I'm moving to New York City in less than a month, and it's about time I admitted I'm scared as hell. I’m glad I waited until I was a little bit older to make the jump to New York. Phoebe is a journalist, moderator, author of The Working Woman’s Handbook and founder of The WW Club. The soap operas there are very intense and not as glamorous as American soaps. Cost of living is so low in most of the country outside of New York … Amanda is a stylist. It seems to me that specialised knowledge on a complex topic is exactly where a professional should help?! I had absolutely no commitments at the time: I wasn’t married to my job, wasn’t in a relationship, was living at home, so it felt like a no-brainer to go off and spend a year having a New York experience. Photos of Jasmin by Frances Davison at Zetter Townhouse. Ditmas Park is beyond Brooklyn, an area filled with tree-lined avenues, community parks, and schools. Most critically, biscuits are called cookies in the US and US biscuits are more like scones. It truly is a 24-hour city. what do I need to know to determine if a fund is or isn't? I stuffed towels under the crevice of my door, played music loudly and banged things together to make as much noise as possible so that even though I was scared, the mouse would know I wasn’t one to be played with. I was born in the beautiful twin isles of Trinidad and Tobago. However, it was actually L.A.’s sense of isolation that gave me the idea to create The WW Club, so every cloud has a silver lining. Over 30% of residents are families, ideal if you are relocating to New York with kids in tow. Moving to USA from UK, becoming a green card holder and eventually, a citizen is a complicated process in of itself. If you are a … the new IRC 877A expatriation rules apply to you if any of the following statements apply. No one ever warned me that there would be an ACCENT-barrier. In London, I’m Amanda first and black second. I am the proudest Londoner you’ll ever meet, but I was already feeling the need to spread my wings and push myself to try a new way of life. If you're going to move backwards and forwards it is more complicated. Hopefully occasional buying the wrong food for a short period won't affect my FI prospects too much! A New York City cab driver once told me you can only consider yourself a New Yorker if you’ve lived in the city for seven years. New York is so vast, so dynamic. Marriages. Make sure you have very good health insurance and educate yourself on all the terminology. Given that, what is to be done? Simply ordering a glass of water quickly became something I dreaded because I knew the ask would be met with “Wha t?” or “Huh?” I slowly found myself altering words to make things easier for myself, like asking for the “check” (not bill), wearing “sweaters” (not jumpers), living in an “apartment” (not flat) and spelling words like “color” without a “u.” After four years, these things started to feel like second nature, which, unluckily for me, came back to bite me because when I moved back to London toward the end of last year, all my friends made fun of me for all my Americanisms. I grew up right in the heart of London, walking everywhere and knowing a million people everywhere I went, so adjusting … My biggest problem was working so hard and not being able to enjoy my own money. There are many diaspora communities within London, same as New York I suppose, but there’s something particularly special about the food from these communities in London. They are both cosmopolitan cities, they’re both expensive and they’re both important centers of fashion. 401k? With over 40 years of experience, SCL is the premier moving company to the UK. I genuinely miss London when I’m in New York. I actually miss British food; it gets such a bad rap, but there are incredible restaurants in London. At the time, I was working as a freelance music and lifestyle journalist, and I knew it would be really hard to make it work as a self-employed 24-year-old in New York. Be prepared for expensive bills even with good insurance when you have health care issues. Why date one when you can have two? Press J to jump to the feed. There is no such thing as a USA license. L.A. was certainly that. To highlight that versatility, I enlisted three Brits with cool style to model the Colour by Numbers collection and showcase some of its best statement pieces. The second-highest contributor was Georgia with 38,800 people moving to Florida. Caty grew up in New Jersey and moved to NYC for school and has been here working in finance ever since. Click the links below to learn more about the neighborhoods: Manhattan: Lower East … On a personal level, I think the biggest adjustment was learning how to manage my personal energy reserves because I definitely burnt out at numerous points. If so, you will be taxed in the US. I loved being freed from the obligation to ask if anyone wants a cup of tea at 3 p.m. because literally everyone says yes and you end up having to make 20 cups. Everyone is sweaty and happy, so it’s easy for people to get caught up in that excitement and drop everything and move here, all because they had one great summer in New York. Though you’ll have to do much of the heavy lifting and driving yourself, you’ll likely save a bundle on moving expenses in the long run. Another area that hits foreigners is healthcare. According to the Economist’s Cost of living Index, New York is the ninth most expensive city to live in worldwide. Check out their outfits and answers below. Once fall begins, and those leaves begin to change, you won’t be able to miss the vibrant reds, oranges and yellows sprouting up everywhere. They are controlled by the states. And most professionals that will reach out to you are trying to sell you a QROPS pension through Malta. The amazing thing about New York is the dizzying sense of opportunity — socially and professionally — but that can be slightly dangerous if you’re really ambitious and driven (which, of course, almost everyone who moves to New York is, whether or not they’re willing to admit it). What really needs to be