Moving to the US

Written by Tor Flonaes

Our guide for those planning a move to the US is finally ready!

After receiving lots of positive feedback over the years for our ’39 Steps to Smart Living in the UK’, we are pleased to announce that we have finally released our ’39 Steps to Moving to the US’!

This essential guide (as we humbly call it), is the perfect starting point for those planning a move across the pond and aims to turn potential surprises into planning opportunities.  Whilst many know that the Internal Revenue Service (IRS) has a long reach, it is less known that the second you “land” (become a “lawful permanent resident” or meet the “substantial presence test”) in the US you are a US taxpayer on a global basis. This means that tax and financial planning before this happens is critical.

Here are some of the most common issues facing Brits moving to the US:

• Your ISA, Investment Bond and other structures are generally not tax efficient in the US – quite the opposite!
• Your non-US company structure may be tax inefficient (Entrepreneurs beware!).
• Non-US collective investments (funds/ETFs) can be subject to higher tax implications in the US.
• Tax reporting provided by UK platforms can be difficult to use for US tax filing (they cover different reporting periods and are generally in a different reporting currency). 

For anyone considering a move to the USA, we highly recommend our ’39 steps for Moving to the US’ and giving us a call before the move to arrive well prepared and ready to hit the ground running!

Important Information

This document is intended for the recipient only.  It may not be copied, forwarded or otherwise distributed, in whole or in part, to any other party. 

Use of information:
•    Nothing in this document constitutes investment, tax or any other type of advice and should not be construed as such.
•    This document is provided for information purposes only; is not intended to be relied upon as a forecast, research or investment advice; and does not constitute a recommendation, offer or solicitation to buy or sell any products or to adopt an investment strategy. 
•    The views expressed herein do not necessarily reflect the views of MASECO as a whole or any part thereof.

Risk Warnings:
•    All investments involve risk and may lose value.  The value of your investment can go down depending upon market conditions and you may not get back the original amount invested.
•    Your capital is always at risk.
•    Fluctuation in currency exchange rates may cause the value of an investment and/or a portfolio to go up or down.
•    Although the information is based on information which MASECO considers reliable, MASECO gives no assurance or guarantee that the information is accurate, current or complete and it should not be relied upon as such. 
•    The information on US immigration and US tax rules is based on our understanding of current immigration and tax law and practice which may be subject to change. Please note, MASECO does not provide legal or tax advice and you are recommended to consult with legal and tax advisers. 
•    MASECO LLP (trading as MASECO Private Wealth and MASECO Institutional) is established as a limited liability partnership in England and Wales (Companies House No. OC337650) and has its registered office at Burleigh House, 357 Strand, London WC2R 0HS. The partners are Mr J E Matthews and Mr J R D Sellon; Mr D R B Dorman, Mr H Q A Findlater, Mr T Flonaes, Mr N B Tissot, Ms A L Solana. Telephone calls may be recorded for your protection.

MASECO LLP is authorised and regulated by the Financial Conduct Authority for the conduct of investment business in the UK and is an Securities and Exchange Commission Registered Investment Advisor in the US.