Money, Money, Money!
May 16th 2002, 12:46 am
#1
Forum Regular
Thread Starter
Joined: May 2002
Posts: 112
Money, Money, Money!
No, I aint giving any away!!! Just a general immigration question...
might sound silly but...
I have a bank account, savings accounts and shares in the UK. All going well, when I do get a K1 visa, and fly to the USA to get married... can I still keep all my assets in the UK or would I have to close accounts, sell shares, etc, as I will no longer have a permanent address in the UK?
I mean, is it possible to be a US Permanant Resident and still maintain accounts, shares etc in ur name in the UK (or whatever is your country of origin?)
might sound silly but...
I have a bank account, savings accounts and shares in the UK. All going well, when I do get a K1 visa, and fly to the USA to get married... can I still keep all my assets in the UK or would I have to close accounts, sell shares, etc, as I will no longer have a permanent address in the UK?
I mean, is it possible to be a US Permanant Resident and still maintain accounts, shares etc in ur name in the UK (or whatever is your country of origin?)
May 16th 2002, 12:56 am
#2
Concierge
Joined: Apr 2001
Posts: 46,383
Re: Money, Money, Money!
Of course you can. You are still a British citizen. But check with an account as to the tax implications of your money remaining in England and earning interest.
May 16th 2002, 5:20 am
#3
Guest
Posts: n/a
Re: Money, Money, Money!
Hi Karib,
It's really down to the financial institution concerned. I had accounts with two
banks. One insisted that I had to close my accounts because I was no longer a UK
resident. The other said that as I am a UK citizen I can keep the account and
operate it over the internet from wherever I happen to be. The same bank let me
keep my UK Visa card too but with a US billing address. Saved a lot of hassle with
credit ratings.
Bottom line is that you need to ask your bank etc what their policy is.
Be aware that the American banks are a bunch of money grabbing sharks compared to the
UK banks. They will charge you for everything possible and give you no interest on
any account where possible. I get more interest on my UK current account than I would
in a so called high interest savings account with Bank of America.
HTH
Denis
"Karib" <[email protected]> wrote in message
news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
It's really down to the financial institution concerned. I had accounts with two
banks. One insisted that I had to close my accounts because I was no longer a UK
resident. The other said that as I am a UK citizen I can keep the account and
operate it over the internet from wherever I happen to be. The same bank let me
keep my UK Visa card too but with a US billing address. Saved a lot of hassle with
credit ratings.
Bottom line is that you need to ask your bank etc what their policy is.
Be aware that the American banks are a bunch of money grabbing sharks compared to the
UK banks. They will charge you for everything possible and give you no interest on
any account where possible. I get more interest on my UK current account than I would
in a so called high interest savings account with Bank of America.
HTH
Denis
"Karib" <[email protected]> wrote in message
news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
May 16th 2002, 6:21 am
#4
Guest
Posts: n/a
Re: Money, Money, Money!
My husband had two checking accounts, a bank card, an RSP account and two loans when
he entered the US - we are down to one account and one loan now, because of the
house he still owns there. We have had to file taxes in Canada as well though. Take
Care. Shelley
"Karib" <[email protected]> wrote in message
news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
he entered the US - we are down to one account and one loan now, because of the
house he still owns there. We have had to file taxes in Canada as well though. Take
Care. Shelley
"Karib" <[email protected]> wrote in message
news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
May 16th 2002, 11:54 am
#5
BE Enthusiast
Joined: Mar 2001
Posts: 717
Re: Money, Money, Money!
No problem having accounts in the UK.
You might want to check *before you leave* that you have the best possible deals on those accounts though. For example, getting interest paid gross - you can only make the change to your account while you are in the UK, as I have learned.
You probably want to have internet access to your accounts, so if this is not the case now, you may want to open new accounts *before you leave*.
Depending on how much money you are talking about, it may be worthwhile transferring your account to something offshore, then you won't have to deal with taxes in the UK - just the US. The big four high street banks all have a presence off-shore, so it wouldn't be hard to transfer your accounts.
You might want to check *before you leave* that you have the best possible deals on those accounts though. For example, getting interest paid gross - you can only make the change to your account while you are in the UK, as I have learned.
You probably want to have internet access to your accounts, so if this is not the case now, you may want to open new accounts *before you leave*.