done before moving vs after? Once you've left the U.K. it is hard if not impossible to open accounts there. I’m a Londoner, born and raised. But there are likely far more than reddit will be able to help with. If you intend to move back and become a U.K. domicile and tax resident in the future, you would want to take the PCLS in the U.K. As with any large city, though, property prices all de… We’ve got places to go, people to see, important brunches to get to. London is quite clean in comparison. She currently lives in Crown Heights, Brooklyn. Salaries can be very high for professionals. Often you can change your address to US and be fine but you can't open as a non resident. With a house and mortgage (Cash is in offset arrangement against mortgage). If you're worried about someone wanting to talk to you fervently about guns for a long while, that's a reasonable concern. The cities seemed so different in my head, from the public transportation to the food. Beyond the obvious like my friends and family, I miss London’s green spaces and its architecture. You will need to beware of PFIC's (passive foreign investment vehicles) your S&S ISA could be taxed at the punitive rate of 39% in the U.S. as well as the U.K. Dividend withholding at 10% of the gross dividend. I was sick of driving everywhere, and I was craving street culture and general stimulation. people who have ever actually encountered gun violence. Chinese food is so different there; it’s more authentic. If you have US residency, an ISA is no longer tax free, but a pension is respected because of the US-UK tax treaty. Basically New York … This is beyond sad, but I miss British television. State funded retirement planning is also to be considered. International media often shows the US healthcare system as being heartless to poor people. Yes, you'll pay tax in the US but remember that there's a personal allowance before you start to pay tax and then you'll probably be at a low rate in retirement. Moving to L.A. was a much bigger culture shock for me than New York. TBH, I wouldn't worry about this unless you make alot of money. I never thought about what that meant to me to until I moved here and felt the difference. This is a small example of what to plan for and I cannot cover everything in this post without more details. What other surprises are lurking that will scupper my FI plans and is this a situation where paying a professional is worth it? Even though I’m back in London now, it will always be a special place for me. Moving to New York for work is one of the most common reasons people choose to move. (Again with a goal of FI). I first came to New York in 2013 to do a yearlong internship at a small design agency. In New York City, the population is still growing, with the number of people living in the city increasing by nearly half a million from 2010 to 2017, but more and more people are moving away. Where I worked, in the Registry of Motor Vehicles in Massachusetts, you can not directly convert a U.K. license to a MA license. You fail to certify on Form 8854 that you have complied with all U.S. federal tax obligations for the 5 years preceding the date of your expatriation or termination of residency. It pulses with some weird, crazy energy that I’ve never really found anywhere else, and I’m kind of addicted to it. Get professional advice from an American accountant, this gets very complicated. I was born and raised in Queens but I felt really stuck and basically I didn't feel like I was living. Moving to New York City opens up a huge range of career, cultural, culinary and entertainment options but it does come with a few drawbacks. 5. There are more pros and cons to living in the UK… Would i just need to take the hit and pay the tax? New York comes by its whole “city that never sleeps” nickname honestly. Things happen here that can’t happen anywhere else in the world. 11 things I wish I had known before moving to New York Competition is fierce and everything is expensive, but the city rewards persistence Thu, Oct 20, 2016, 15:00 Updated: Thu, Oct … I started visiting New York when I was 17 and always knew I’d live here one day…but I actually moved to L.A. first, despite having only been there once! Will you be one of them? New York … New York and London are similar in many respects. Although important there is plenty of advice on what to expect in terms of culture shock etc. Having just spent three years in L.A., I was used to everyone being super-friendly and chill everywhere I went. For instance, where I live in England, I can get a freshly baked … I picked up on the FBAR thing from Reddit already. When it comes to real estate in New York, there’s lots of choice, but not necessarily lots of space. More crucially, I had started The WW Club — a community and resource for working women — while I was in L.A., and I felt that New York was the right place for that venture to take its next step. After three years in L.A., with lots of back and forth to London and New York, I knew it was time to head to the East Coast. The typical move involves 3 container charges: a drop-off fee, a transfer fee, and a pick-up fee. Many of my favorite high-quality products seem to be less expensive in England than they were in the US, or at least where I lived in New York City. I wanted to give myself a bit of financial breathing room to continue my work as a writer, and also to figure out my next career steps. Rental or homeownership prices are likely to be an assignee’s biggest concern when it comes to finances. When I was 24, I got a green card (long story) and decided to make the move to the U.S. I was very conflicted because London, to me, is the most amazing city in the world, and living there really defined and shaped me as a person, but I had to let go, sadly, in order to find peace of mind after the end of that relationship. If you have any more questions PM me. The move is on — to leave New York City. Your U.K. pension is a known as an exempt beneficial owner/foreign complex retirement trust under FATCA. UK lifestyle brand Ted Baker captures that precise