International wire transfer from US to UK

Question

I'm planning to emigrate to the UK. I'd like to transfer my meager fortune from my local bank to a UK bank once I establish an account there.

Does the US government want to know that I am taking my money out of the country? Are such transfers scrutinized?

Are you a US citizen? Will you become a UK citizen and give up/renounce your US citizenship? If not, if you are only residing in UK, you must still file US income tax returns, and with some exceptions you must report foreign financial accounts and assets you own (regardless of where the money originally came from) every year under two different programs: FBAR to FinCEN and form 8938 to IRS. There are numerous existing Qs here on both of these, and/or see irs.gov/businesses/… and related — dave_thompson_085, Dec 30 '18 at 22:22
Oh, and PS: you might want to look at our sister Stack site expatriates.stackexchange.com which specializes in issues involved in moving to another country. — dave_thompson_085, Dec 30 '18 at 22:41
I am a UK citizen returning to UK after 40 years. I'll be turning in my green card.. Thanks. — Philip, Jan 1 at 19:04
Then your own departure is scrutinized, but the money by itself is not. As departing LTR you must file effectively an estimated part-year return (1040C or in simple cases 2063) and pay "at least 2 weeks before" leaving, see chapter 11 of pub 519, and if meager is over $2m (not too rare for middle class and up) or your recent taxes were over (currently) $165k (much rarer) you are subject to an 'expatriation' tax (yes even though US isn't your country) on some unrealized gains and deferred compensation, see the end of chapter 4 of pub 519 and form 8854 and instructions. <sarcasm> Enjoy! </> — dave_thompson_085, Jan 2 at 5:24

Dheer · Accepted Answer · 2018-12-29 11:37:44Z

2

No, there is no form to be filled informing US Govt. You can transfer at will.

Banks are required to report certain types of transactions. They may report it. There is nothing to worry.

answered Dec 29 '18 at 11:37

Dheer

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