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Moving Financially

Moving Financially

Old Oct 8th 2019, 11:22 am
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Default Moving Financially

Hi everyone!

I've just heard some good news regarding my application and things are beginning to progress finally. As a result I'm putting more attention into the logistics of the actual move. It would be really helpful to speak to a financial adviser regarding bringing my savings with me, but I'm not sure how to go about finding an appropriate professional who can assist me with it. Are there financial advisers out there that specialise in this sort of thing? Can anyone offer me a lead for this? Any advice regarding american banks would also be appreciated.
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Old Oct 8th 2019, 2:10 pm
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Default Re: Moving Financially

For others reading, the OP is getting a K-1 fiance visa.

Rene
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Old Oct 8th 2019, 5:24 pm
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Default Re: Moving Financially

Is investments or the actual process of moving the money, the later is pretty easy.
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Old Oct 8th 2019, 6:37 pm
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Default Re: Moving Financially

What Boiler said, if it's just funds you're referring to then that's pretty easy.

Investments etc? You'd probably be better off speaking to your broker.
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Old Oct 8th 2019, 7:04 pm
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Default Re: Moving Financially

If your savings are invested in Unit Trusts, OEICs or Investment Trusts sell them BEFORE you move. It does not matter how bad the exchange rate is or whether your funds are up or down. You will will be significantly better off selling, transferring the cash over and reinvesting in US based mutual funds. The taxation on these type of UK investments (identified as PFICs by the IRS) is punitive, complex and involves endless paperwork. Google PFIC taxation and you will get the picture. As others have said it is easy to transfer cash.

If you need help with making US based investments there are numerous financial companies with web sites that provide excellent research tools. Charles Schwab, Kiplinger, TD Ameritrade and Fidelity are some that come to mind but there are many more out there.

Last edited by Glasgow Girl; Oct 8th 2019 at 7:10 pm.
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Old Oct 8th 2019, 8:08 pm
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Default Re: Moving Financially

Originally Posted by Glasgow Girl View Post
If your savings are invested in Unit Trusts, OEICs or Investment Trusts sell them BEFORE you move. It does not matter how bad the exchange rate is or whether your funds are up or down. You will will be significantly better off selling, transferring the cash over and reinvesting in US based mutual funds. The taxation on these type of UK investments (identified as PFICs by the IRS) is punitive, complex and involves endless paperwork. Google PFIC taxation and you will get the picture. As others have said it is easy to transfer cash.

If you need help with making US based investments there are numerous financial companies with web sites that provide excellent research tools. Charles Schwab, Kiplinger, TD Ameritrade and Fidelity are some that come to mind but there are many more out there.
Excellent advice.

I would recommend investing in ETF’s rather than Mutual Funds. They are very similar to Mutual Funds but if you ever go back to the UK they are likely to be recognized by HMRC and not treated as PFIC’s for tax purposes.
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