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Researching relocation to Boston

Researching relocation to Boston

Old Jul 14th 2016, 3:37 pm
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Default Researching relocation to Boston

Hi,
Firstly, I've been having a good read of the various posts on this site, some really valuable information on here so thanks for all the rich content so far!

Our situation. I've been presented the opportunity to open up our US-office in Newton, Boston at the end of 2016. I work for a small UK startup company since Nov 2015.

We don't have a relocation package so I've been tasked with looking into what we need to cover both personal and from the company in order to move.

We are family with 3 young kids (2,4,6) my wife is keen to continue working where she can fit it around her busy life so would need some kind of work permit.

Topics I think I've narrowed my research down to as follows,

Realtor - Are they worth the money? how much do they cost? what do they do that I couldn't do myself with a bit of research and support from friends in Boston already?
Visas - I think L1 is where we would be going, will be using professional support to work this out in conjunction with opening up the US entity. I assume if I get an L1, then my wife receives something in proxy allowing her to work
Tax implications - will be taking professional advice on how to manage Tax form both sides of the channel.
Healthcare - Work will be providing health insurance. Does this cover it? Do I need to state anything in particular ie whole family or excess fees covered?
Rental property - we will probably head out before the move on a research trip, how likely is is that we could find and secure a rental over a 4-day period? Anything we'd need to consider? We can always fall back to an airbnb-type rental on moving over for a month if needed.
Schools/districts in Boston within 45 mins of Newton - any advice here would be great.
relocation package - plenty on here to cover that so I wont go into the details there.
Renting our UK property out - interested in any advice/comments here. Do you need to change your existing mortgage to reflect you'll be renting it out for instance? what tax implications are there?
Childcare - our 4yr old will need childcare/kindergarton as doesn't start school until 5. forgive me if I'm calling things by the wrong name! what's the standard approach here?
Timeline - we're coming out on a 2yr temp plan and can re-assess after that time period. Any experience here on moving out and then moving back after 2yrs vs moving out and staying out. What's the big considerations of either/both?
Cars - I will have 0 credit history so assume I'll need an international lease or something? is it just Audi/VW that are good with this or are there other options? is leasing rather than 2nd hand purchase the best option?

I'm building a big repository of research notes - would love to know if others have something similar I can read through or find online!

sorry for the long post but wanted to get as much out as possible in one post!
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Old Jul 14th 2016, 7:22 pm
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Default Re: Researching relocation to Boston

The Search feature is your friend!

Try following and adding to this thread rather than starting another one!
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Old Jul 14th 2016, 7:31 pm
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Default Re: Researching relocation to Boston

Originally Posted by nzd31155 View Post
Hi,
Firstly, I've been having a good read of the various posts on this site, some really valuable information on here so thanks for all the rich content so far!

Our situation. I've been presented the opportunity to open up our US-office in Newton, Boston at the end of 2016. I work for a small UK startup company since Nov 2015.

Newton is a great place to live.

[quote]Realtor - Are they worth the money? how much do they cost? what do they do that I couldn't do myself with a bit of research and support from friends in Boston already? [quote]


The seller usually pays the realtor fees and they run 3% of the purchase price


Visas - I think L1 is where we would be going, will be using professional support to work this out in conjunction with opening up the US entity. I assume if I get an L1, then my wife receives something in proxy allowing her to work

Yes. If you have professional help in this area ask them


Tax implications - will be taking professional advice on how to manage Tax form both sides of the channel.

Owning foreign assets and particularly foreign mutual funds are bad for US tax payers. You should make sure you remove any such investments from your portfolio......as a US resident you will be liable to tax on your worldwide income and you might also owe tax in the UK on UK sourced income. You can avoid double taxation with tax credits.




Healthcare - Work will be providing health insurance. Does this cover it? Do I need to state anything in particular ie whole family or excess fees covered?

There are many health insurance options.....the bigger premium you pay the lower the out of pocket costs before the insurance starts to pay. Take a look at the "Massachusetts Health Connector" and you will find the approved plans in MA. It will be expensive to get good coverage for you family so factor this into your expenses.


