ISA savings

[GazLisa 1,168]

Has anybody here recently moved to USA who had ISA savings in a Uk bank,how do you go about transferring money etc.is if allowed to keep your Uk bank account active and transfer money online to a USA account,planning for the future after my visa interview 😁

[Wuozopo 4,293]

If you keep a foreign financial account while living in the US, you have to remember to file a disclosure report of it to the US Treasury each year that balance exceeds $10k. It's online and easy. It used to be due in June but  this year moved to April for reporting 2016.  If you earn interest/dividends on your foreign account, the earnings for the year are reportable on your tax return as income. The whole balance is not taxed, nor is there any US tax obligation if you transfer the money to the US, except for yearly interest you may earn. I use Transferwise to move money from the UK.

[lost_at_sea 995]

I still have an ISA from before I moved in the UK. I just left it there, and we take a bit out of it now and then when we go to the UK to save on conversion fees / emergency money when abroad.  If you want to leave it there, as Wuozopo says, you just need to declare it every year if it's above a certain amount in value.

 

It's called FBAR: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

It used to be higher than 10k, but I see the number has been reduced. Annoying.

[GazLisa 1,168]

@Wuozopo @lost_at_sea thanks for your help