PJFox

Hello all,

I have been contemplating a possible move to the US for a while, and happened to mention this to my accountant the other day. His response struck me as a bit odd - and i wondered if indeed there is any truth in what he said.

He knows that i hold dual citizen already, and suggested that seeking a US residency would be looked upon unfavourably by US officials, as this in effect would be seen as a route to a third passport.

Is there any truth in this statement? It is such a big deal? i.e Would any possible E-2/EB-5 endeavour be hampered by the dual citizenship i have already?

Early 40's, business owner, divorced with one child. I know i have a lot of reading up to do on the entire process, and it may prove unfeasible the deeper i delve into it, but thought i'd ask the question anyway.

Thanks all, appreciate the advice.

Noorah101

If you are a dual US/UK citizen, there is nothing you need to do other than up and move to the USA. You don't need a visa.

No one cares how many passports you hold.

Rene

christmasoompa

Hotscot

One of the first things to consider, regarding the visa types is, do you want to become a permanent citizen and stay, or not? (Or not sure.)
E2 and EB-5 are different in that regard so it's worth reading up on them.

In any case it's an exciting thing to contemplate. Come back with questions if you wish.
Many of us are naturally curious and generally like to help. (Even if sometimes we seem a little terse.)

PJFox

Hi Rene,

No i'm not currently a US citizen. I inferred from my accountant's comments that holding multiple citizenships could hamper my efforts for residency and attract additional scrutiny from US officials. Glad to hear that's not the case then.

I have to say, there is an absolute wealth of info on here - it's going to be a long night!

Regarding "FBAR" reporting - i am o.k with reporting on bank accounts, however will it suffice to say if the account is lower or higher than 10K and that's it, or are they looking for exact figures to the pence?

Hotscot

This should help...
https://www.fincen.gov/reporting-maximum-account-value

And if you need some light reading... (If you're leaving substantial investments outside USA, a business concern for example.)
https://www.irs.gov/businesses/corpo...r-us-taxpayers

PJFox

Hello Hotscot - lots of information in those links to get me started, thank you.

I can see this won't be plain sailing after all - i have much to understand and contemplate with regard to my current setup and will most certainly need help.

Can you recommend anybody in the London area well versed with the process?

Rete

Only if one is from certain Middle Eastern countries.

Most of our members have not used an attorney and even fewer London based attorneys specializing in US immigration. You might want to check out some firm called Fragomen I believe the name is or do a search of this forum on the advance search function found on the blue bar above.

Hotscot

I don't know anyone in London, sorry. I do all my own finances.
I came here on an intracompany transfer but now run my own business.

Things may look overwhelming but they're not too bad.
If you're willing to share your thought/questions/issues as they come then you'll probably find the appropriate level of help on these forums.

The sort of questions that will come up are:
Do you want an immigrant visa or not?
Do you want to start a business or invest in one?
General budget?
Will you be leaving financial assets outside the US?
Have you thought about where you'd like to go and do?
That sort of thing...just imagine it as chatting in the pub.

And yes, depending on things it could indeed be plain sailing.
A lot of work of course but there might not be serious obstacles. It just depends.

PJFox

Yeah sure, no problem -

Immigrant visa and starting a business? - At this time i have no desire for citizenship as such, the intention would be to grow my business outward, and enjoy life in the US. I do travel a reasonable amount, and i understand i would have to be very careful accounting for my time spent in country - as per applies with the UK.

Budget - Healthy. EB-5 a possibility, but seems a very risky proposition; that compounded with poor regulation. Is that fair to say? Would you agree?

Leaving assets in the UK? I would prefer this very much. 'Liquifying' my business and everything else in the UK is most likely out of the question for me. Is that a deal breaker for most?

Where in the US? North east, within easy reach of NY, DC, Philly and Boston.

PJFox

BTW - I will follow up on the Fragomen lead and see where we go with that.

Thank you Rete.

Hotscot

Sounds quite a level headed approach.

An E2 might indeed be your best option, lesser investment, and if permanent residence is not an issue.
You have the possibility of converting from E2 to EB-5 later if needs be.

The reason I asked about assets in the UK is because yes, you probably have to report FBAR, and quite possibly FATCA as well.
Not a dealbreaker in the slightest but the IRS can be very intrusive regarding reporting assets.
Incidentally dealing with the IRS is not as scary as some make out. Yes, the paperwork can be horrendous at times but rarely is 'anyone out to get you' unless you're deliberately fraudulent.

Regarding taxes. Generally everybody pays the Federal rate on their income. Added to that are the State taxes, which vary widely. Some States have no tax on income.
That's probably too much info at the moment but it might influence where you set up a business.

Northeast has it's attractions. Esp NY/Boston, expensive though, and I must admit I'm enjoying the warm sunshine here in SoCal. (Far too hot at times though so I'm torn.)

Mind you use the search function for these forums. Many have asked about these visas over the years.

(Please note I am not an immigration professional..)

retzie

Does this 'growing outward' involve opening a US office, while the existing one continues? If so, you might be able to throw an L-1 visa into the mix as well.

MidAtlantic

Not a recommendation, and not in London, but this immigration lawyer has a good reputation: https://www.us-visa.co.uk/The-Firm/Steven-D-Heller

FBAR is minor in your scale of things, but you would have to report all accounts in which you have a financial interest where the combined maximum value is more than £10k.

Rete

You might be able to buy yourself a green card if you invest enough but US citizenship cannot be applied for in any case until you have had the green card for 4 years and 9 months.