I've been searching various expat forums but can't really find what I'm looking for, so I thought I'd try here.
Background:
Suppose now, as a world traveler, that I do not return to the US for the next three years -- or at most for 30 days each year. Instead, when I need to "perch" somewhere, I perch in the UK for, say, a month or two at a time in a short term let, exploring different regions. And I would travel the world on my UK passport rather than my US passport.
QUESTION 1: in order to be shed of my dreadful ACA health insurance plan and to get better health insurance as an expat, would I have to make some sort of formal declaration that I was residing in the UK -- even if I don't maintain a home there?
QUESTION 2: If I do become a UK resident (and I'm still trying to figure out what that means if I don't maintain a home) what are the tax implications (US and UK) for my US investment-based income?
Sorry, but these questions are as clear as mud. I'm flailing as I try to think this through.
If someone here could address these questions or point me to US/UK expat forums where I might research these issues, I would be grateful. The forums I have found thus far deal largely with visas, working, relocating families, and how to find favorite US foods in the UK.
Thank you.
Background:
- Dual US/UK citizen. Lived in the UK for three years at Uni, otherwise in the US. No relatives left in the UK.
- SINK (Solo, no kids). Age 62. FIRE'd comfortably six years ago, sold the Texas house three years ago, and have since been a nomad, about half of the time in North America in my van, otherwise with a backpack in EU or Asia.
- Do not get ACA subsidies, so currently pay nearly $1000/month in premiums with a $7000 deductible -- for lousy insurance. Can't modulate income to subsidy levels without huge cap gains taxes, so probably not worth it for three years til Medicare. (Cap gains tqaxes would be greater than ACA savings). Very healthy.
- Portfolio is about half tax-deferred, half taxable. (Alas, the taxable half is not at all tax-efficient, due to young investing mistakes.)
Suppose now, as a world traveler, that I do not return to the US for the next three years -- or at most for 30 days each year. Instead, when I need to "perch" somewhere, I perch in the UK for, say, a month or two at a time in a short term let, exploring different regions. And I would travel the world on my UK passport rather than my US passport.
QUESTION 1: in order to be shed of my dreadful ACA health insurance plan and to get better health insurance as an expat, would I have to make some sort of formal declaration that I was residing in the UK -- even if I don't maintain a home there?
QUESTION 2: If I do become a UK resident (and I'm still trying to figure out what that means if I don't maintain a home) what are the tax implications (US and UK) for my US investment-based income?
Sorry, but these questions are as clear as mud. I'm flailing as I try to think this through.
If someone here could address these questions or point me to US/UK expat forums where I might research these issues, I would be grateful. The forums I have found thus far deal largely with visas, working, relocating families, and how to find favorite US foods in the UK.
Thank you.