Rental property - we will probably head out before the move on a research trip, how likely is is that we could find and secure a rental over a 4-day period? Anything we'd need to consider? We can always fall back to an airbnb-type rental on moving over for a month if needed.

Rentals are expensive and limited in Boston. 4 days is not sensible......I'd plan on at least a month.


[quote]
Schools/districts in Boston within 45 mins of Newton - any advice here would be great. [quote]


Newton has a great school system. If you work in Newton, I'd live there and send your kids to School there too.


Renting our UK property out - interested in any advice/comments here. Do you need to change your existing mortgage to reflect you'll be renting it out for instance? what tax implications are there?

You will owe tax in the US and the UK on rental income.


Childcare - our 4yr old will need childcare/kindergarton as doesn't start school until 5. forgive me if I'm calling things by the wrong name! what's the standard approach here?

There are lots of preschools in MA....they are private and expensive.


Timeline - we're coming out on a 2yr temp plan and can re-assess after that time period. Any experience here on moving out and then moving back after 2yrs vs moving out and staying out. What's the big considerations of either/both?

You should ask this after 2 years.
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Old Jul 14th 2016, 7:50 pm
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Default Re: Researching relocation to Boston

Originally Posted by nzd31155 View Post
Hi,


Timeline - we're coming out on a 2yr temp plan and can re-assess after that time period. Any experience here on moving out and then moving back after 2yrs vs moving out and staying out. What's the big considerations of either/both?
post!
Personally, with a young family, I would not contemplate moving just for 2 years. The expense, time, effort of moving out and then back again would not be worth it:

- expenses of moving to US - shipping of household items, air tickets for family, temporary accommodation, temporary rental of cars.

- expenses of moving back to UK - same as above

- cost of renting of property in the UK; or selling of property in UK only to have to find new property when moving back

- buying a property in the US for only two years will mean expenses for both buying and selling - yes, you need a realtor unless you are REALLY good at buying and selling realty (especially in the US).

Note that although your company will be 'providing' health insurance that does not mean that YOU won't have expenses. Monthly premiums for one ( I don't know of any company that pays for their employees premiums) and out of pocket expenses based on what the plan pays.
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Old Jul 14th 2016, 9:25 pm
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Default Re: Researching relocation to Boston

Originally Posted by nzd31155 View Post
Visas - I think L1 is where we would be going, will be using professional support to work this out in conjunction with opening up the US entity. I assume if I get an L1, then my wife receives something in proxy allowing her to work:
No, not at all. No visa by Proxy for L1/H1/F1/J1.
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Old Jul 14th 2016, 9:52 pm
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Default Re: Researching relocation to Boston

Newton, is lovely. Not cheap...but with kids, has good schools. Seem's quite a lot of the Brits send their kids to the Brit school in JP if they're only hanging around a couple of years, that's also not cheap.

Realtor, for buying or renting? In the Boston area, you'll be on the hook for the finders fee and it can be anything from 1-3 months worth of rent if you're renting.

Easy to secure a place. You just hand over a wedge of cash, usually first, last, plus a month or 3 worth of rent as a deposit. As you have no credit history, you might want to offer more, you might not need it. You'll inevitably need to pay for a credit check, which would run $20-60 an adult and it's money down the drain. In theory, you can use one check in the same application if applying within 3 days of each other, but don't bother being cheap because it's just a money grab and you'll just not be offered the place in most likelyhood. Now, is a good time before school starts, when things really dry up, but you're cutting things fine as nice places and houses, tend to go quick.

Childcare, pre-school will depend on the town but it's usually around $3-5K a year if you can get into a school program, usually half day. Private place, closer to Boston could be $1600 a month for partial week care, could be half of that if you go further out. Waiting lists can be hard to make in Boston, won't be a problem further out.

Chuck a pin at Sudbury and work your way in-bound for towns. Natick, Wayland, Wellesley, Weston. All a direct route, all nice towns, all very different vibes, so really depends on what you're looking for and budget you plan on spending.

As for the visa. You getting L1, means the missus would get a L2 and would have to apply for a EAD to be allowed to work. There is a cost involved and it expires after a year or two. It is something you should ask the company to pick the tab for. Also can take 90 days to get once you apply for it.
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