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Topic: Accidental American In London  (Read 3698 times)

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Accidental American In London
« on: September 24, 2022, 02:59:22 PM »
Hi Everyone, I grew up in the UK but was born in NY - really on here to help my understanding of investing while being a USA/UK citizen living in the UK.

I have started doing a training course for Product Managers. Part of which involves having to solve a real world problem  :o so would love to chat to anyone about their experience investing while being in the UK
Product Manager working on trying to help fellow UK based Americans in his free time - watch this space https://indexusa.softr.app/ [nofollow]


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Re: Accidental American In London
« Reply #1 on: September 24, 2022, 03:30:48 PM »
Welcome to the site :)

First question to ask is if you have ever filed a US tax return because US Citizens are required to pay taxes on their worldwide income no matter where in the world they reside.

https://csglobalpartners.com/news/what-is-citizenship-based-taxation/

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However, there are two nations that still have a lifelong tax placed on citizens despite where they reside: Eritrea and the United States.

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Despite the United States being the world’s largest economy, this unusual and demanding citizenship tax system has remained in place for over a century with no likelihood that it will be abolished any time soon. This has been one of the leading causes for Americans renouncing citizenship, a process that has seen a record number of individuals giving up their nationality last year.


One of the burdens of this is that pooled investments (such as the UK equivalent of mutual funds) are taxed punitively  as PFICs by the IRS. Consequently to invest in stocks and bonds in the UK outside of a pension plan USCs should restrict themselves to individual stocks and bonds.
Dual USC/UKC living in the UK since May 2016


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Re: Accidental American In London
« Reply #2 on: September 24, 2022, 08:35:47 PM »
Can we be nosey and ask your age?  Your anonymous here!


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Re: Accidental American In London
« Reply #3 on: September 27, 2022, 02:12:48 PM »
Yes, I have ran into the PIFC  issue a couple of year back when i first found out i needed to file as I had a JISA set up from when i was under 18 that had become a regular ISA and was mainly invested in index funds.
Product Manager working on trying to help fellow UK based Americans in his free time - watch this space https://indexusa.softr.app/ [nofollow]


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Re: Accidental American In London
« Reply #4 on: September 27, 2022, 02:40:49 PM »
Yes, I have ran into the PIFC  issue a couple of year back when i first found out i needed to file as I had a JISA set up from when i was under 18 that had become a regular ISA and was mainly invested in index funds.

Ah, okay, so you are more experienced and down the road. 

I'm married, so I have ALL my investment eggs in my husband's basket.  My name is really on bricks and mortar investments.


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Re: Accidental American In London
« Reply #5 on: September 27, 2022, 02:43:56 PM »
Ah, okay, so you are more experienced and down the road. 

I'm married, so I have ALL my investment eggs in my husband's basket.  My name is really on bricks and mortar investments.

Ahh ok was that just because it is easier to do with them being a full brit? I hate having to mess around with individual stocks
Product Manager working on trying to help fellow UK based Americans in his free time - watch this space https://indexusa.softr.app/ [nofollow]


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Re: Accidental American In London
« Reply #6 on: September 27, 2022, 02:58:14 PM »
Ahh ok was that just because it is easier to do with them being a full brit? I hate having to mess around with individual stocks

Precisely.  He stays out of the US tax system, but I'm wholly in his basket. 


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Re: Accidental American In London
« Reply #7 on: March 21, 2023, 11:41:41 AM »
I was born, raised, and educated in Brooklyn. I ended up in the UK through marriage to my English wife who I met while in the USAF here. This was waaaay back in '69 so that makes me a dinosuaur.  In those early days I really struggled to integrate into the UK community (hence my "Square Pin" handle.) I had received no mentoring.  I was young, free, single, and insulated without a clue about UK realities while on base.  My story here is a long one I won't burden anyone with. I've witnessed huge changes in the UK over many years. Man oh man, I sure could have used a forum like this in my early past!

