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Old 06-08-2020, 01:05 AM   #321
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Originally Posted by FIREd View Post
As someone who has gone through that process recently, I can say that it can get complicated in a hurry.
Like to share the details?
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Old 06-08-2020, 01:41 AM   #322
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Originally Posted by projectmaximus View Post
Yeah so this isn't the same as the US. US is citizenship-based not territorial so if you are a US citizen, no matter where you live, you are taxed on your worldwide income. (after the first $100k exclusion)
If you read what you quoted you will have seen I clearly said I was only referring to foreign nationals living in the US, nothing about US citizens.

As I also pointed out in another post, for a USC living abroad the first $100k of earned income is excluded. For a USC looking to retire abroad all income including all pensions is taxed by the US, an exception being US SS which is only taxed in the UK. The SS exception may or may not apply to other countries depending on the DTA between those countries. UK SS is fully taxed by the US for a USC living in the UK.
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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Old 06-08-2020, 03:22 AM   #323
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Originally Posted by bmcgonig View Post
Like to share the details?
I'm not gonna go into specifics. My situation was rather well suited for an expatriation situation. On the day I officially expatriated, I only had 2 kinds of assets: cash (in bank accounts) and my primary residence (which I had just purchased abroad). So the process was rather straight forward for me, even though I fell in the "covered expatriate" category. But adding retirement accounts, pensions, and annuities to the mix would have complicated things a lot more. For a bit of fun, take a look at IRS form 8854.

Before expatriation, my only retirement account was a Roth IRA. I had converted my 401K and traditional IRA to the Roth some years prior. In addition, I had been retired for some time and I was harvesting LTCGs to take full advantage of the 0% bracket each year, so I wasn't sitting on large CGs. Overall, it didn't cost me much to convert everything to cash.
46 years old, single, no kids. Exited the job market in 2010 (age 36). Have lived solely off my investments since 2015 (age 41). No pensions.
Current AA: real estate 65% / equities 10% / cash 25%; Current WR: 1.6%
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Old 06-08-2020, 09:04 AM   #324
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Originally Posted by Alan View Post
If you read what you quoted you will have seen I clearly said I was only referring to foreign nationals living in the US, nothing about US citizens.
Sorry, I got ya now!
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