# Moving to Orlando from UK - many questions



## naif (Sep 20, 2008)

Hi there,

I am in the middle of an O1 visa application and are hoping to start working and living in Orlando by the New Year. With this in mind and assuming all goes as expected I have some questions:

(1) I have heard credit is impossible to get from day one. If this is true then does this mean that i cannot setup a mortgage or lease/buy a car on finance? Are there ways around this?

(2) What is the cost of living like in Orlando compared to the UK (North UK for me)?

(3) How bad are the hurricanes?

(4) Will my UK driving licence be valid / can i exchange for a US one without a test?

(5) If I invest money into a 401k and then in 10 years time decide to move back to the uk could i take the money out and transfer it to a uk pension?

Sorry for the question barrage - any help/advice is appreciated. 

Nathan


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## Fatbrit (May 8, 2008)

1/ Takes years to build a good and solid credit score. Here are some ideas to get you out of catch 22:
* If you've got a UK Amex, transfer it to a US one.
* Open a secured credit card with your US bank. Put the minimum down -- around $500. Then spend no more than 20% of this limit every month (one or two fills of your car's tank!) and pay off in full at the end of the month (no extra point for paying interest). After 6 months, you'll have a fledgling score.
* Buy your first car on a "first-time buyers" loan. Put a good amount down down to make them real happy. Note that there is generally no pre-payment penalty on auto loans, so you needn't pay much interest if you already have the readies. However, you should ensure the loan spans at least 6 months for maximum beneficial effect.

2/ How long's a piece of string! It's not the most expensive place in the Us, but neither is it the cheapest.

3/ Watch the evening news on the telly. It's hurricane season now!

4/ You need a Florida license as soon as possible. Don't procrastinate since it is the main form of ID and starts your driving history clock. Being fresh off the boat, the insurance companies will screw you until you have some US driving history (and a credit score!) behind you.

5/ You can take the money out at any time but you get a tax penalty. Transfer of pensions is possible in theory but I've never heard of anyone achieving it in practice. Assume not would be my advice. Whether it's worth paying into the 401k depends, among other things, on your employer's match.

Welcome to the forum BTW (FB in his new anti-rude mode!).


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## Bevdeforges (Nov 16, 2007)

To add a bit to what fatbrit has said:

1. Credit isn't impossible to get, but until you've established a credit history it will be a "challenge." On mortgages, you'll do best if you have a large down payment (think 20% or so) and some banks I know of will limit your mortgage term to the period of your visa.

2. Can't help you there as I don't know Orlando.

3. The hurricane season varies year to year. It has been ages since a real hurricane hit Florida - until this year, when Fay (actually only a tropical storm) decided to vacation over Florida for several days and dumped 30 inches or more of rain on many areas, which was pretty mind boggling. Depends on how close you are to the coast, or to rivers or other bodies of water, plus the precautions you take when a storm is headed your way.

4. Most states give you between 10 and 30 days to get a local license. Check with the local licensing bureau, though. Florida is famous for having reciprocity agreements with several European countries. You might be able to exchange your Brit license for a Florida one. Or maybe not. But the license bureau can provide you with a booklet that will give you everything you need to know, even if you need to take the written and driving tests.

5. If you withdraw money from a 401K or IRA before you reach age 59 1/2, there are penalties to be paid. At any rate, you pay taxes on the money when you withdraw it from the fund. I have not heard of any way to transfer US retirement funds to foreign pensions on a no-tax basis (but would be thrilled to find out about any such arrangements). Normally, you'd be expected to start withdrawing it (subject to ordinary US income taxes) when eligible to do so - or by age 70 1/2 (what the fascination with 1/2 years is, I'll never know) when you have to start drawing down the fund.
Cheers,
Bev


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## synthia (Apr 18, 2007)

The same year as Katrina, Florida was hit by three hurricanes. Although most of them hit only on the panhandle, others, like Charlie, hit the Peninsula. Orlando, though rarely has problems because it is inland, and not in a location where hurricanse tend to cross. Even if they do, they tend to deteriorate over land, even land as flat as Florida.

I doubt there is any way to transfer a 401K as the contributions are deducted from your taxable income and the earnings are not taxed either. You owe taxes on money in the account, as regular earnings. when you withdraw it. I can't imagine the US letting you move the money without collecting tax and penalties for early withdrawal. Taking money out while you are still employed could drasticallyt increase the amount of tax you would owe, as it would be added to your other income and you would therefore be paying at a higher marginal rate pllus the 10% penalty.


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## naif (Sep 20, 2008)

Thanks for the good info, much appreciated. 

