impossible we would look to become US citizens in a
    >>> few years (we would also have US estate tax issues if we stay on
    >>> so might be a good idea?). Do the assets have to travel back to
    >>> the UK or can they be transported to an offshore account?
    >>> 2. Anyone know a good tax specialist in NYC who deals with these
    >>> complicated tax issues?
    >>> 3. How easy is it to bring an aged parent over to the US once we
    >>> become citizens? Anyone know the likely timeline?
    >>> TIA
    >>> Cheers, DeDe
    >>Whow, lots of questions. COnsidering your situation and if you are good
    >>wage earners I would invest in talking to Grant Thornton (UK side).
    >>They are not that expensive and they looked after me for years. They
    >>have access to some of the best international tax advisors in the
    >>world. Milton Keynes is where my guys were based. they also now HOW to
    >>deal with the UK tax man when they try to tax you as a UK resident (I
    >>didn't want to be).
    >>I then left all my US tax stuff with a local accountant. THis is
    >>worked for me.
    >>You do worry me when you say your are PR but are looking to move to the
    >>UK. If you start to think you can avoid the US tax system then really
    >>you are putting your GC in jeopardy. BCIS does not like GC card holders
    >>to hold onto the GC if they cannot show their ties to the USA. i.e. if
    >>you plan to leave the USA for more than 6 months you need to speak with
    >>a good immigration attorney. If you are leaving for long enough to
    >>consider entering into the UK tax system then I fear you could lose
    >>your GC. Do remember, the US and UK have tax treaties so you won't be
    >>double taxed. I can't see therefore why you would not be better off in
    >>the USA tax system. The rates are lower and mortgage relief is 100% on
    >>interest on upto "2" homes !!
    >
    > If we leave the US to look after parents we know that we would be
    > giving up our hard won residencies. It would be a permanent move. We
    > would have to give up green cards or be subject to the witholding tax.
    > Leaving the US is still an unpalatable hypothetical for us (and maybe
    > having to start again via the whole H1 process) but needs to be
    > considered.
    >>Assuming you are not planning on moving to the UK for very long then
    >>once you become citizens (takes you about 6-9 months from N400 app
    >>filing) then you can file for your parents. I can't confirm if there's
    >>a 3 year wait for new citizens. I read that somewhere but that might
    >>not apply to parents (sorry). In any case, once you can apply, it's
    >>normally a matter of a few weeks/months. i.e. much faster than anything
    >>else BCIS does.
    >
    > wow. that surprises me. I thought it took forever.
    >>Again, we thought about bringing one of our aged parents over since
    >>they travel here so much. However, the pitfalls for us were 1. We
    >>couldn't find anyone that would give us the essential health insurance
    >>(my mother-in- law spent $30k when she had a stroke here. Since she had
    >>travel insurance she was OK BUT think about your own parents.). In
    >>fact, if you find an insurance policy - let me know !!). And 2. they
    >>would not drive whilst in the USA and thus would lose their "little"
    >>independence.
    >
    > mmm... folks have UK health insurance. Wonder if can be maintained
    > and used in the US??? also why couldn't they drive in the US? was it
    > insurance or comfort with driving on the other side of the road? we
    > have found it relatively easy to add new names to insurance policies
    > and internal driving license should work?
    >>Good Luck.
    >
    > Thanks DeDe
    >
    >

If you have health insurance in the UK they will increase your premiums to
cover the US and Canada, as health costs are much higher, so the standard
rates specifically exclude those two countries. As for driving, they would
have to take driving tests.