Depending on how much money you are talking about, it may be worthwhile transferring your account to something offshore, then you won't have to deal with taxes in the UK - just the US. The big four high street banks all have a presence off-shore, so it wouldn't be hard to transfer your accounts.
May 16th 2002, 12:20 pm
#6
Guest
Posts: n/a
Re: Money, Money, Money!
Just to add to what Denis said, many building socities will allow you to keep
accounts and you can fill in a form to say you are not subject to UK tax and they
won't deduct tax from the interest at source.
About the credit cards - it can be handy shortterm if a UK credit card company will
allow you to use your US address but then you aren't building up credit in the US
which is an absolute necessity these days!
Andy.
--
I'm not really here - it's just your warped imagination. "Karib"
<[email protected]> wrote in message news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
accounts and you can fill in a form to say you are not subject to UK tax and they
won't deduct tax from the interest at source.
About the credit cards - it can be handy shortterm if a UK credit card company will
allow you to use your US address but then you aren't building up credit in the US
which is an absolute necessity these days!
Andy.
--
I'm not really here - it's just your warped imagination. "Karib"
<[email protected]> wrote in message news:[email protected]...
> No, I aint giving any away!!! Just a general immigration question... might sound
> silly but...
>
> I have a bank account, savings accounts and shares in the UK. All going well, when
> I do get a K1 visa, and fly to the USA to get married... can I still keep all my
> assets in the UK or would I have to close accounts, sell shares, etc, as I will no
> longer have a permanent address in the UK?
>
> I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> shares etc in ur name in the UK (or whatever is your country of origin?)
>
>
>
> --
> Posted via http://britishexpats.com
May 16th 2002, 4:20 pm
#7
Guest
Posts: n/a
Re: Money, Money, Money!
Very good point about credit in the USA Andy, I'm currently negotiating to transfer
my UK Visa to Bank of America. They seem much more amenable to transferring the
balance from an existing Visa account to a new Visa account with them than they do to
just opening a new Visa account.
Denis
"Andy Platt" <[email protected]> wrote in message
news:[email protected]...
> Just to add to what Denis said, many building socities will allow you to keep
> accounts and you can fill in a form to say you are not subject to UK tax and they
> won't deduct tax from the interest at source.
>
> About the credit cards - it can be handy shortterm if a UK credit card company will
> allow you to use your US address but then you aren't building up credit in the US
> which is an absolute necessity these days!
>
> Andy.
>
> --
> I'm not really here - it's just your warped imagination. "Karib"
> <[email protected]> wrote in message news:[email protected]...
> > No, I aint giving any away!!! Just a general immigration question... might sound
> > silly but...
> >
> > I have a bank account, savings accounts and shares in the UK. All going well,
> > when I do get a K1 visa, and fly to the USA to get married... can I still keep
> > all my assets in the UK or would I have to close accounts, sell shares, etc, as I
> > will no longer have a permanent address in the UK?
> >
> > I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> > shares etc in ur name in the UK (or whatever is your country of origin?)
> >
> >
> >
> > --
> > Posted via http://britishexpats.com
my UK Visa to Bank of America. They seem much more amenable to transferring the
balance from an existing Visa account to a new Visa account with them than they do to
just opening a new Visa account.
Denis
"Andy Platt" <[email protected]> wrote in message
news:[email protected]...
> Just to add to what Denis said, many building socities will allow you to keep
> accounts and you can fill in a form to say you are not subject to UK tax and they
> won't deduct tax from the interest at source.
>
> About the credit cards - it can be handy shortterm if a UK credit card company will
> allow you to use your US address but then you aren't building up credit in the US
> which is an absolute necessity these days!
>
> Andy.
>
> --
> I'm not really here - it's just your warped imagination. "Karib"
> <[email protected]> wrote in message news:[email protected]...
> > No, I aint giving any away!!! Just a general immigration question... might sound
> > silly but...
> >
> > I have a bank account, savings accounts and shares in the UK. All going well,
> > when I do get a K1 visa, and fly to the USA to get married... can I still keep
> > all my assets in the UK or would I have to close accounts, sell shares, etc, as I
> > will no longer have a permanent address in the UK?
> >
> > I mean, is it possible to be a US Permanant Resident and still maintain accounts,
> > shares etc in ur name in the UK (or whatever is your country of origin?)
> >
> >
> >
> > --
> > Posted via http://britishexpats.com
