freddie_freeloader

Hi All

I would be interested to know if any of you have decided to keep financial assets (besides property and/or a UK pension) in the UK once you have become long term residents of the US and have no plans to return? Obviously tax on such assets would be be paid in the US so there is that factor to consider, so just interested if you have found a reason to continue to hold these in the UK? If you do why have you chosen to continue to do this?

Best Wishes

Andy

civilservant

I(t would help to know (in terms of tax implications) what assets you are referring to that are not property. Bank accounts with sums of money in them? Other Retirement accounts? Gold Bullion?

Glasgow Girl

I had OEICs, Unit Trusts and Investment Trusts and wanted to keep them to retain some investments in GBP for diversity and also to avoid selling everything and having to reinvest in new US funds that were unfamiliar to me. I tried really hard to find a reason to keep them, but in the end the paperwork required to keep track of dividends, interest and sales, and the ridiculous taxation calculations and rates proved to be insurmountable. I liquidated everything and reinvested in US based funds but spread around worldwide markets so retaining currency diversity. I never looked back, the performance of the US funds have far exceeded my former UK funds. I can see no reason to retain foreign investments of any kind, other than shares held directly with an operating company, cash, or pensions up until you can/want to cash them in, and property. They are easy to manage so long as you are aware of capital gains taxes if you hold property for more than 3 years after you arrive here, and have a plan for what to do with your pension when you receive the proceeds. The US is not a friendly place to have foreign assets and as time goes by they are becoming even more unfriendly.