My oldest son lives on the edge of Brighton and works from home as an employee of an American company in Seattle.  He is their chief creative artistic designer.  Unfortunately for him he has UK/US nationality---I'm guilty for that---and is stuck with US tax returns.
« Last Edit: March 21, 2023, 11:53:31 AM by Square Pin »


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Re: Accidental American In London
« Reply #8 on: March 21, 2023, 08:19:18 PM »
I was born, raised, and educated in Brooklyn. I ended up in the UK through marriage to my English wife who I met while in the USAF here. This was waaaay back in '69 so that makes me a dinosuaur.  In those early days I really struggled to integrate into the UK community (hence my "Square Pin" handle.) I had received no mentoring.  I was young, free, single, and insulated without a clue about UK realities while on base.  My story here is a long one I won't burden anyone with. I've witnessed huge changes in the UK over many years. Man oh man, I sure could have used a forum like this in my early past!

My oldest son lives on the edge of Brighton and works from home as an employee of an American company in Seattle.  He is their chief creative artistic designer.  Unfortunately for him he has UK/US nationality---I'm guilty for that---and is stuck with US tax returns.
  How many times a day do you get asked "Where are you from?"  Does it still happen after 40 + years? 


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Re: Accidental American In London
« Reply #9 on: March 21, 2023, 11:18:23 PM »
I just accept that question as out of their natural curiosity---despite it's reoccurrence.  What I truly DO find annoying is continually being treated as though I come from another planet.  I put that down to the backwardness of Norfolk County people, or perhaps just a plain old dislike of Americans in this area owing to the high concentration of us on three local USAF bases.  You may think our presense here since WW2 would have by now allowed us to be accepted but such isn't the case.  Jeremey Clarkson coined the phrase "It's normal for Norfolk" and it is soooo true.

I've been an "Accidental American In Norfolk" for many years.I reluctantly gave up a job I loved in NYC for my first English wife who could not cope with the city. We settled here in '71 when the UK was experiencing great internal turmoil---deja vu---and she walked out on me and my son after 12 years of marriage!---there's grattitude! Perhaps she did me a favor dragging me here because I for certain do not like or agree with what I see has happened to Uncle Sam.
« Last Edit: March 22, 2023, 11:08:59 AM by Square Pin »


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Re: Accidental American In London
« Reply #10 on: March 24, 2023, 08:24:53 AM »
I just accept that question as out of their natural curiosity---despite it's reoccurrence.  What I truly DO find annoying is continually being treated as though I come from another planet.  I put that down to the backwardness of Norfolk County people, or perhaps just a plain old dislike of Americans in this area owing to the high concentration of us on three local USAF bases.  You may think our presense here since WW2 would have by now allowed us to be accepted but such isn't the case.  Jeremey Clarkson coined the phrase "It's normal for Norfolk" and it is soooo true.

I've been an "Accidental American In Norfolk" for many years.I reluctantly gave up a job I loved in NYC for my first English wife who could not cope with the city. We settled here in '71 when the UK was experiencing great internal turmoil---deja vu---and she walked out on me and my son after 12 years of marriage!---there's grattitude! Perhaps she did me a favor dragging me here because I for certain do not like or agree with what I see has happened to Uncle Sam.
   Don't get me wrong, I actually like that question and enjoy talking to people who are curious. 

I'm also not sorry to have missed all the changes to the states over the years. 


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Re: Accidental American In London
« Reply #11 on: March 24, 2023, 10:28:32 AM »
jimbocz:

It is said "when America sneezes-------------"  The changes witnessed there have been chewing away at the core here for some time and are reaching a fulcrum point around which the ordinary guy in the street is starting to say enough is enough (ref: )

Maybe the "British reserve" is holding down a UK wide outcry like what is currently happening in France & Jeruselam  with governments FORCING through undemocratic legislation.  Worse is yet to come over here!
« Last Edit: March 24, 2023, 01:53:25 PM by Square Pin »


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