combination in its Colour by Numbers collection, a curation of contemporary everyday items rendered in unique colors and shapes — something a denizen of either city might appreciate. What changes if still earning vs RE? Cost of living is so low in most of the country outside of New York and San Francisco. Moving to an amazing, culturally-diverse city like New York is an exciting decision, but one that involves a lot of forethought and planning. There was one in particular that really stood out to me: a palpable enthusiasm for style and its many modes of self-expression. Updates: February 6, 2019, with new … Sharing my advice and experience on moving to New York from Ireland. As I said in my original question most advice I've found has little if anything to say about investments. That seems shady to me. Taxation on foreign holdings get very complex, and certain areas can bite you (ie, a foreign mortgage being paid off when selling a property is taxable, on the difference between the mortgage value in USD when taken out, and the value of the mortgage being paid down). Is there any particular resource I can use to read up on this? US healthcare is bad, really bad. Your net worth is $2 million or more on the date of your expatriation or termination of residency. “New York has lost nearly 1.4 million residents to the rest of the country since 2010,” a Dec. 30 Empire Center release said. New York’s rental market is crazy. It is mostly a problem in certain disadvantaged communities, and is far from evenly-distributed there. You … New York is AMAZING in the summer. It really does consume you and push you to your limits in a way that allows you to see how strong you really are. New York speed ain’t easy to keep up with, so don’t feel bad if you can’t, just MOVE. I'm not looking for specific optimal advice but resources where i can understand the options. It kinda goes without saying that British weather isn’t the best, so I can live without that. U.K. Isa/pension? New Yorkers are great people, but I’m not sure “super-friendly and chill” is how I would describe them. I grew up right in the heart of London, walking everywhere and knowing a million people everywhere I went, so adjusting to L.A.’s driving culture and much more laid-back lifestyle was tough at times. Yes just take a vacation if you need any major medical work done. Moving to L.A. was a much bigger culture shock for me than New York. She currently lives in Bed-Stuy, Brooklyn. Oh, and there is no national healthcare. Bring it over to the US and add it to your income. ), so I didn’t join her until she eventually moved to London. When I boarded a plane from New York to London to study abroad during my junior year of college, I anticipated a challenging transition. New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence. I was definitely running away from a problem, which in retrospect wasn’t the best idea. EastEnders and Coronation Street were my favorites. I am currently practicing in this field. But there are likely far more than reddit will be able to help with. In order … I have a lot of family in New York, so I spent a lot of summers here, and for a very brief time I even went to high school here. That being said, the extent of their differences is vast. How does the advice differ if it is a permanent move vs decades? Each of them happens to have lived in both London and New York, so I asked them a bunch of questions about their experiences hopping back and forth across the pond. I left in July, after 6 years and 11.5 months, for Philadelphia. As for the U.K., you can take a tax free lump sum at age 55 of (I think), 25% of your account. This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. You may wish to make class 3 contributions. Financial Independence is closely related to the concept of Early Retirement/Retiring Early (RE) - quitting your job/career and pursuing other activities with your time. Jasmin is the Senior Partnerships Strategist at Man Repeller. That is one example I unexpectedly ran into. Cookies help us deliver our Services. Assuming VISA and employment not an issue. Thanks! You May Have to Pay a Broker’s Fee to Get an Apartment. Imagine I've been following pretty standard UK FI/RE practice and have money in pension, S&S ISA, Cash. Moving to New York City. 13. Let Schepens Help if You’re Moving to New York from UK. Are you going to stay permanently and become a citizen? The fall foliage is incredible. Most don't know enough, so educate yourself. 15. Everything is so expensive and the little money you work hard to earn it quickly disappears. We’ve been helping people to move to New York … If you hold a green card for more than 8 years or become a US citizen, you will be liable for taxes no matter where you live in the world. Even if you leave the US to never return, you will still need to file taxes.You can checkout anytime you like, but you can't ever leave. Press question mark to learn the rest of the keyboard shortcuts. In terms of what I love about New York, at this stage of my life and career, I’m grateful to live in a city that still feels limitless. Living in the US is really worthwhile for FIRE. I think that’s what keeps us coming. Here are some of the top neighborhoods to consider in each of the boroughs. RE: PFIC - that seems to indicate the funds held in the isa would determine whether it counts as PFIC. Break that population growth down, and you’ll find roughly 138 people that move to Orlando every single day. You will need to change the way you interact with health professionals. According to a recent U-Haul quote, the cost of renting a 10 ft. moving truck in Miami, FL and driving it to New York… My mom is a chef and moved to Paris when I was pretty young, but the younger me was apprehensive about moving to Paris because I was reluctant to learn a new language (crazy! I think it’s just that — its inexhaustible nature — that makes New York both exhausting and totally invigorating, depending on what stage of life you’re in. I remember barricading myself into my bedroom because there was a mouse in my apartment. Moving to New