I want to move to England!
#1
Original Poster
Joined: Jul 2003
Posts: 213
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I want to move to England!
i have been to the UK on holiday every year for the past 10 years, and I'm beginning to think that i'd like to liver there. Does anyone know of a website that posts the requirements for a U.S. citizen to retire to the UK?
Thanks!
Thanks!
#2
Joined: Jan 2003
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#4
Joined: Feb 2003
Posts: 7,689
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I am not sure that the UK would be the best place to retire in terms of living on a fixed retirement income. The tax rates are high, over 40% for incomes above US$40,000 or so, and about 23% on income below that. In addition, as US citizen you will still be required to pay federal income tax on your income. The UK is also fairly expensive in terms of housing, and unless you want to pay for private health care, which is expensive, you will be in the National Health Service scheme, which many people in the UK think is substandard care.
Many UK citizens retire to Spain or other less expensive European countries.
Many UK citizens retire to Spain or other less expensive European countries.
#5
Joined: Jan 2003
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The link to relevant Home Office website is http://www.ind.homeoffice.gov.uk/default.asp?PageId=989
as a 'Retired Person of Independent Means'. Appendices G and H provide further details.
Basically, you need to prove net disposable income of no less than £25,000 a year (around $40,000) and a close connection with UK, for example, previous residence, long-term property ownership, long service with UK companies and close relative resident in UK. Also you need to show you intend to make UK your main home.
You have to apply for the relevant visa (entry clearance) before arrival.
as a 'Retired Person of Independent Means'. Appendices G and H provide further details.
Basically, you need to prove net disposable income of no less than £25,000 a year (around $40,000) and a close connection with UK, for example, previous residence, long-term property ownership, long service with UK companies and close relative resident in UK. Also you need to show you intend to make UK your main home.
You have to apply for the relevant visa (entry clearance) before arrival.
#6
Guest
Posts: n/a
I must jump in here. The NHS has its faults but it is certainly not substandard care. I and my family have received excellent medical care over the years.
I personally would avoid private care although I could afford it. The average NHS hospital is far better equipped and staffed than many private clinics.
I have many elderly friends in the US and health care is a great worry to them.
I personally would avoid private care although I could afford it. The average NHS hospital is far better equipped and staffed than many private clinics.
I have many elderly friends in the US and health care is a great worry to them.
#7
Joined: Apr 2003
Posts: 17,268
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You're very unlikely to pay US income tax "in addition" to UK tax.
It's true that the US, unlike almost any other country in the world, reserves the right to tax its citizens who live abroad. And, possibly more onerously (see below) requires its overseas citizens to keep its bureaucrats in jobs by filling in tax returns.
But in practice, the tax you pay in the UK is more or less netted off. Most often, you'll have paid the UK more tax than you "owe" the US, so you'll have no net obligation to the US.
Don't over-estimate the cost of living here. Expensive housing is generally a very safe way of saving against a rainier day later in life, you don't have the cost of medical insurance to worry about, and local taxes are a great deal lower here than in the US
The sad truth though is that very few countries are interested in attracting retirees. Governments' concern is strongest in countries like the UK or Australia with a substantial social security and public heath service net.
Inevitably, people make the heaviest demands on public medicine in the last years of their life, and governments are generally prepared to accept as retirees only people with relatives already in the country, or able to bring a decent income with them.
An alternative to retiring to the UK might be to bring your business over here (see IND site for importing a business).
It's true that the US, unlike almost any other country in the world, reserves the right to tax its citizens who live abroad. And, possibly more onerously (see below) requires its overseas citizens to keep its bureaucrats in jobs by filling in tax returns.
But in practice, the tax you pay in the UK is more or less netted off. Most often, you'll have paid the UK more tax than you "owe" the US, so you'll have no net obligation to the US.
Don't over-estimate the cost of living here. Expensive housing is generally a very safe way of saving against a rainier day later in life, you don't have the cost of medical insurance to worry about, and local taxes are a great deal lower here than in the US
The sad truth though is that very few countries are interested in attracting retirees. Governments' concern is strongest in countries like the UK or Australia with a substantial social security and public heath service net.
Inevitably, people make the heaviest demands on public medicine in the last years of their life, and governments are generally prepared to accept as retirees only people with relatives already in the country, or able to bring a decent income with them.
An alternative to retiring to the UK might be to bring your business over here (see IND site for importing a business).