>>* Buy your first car on a "first-time buyers" loan. Put a good amount down down to make them real happy. 

Is this something you can get right away or do you still have to build credit first? Also is this something you would get from a bank?

On a similiar note - I guess there is no chance of getting a car lease or finance from a dealer itself right off the bat?

>>Welcome to the forum BTW (FB in his new anti-rude mode!).

thanks - i'm real glad to have found it.


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## naif (Sep 20, 2008)

>>(think 20% or so) and some banks I know of will limit your mortgage term to the period of your visa.

Ouch that is nasty - a three year mortgage.  Can you recommend any good banks? Are Banc of America or HSBC good banks to go for?

Regarding the hurricanes, I knew they hit the keys but didn't know if they got as far as Orlando. Its good to know they generally blow off steam by then.


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## Bevdeforges (Nov 16, 2007)

To be honest, I wouldn't be in a hurry to buy property if you're only planning on staying for 3 years. Given the current turmoil in the housing market, and the common wisdom (apparently long forgotten) that you normally need to be planning on staying in a home for about 5 years to make home ownership worthwhile, it may be to your advantage to rent.

The large banks, like Bank of America or HSBC can be very handy, simply because they are big, and are found everywhere. But smaller local banks can very often be more flexible with their terms (for lending as well as other policies). 

For car leases or loans, ask at the dealership to see what they can do. Cars are another troubled market in the US, and you owe it to yourself to see what deals are on offer when you find the car you want.
Cheers,
Bev


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## Fatbrit (May 8, 2008)

Bevdeforges said:


> (think 20% or so


Foreign national, non-immigrant via, no credit score, no US work history, etc.

Think you're going to be at min 30% LTV and even as high as 40% in today's market


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## Fatbrit (May 8, 2008)

naif said:


> Thanks for the good info, much appreciated.
> 
> >>* Buy your first car on a "first-time buyers" loan. Put a good amount down down to make them real happy.
> 
> ...


You should be able to get a first-time buyer's loan with a hefty sum down and a high interest rate -- even without a credit score. Leasing will be more difficult without a score -- and is invariably a bad deal in my book.

Car buying is an interesting experience in the US. IIRC, it was the first time mild-mannered me had to tell someone where to stick a large object after entering the US. They really can be infuriating in the dealer. Nobody fresh off the boat should even enter their den without reading and understanding the instructions at carbuyingtips.com.


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## naif (Sep 20, 2008)

thank you all for taking the time to respond with such excellent info - its much appreciated. 

We have a few months before I hopefully get the visa and make the trip. With this in mind is there anything I can do from the UK to start the ball rolling on my credit rating (setup bank accounts remotely etc)? 

I can request my UK credit rating from Equifax - will this help with my US rating at all?

I am looking long term on my relocation and more than 3 years away. 3 years is the term on my O1 visa but after a year the company will start the ball rolling on a green card. My family find the prospect of the move rather daunting but are prepared to take the risk as we hope we will have a better life so if things play out then we are looking for a long term stay.

Thanks again and all the best,

Nathan


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## Bevdeforges (Nov 16, 2007)

Unfortunately, despite the common name, your Equifax report will do you absolutely no good in the US. I wouldn't worry about setting up bank accounts until you get there. (And here is where a smaller bank can sometimes be helpful. With a bit more personal service, you can sometimes get concessions on things like credit cards and whatever - but you have to shop around and chat up the various bank officials a bit.)

You'll start building your credit rating the moment you rent a place and set up the utilities. Once you've lived there a year or two, you can start asking your bank about mortgages if you've been paying your bills on time and have been a "good customer" with a low limit credit card for a bit. (It also helps to have a nice, fat savings account balance.) Things may be about to change, but it can be frightening how quickly they raise your credit limit once you are on their radar for paying your bills on time.
Cheers,
Bev


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## Fatbrit (May 8, 2008)

naif said:


> is there anything I can do from the UK to start the ball rolling on my credit rating (setup bank accounts remotely etc)?


What Bev said + bank accounts do nothing for your credit rating (unless you're a naughty boy with your accounts -- and then it's generally recorded on another database anyway). Generally, the only things that count positively with a credit score are.............credit..


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## romen (Sep 22, 2008)

If "corporate pension" indicates a defined benefit pension plan then the answer is no. Assets in these plans are invested in a trust where the investments are directed by the plan trustees. Participants have a right to a benefit payable under the terms of the plan but no right to any set portion of the assets.

