Should We Move - New York City to London (apartments, to rent)

[JonBarkerNYC]

Hello Everyone:

I'm going to pepper you with probably too many questions but I really need all the advice and guidance I can get.

Background: We might have an opportunity to move to London from New York City for my Job. Job opportunity pays 100,000 sterling. My wife can transfer with her company, currently earns 140,000 USD. My wife is American and although I've lived in the states for most of my life I am a British Citizen and hold residency in US through a permanent residence card (Green Card).

The Job opportunity is with a British Company that has no ties to the US; therefore I would not encounter any American Tax rules. My wife works for an American firm and would encounter American Tax laws for citizens working abroad.

The opportunity is in he Tottenham area and my wife's London Office is located close to Victoria Station.

We are in our mid-thirties with no children (yet, but we're practicing). We very much enjoy the NYC lifestyle (Upper Westsdie area) of dinner out, friends, culture, the noise, the busy city, ease of getting around, always something to do... etc.

So now the questions:
Will we be earning enough to enjoy the same in London? If my math is correct 100,000 sterling after taxes is 65,000 sterling + my wife's income

What are good areas to live that will provide the lifestyle we enjoy but also the ease of getting to work?

What type of flat would our income allow us (rent at first, buy later)?

Will we need a car?

What is the biggest difference between NYC and London?

Those are my questions for now.... many more to follow I'm sure

[chilaili]

Originally Posted by JonBarkerNYC

Hello Everyone:

I'm going to pepper you with probably too many questions but I really need all the advice and guidance I can get.

Background: We might have an opportunity to move to London from New York City for my Job. Job opportunity pays 100,000 sterling. My wife can transfer with her company, currently earns 140,000 USD. My wife is American and although I've lived in the states for most of my life I am a British Citizen and hold residency in US through a permanent residence card (Green Card).

The Job opportunity is with a British Company that has no ties to the US; therefore I would not encounter any American Tax rules. My wife works for an American firm and would encounter American Tax laws for citizens working abroad.

The opportunity is in he Tottenham area and my wife's London Office is located close to Victoria Station.

We are in our mid-thirties with no children (yet, but we're practicing). We very much enjoy the NYC lifestyle (Upper Westsdie area) of dinner out, friends, culture, the noise, the busy city, ease of getting around, always something to do... etc.

So now the questions:
Will we be earning enough to enjoy the same in London? If my math is correct 100,000 sterling after taxes is 65,000 sterling + my wife's income

What are good areas to live that will provide the lifestyle we enjoy but also the ease of getting to work?

What type of flat would our income allow us (rent at first, buy later)?

Will we need a car?

What is the biggest difference between NYC and London?

Those are my questions for now.... many more to follow I'm sure

I'm afraid I won't be any help answering your questions but I wanted to make sure you know that if you're out of the country (US) for more than a certain number of days within a 12-month period your Green Card will lapse so that may be one thing for you to check into before you leave.

Of course, the nice thing about London is that the Underground makes it pretty easy to get around the city and get to places of entertainment/theatre/food, etc

[JonBarkerNYC]

Thanks Chilaili, we've already taken the steps necessary to obtain US Citizenship for myself if we decide to move. It was a bit of a surprise to me that the time limit was so short, I'm glad we looked into it.

[chilaili]

Good thinking!

One other thing I'd say is that you would need a car for going out of town but probably not for getting around London. You can obviously travel around the UK by train but public transportation can be expensive and, often, unavailable. Driving in London is hideous, parking is a nightmare and there's always the congestion charge to deal with.

I'd say from my own point of view that London seems a tad less frenetic than NYC and not quite so claustrophobic but I think it's great for museums, theatre, sightseeing, dining and shopping . Not cheap but then neither is NYC.

[Jezer]

Hi and good luck.

I'm just thinking that if I were in your shoes I'd look to live more central to London. Your wife would be close to work and you'd be travelling out of central London against the main influx of commuters.

This site is by no means the best, but I did a quick search to see if prices were not too stupid;

2 Plus Bedroom Flats & Apartments to Rent in Victoria from £1,500 to £3,500 Per Month | Primelocation

[Jezer]

Re underground, Turnpike Lane on the Picadilly line is near to Tottenham

tottenham underground - Google Maps

Here's an underground map

http://www.visit-londoncity.com/london_tips/pictures/underground_map.jpg (broken link)

Say you lived in the Earl's Court area, you'd be convenient for Victoria and the Picadilly Line and near to the museums of South Kensington.

So many possibilities- good luck.

[Cornerguy1]

Originally Posted by JonBarkerNYC

Thanks Chilaili, we've already taken the steps necessary to obtain US Citizenship for myself if we decide to move. It was a bit of a surprise to me that the time limit was so short, I'm glad we looked into it.

Well there goes your theory of not having US tax liability on your UK earnings.

The US is one of the few countries in the world to assess income tax on citizenship rather than on place of residence.

Legally, if you hold US citizenship, you're obliged to report income earned in foreign countries and pony up the appropriate taxes.

Just another angle for you to consider.

[channy0808]

so if you live in the uk but are a us citizen you still pay US taxes? someone clarify this for me, I had no idea

[Brontosaurus]

If you live in the UK, you pay UK taxes regardless of your citizenship. The US & UK have a no-double taxation agreement but it only applies to the first $90,000 or so of annual income. If you are a US citizen earning more than that you are liable to US tax as well as UK tax on the excess. So not a problem for most of us !

[chilaili]

Originally Posted by channy0808

so if you live in the uk but are a us citizen you still pay US taxes? someone clarify this for me, I had no idea

You have to file a tax return wherever you live if you're a US citizen, but as someone has already pointed out, if you're paying tax in the UK you can be eligible for the reciprocal tax situation that exists between the two countries.