*** PSA, this is a 2016 thread which has been necro'd ***
I'm lucky enough to hold dual nationality, but as any other dual citizens out there will know, this makes investments and tax a nightmare.
I'm at a stage in my career now where I could afford to put £500-1k a month into an ISA. However, due to the tax-free status of ISAs here, my understanding is that I'd have to pay tax on them in the US.
Is anyone in a similar position, and how do you invest / save?
I appreciate that the advice will be to speak to an accountant, and I've got a meeting set up next week, but I'm just wondering if anyone is in the same boat. I have considered giving up the US citizenship, but ideally would like to retain the option to live there one day (a lot of my family are there) so if I can save reasonably here while still remaining a citizen, that would be great!
I'm lucky enough to hold dual nationality, but as any other dual citizens out there will know, this makes investments and tax a nightmare.
I'm at a stage in my career now where I could afford to put £500-1k a month into an ISA. However, due to the tax-free status of ISAs here, my understanding is that I'd have to pay tax on them in the US.
Is anyone in a similar position, and how do you invest / save?
I appreciate that the advice will be to speak to an accountant, and I've got a meeting set up next week, but I'm just wondering if anyone is in the same boat. I have considered giving up the US citizenship, but ideally would like to retain the option to live there one day (a lot of my family are there) so if I can save reasonably here while still remaining a citizen, that would be great!