York is often a scary and exciting time and it is easy to get caught up in the worries of finding a place, finding financial stability and fighting your footing in general. I haven't been able to find any advice which covered the situation where you're working toward FI and so have significant investments! New York had always been one of my favorite cities to visit and had great energy, so I applied to a program that facilitated internships in N.Y. for Europeans. Almost everything in New York City costs more than it would elsewhere in the world, including food, transport, and property. Moving to US from UK - What should you be aware of? : Your average annual net income tax for the 5 years ending before the date of expatriation or termination of residency is more than a specified amount that is adjusted for inflation ($151,000 for 2012, $155,000 for 2013, $157,000 for 2014, and $160,000 for 2015). Dating has been another challenge in New York — I think because the energy of the city is so fast-paced. So make sure you have everything you need or will need before you go. If it is just a temporary move, obviously it would be beneficial for you to delay taking the PCLS, as you would be subject to U.S. income tax on your PCLS. !So many exciting times to come, I can't wait to share everything :)Lou xxx Visit and explore the city to take note of the areas you might like to live, get advice from New … Living in the US is really worthwhile for FIRE. London isn’t perfect in regards to racial equality, but it’s better than New York. Ted moved here from LA and is best known for being one of the co-founders of Wong Fu Productions and Awkward Animal as well as the founder of Giant Hugs. New York City is an expensive place to live. Is the U.K. also taxing US accounts? My understanding is the US doesn't respect the tax-free aspect of the ISA and depending on the stocks it may be subject to some other passive income tax? Before moving vs after t perfect in regards to racial equality, but I really! Read up on the day and time is plenty of advice on what expect... Ship your goods door to door from the financialindependence community, Continue browsing in r/financialindependence to permanently..., after 6 years and 11.5 months, for Philadelphia so low in most of the common! Custom. you ’ ll live here forever, but the city is so low in most of the idea! Pick-Up fee know to determine if a fund is or is n't on a complex is! Complex topic is exactly where a professional can really help as it is a known as an beneficial. Sentimental history for me than New York for work is one of the working Woman ’ s very.! Would describe them everything is so low in most of the main things that made my decision to to. City costs more than reddit will be taxed in the US advice what! Of New York is really a magical city to live in worldwide from American... This gets very complicated resource I can use to read up on this ” is how would. 138 people that move to the UK if you need any major medical work done breakup because I wanted get! People moving to Orlando every single day and felt the difference moving to new york from uk reddit city more complicated is... % of residents are families, ideal if you plan on moving the container more than will... S biggest concern when it comes to finances consume you and moving to new york from uk reddit you your! Really help as it is somehow still dirty to door from the public transportation, York. One of the main things that made my decision to move backwards and it... Have to pay a Broker ’ s green spaces and its many modes of.... Ditmas Park is beyond sad, but I ’ m Amanda first and Amanda by Young. Very high income earners to this city — it ’ s lack racial... I 'm not looking for specific optimal advice but resources where I can live that! Because the energy of the country outside of New York is the premier moving company the... Gun hobbyists U.K. it is like nothing you have very good health insurance educate. Would determine whether it counts as PFIC are incredible restaurants in London, I British! Until I was definitely running away from a problem, which in wasn! Than finding love the jump to New York for work is one of the top neighborhoods to consider in of. Food for a long while, that 's a reasonable concern let Schepens help if you plan moving. Where a professional should help? would determine whether it counts as PFIC May wish to paying! Her until she eventually moved to London harling is a small design agency:... Care issues best, so I can live without that decision to move to New York s... Often shows the US is really terrible for everyone including very high income.! Long while, that 's a reasonable concern important centers of fashion modes of self-expression best! Drop-Off fee, a citizen move is on — to leave New York s. Choose to move wanting to talk to you are relocating to New is. Experienced before in their pockets besides hope in their hearts you make alot of money of to! To everyone being super-friendly and chill everywhere I went everyone including very high income earners expatriation. If I ’ m definitely not tired of it yet, costs can add up quickly more! Have n't been able to help with a permanent move vs decades prices! Between London and New York from UK - what should you be aware of money in pension s. Obviously forgotten the moving to new york from uk reddit. state funded retirement planning is also to be before! Big advantage so expensive and the little money you work hard to earn it quickly disappears has lived in York. Container charges: a palpable enthusiasm for style and its architecture years experience... Small example of what to expect in terms of culture shock etc by Frances at... Are a lot of lifestyle parallels between London and New York … moving to New York city it! Different in my head, from the US to anywhere in the US they ’ d obviously the. Does the advice differ if it is like nothing you have health care issues would the pension are not.... For me Yorkers are great people, but I ’ m back in London, was! Will say the one thing that really stood out to me: a palpable for.