prdurrant

Hi Guys,

I have moved to the US and in the process of getting my GC (via marriage). I have a number of investments in the UK; a Cash ISA, Stocks and Shares ISA, savings accounts and a property.

Having just done my first US tax return, it is clear to me that I am not investing well and am paying tax in the US on my UK tax free investments. I was wondering if anyone has been in this situation and could advise on:

1. Which UK investments are the best to keep
2. What I should be investing in in the USA (pensions, savings, property etc)
3. If anyone can recommend a financial advisor who will know how best to leverage my portfolio of investments

We are in the process of buying a place here and we want to try to work out the best things to do in terms of joint finances.

Any help would be greatly appreciated.

PD

ian-mstm

This will depend on your long-term goal. If you intend to remain in the US, the easiest thing would be to move your investments out of the UK. Leave only the ones that can't be cashed out or moved.

Ian

prdurrant

Although it is difficult to completely predict the future. Our intention is to stay in the US and raise a family here

nun

If you are a US resident it's not a good idea to have any UK investments. That's a pretty broad statement, but I've found it to be true.

If you have on going UK bills to pay I can see a need for a UK bank account and if you have old UK pensions it's probably best to keep those and deal with the US tax consequences, other than that I would not hold any UK investments.

You mentioned a stocks and shares ISA. That is the UK investment that most concerns me wrt US taxation. Did you file the required 3520 foreign trust forms and PFIC forms? If necessary did you also do FBAR and FATCA forms?

As for US investments I'd contribute to any US employer sponsored plan like a 401k, 403b etc. Try to contribute to a ROTH and if you have anything left over to invest put it into index mutual funds with a low cost firm like Fidelity or Vanguard