If "profit sharing" is a defined contribution plan, like a 401k, the answer is maybe. Contributions in these plans go into your individual account which you then have the right to invest any way you want subject to the options available under the plan. You are in charge of your own money but you can only invest in funds available under the plan.

So, if the plan offers a Real Estate Fund, or a REIT(Real Estate Investment Trust) as an investment option you could decide to allocate some of your assets to that fund. You will want to look over the plan's investment options carefully, to ensure that you understand what you are investing in.

If, instead, you were thinking: "I have $300,000 in my profit sharing account. I think I'll withdraw it and buy a vacant lot in Santa Barbara." You can't do that. The money in the plan must stay in the plan. The closest you can come to that is to take a loan out against your profit sharing plan balance (some plans offer these) and use the money to put a down payment down.


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## TamTam (Oct 15, 2008)

*Can you help me?*

Hi,
firstly I just want to say, what a fantastic forum and a really helpful thread. I wasn't quite sure how to post my own so I hope you don't think I'm too cheeky for posting on yours. So..... I need some serious help.

I'm a student from the UK, currently on a gap year, in second year of a music degree. I'm living in Edinburgh at the moment working and me and a few (three of us all together) friends have decided that we want to move to Orlando. It's obviously a huge decision and there's a lot that will go into it, but we're all new to this *moving out of the continent* thing so I was wondering if you could all help with some advice and answer a few questions.

1: We're looking to rent a place as we're all undergrads at the moment, where's the best places to live in terms of affordability and accessibility?

2: So there's no public transport at all?

3: Which visa would be the best to get, a student one (as we may finish studies in FL) or a working visa (as we'll obviously need jobs. Is there a visa that allows for studying and working?

4: Silly question perhaps, but how much money do you think we will need to start off with considering that there's three of us, travel, living expenses and that we'll have UK £s etc etc?

5: Where do we go to get a Visa?

6: One of us already has an America passport, does this help at all in terms of renting a place, getting a car etc?

7: What are the procedures for obtaining citizen if you're from the UK?

That's it for now. However, if I've missed something paramount (which I probably have) that you want to add, please feel free: xXx


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## Bevdeforges (Nov 16, 2007)

TamTam said:


> 1: We're looking to rent a place as we're all undergrads at the moment, where's the best places to live in terms of affordability and accessibility?
> 
> 2: So there's no public transport at all?
> 
> ...


Was all set to move your message to its own thread and then realized that the title of this one was perfect! 

I don't know Orlando, but to answer a couple of your questions - 
3. On a student visa your ability to work is severely restricted. You can always attend classes on a work visa, but those are damned difficult to get and will be getting much harder with the current economic problems in the US. Student visas may be your best bet.

4. On a student visa, you'll be expected to have enough money to pay for your tuition and other school fees (which won't be cheap) in addition to being able to cover most of your living costs. Check with the schools you're considering attending to find out their tuition and fees and then allow for text books and general running around money. Many schools have on campus housing, too, which can be an economical approach to your accommodation.

5. For a student visa, first you need to be accepted by a school. They petition for you and then you contact the US Consulate in your home country. There are fees for the visa application, as well as the need to go to London for a visa interview.

6. Hey a US passport eliminates the need for the visa at all for the person who holds one, so is highly desirable! Past that, it probably won't help much for practical stuff like renting a house or getting a car or anything. What counts there is a US credit history and/or residence.

7. First step toward getting US citizenship is getting an immigrant visa (i.e. a Green Card) and then you have to live there for several years (I think it's 5 now, but don't quote me on that). A student visa isn't an immigrant visa, so you're kind of back to square one if you want to go that route.

What you're trying to do isn't impossible, but it takes some planning and time (not to mention money - EVERYTHING in the US takes money).
Cheers,
Bev


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## Fatbrit (May 8, 2008)

3: Bunac or similar -- J1
5: Consulates issue visas
6: Yes
7: It usually starts with a green card. So work out how to get one of those and you're on the the ladder.


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## Tiffani (Dec 4, 2007)

if you have the funds to support yourself through school (or better yet, if you can score for a scholarship) and come over on an F-1 visa, once you complete your program, you can apply for one year of Optional Practical Training (OPT) which is a year of employment anywhere in the US as long as it's commensurate with your level and field of study. Many people from there attempt to go for an H1B sponsored through their employer -- which has unfortunately become hit or miss because now there are many more H1B applicants than there are spaces available so there's a lottery system in place. The H1B is neither immigrant nor non-immigrant and is often viewed as a transitional visa to the Green Card. 

All of this is contingent, of course, on getting accepted to a program in the US and then being able to pay for the degree.


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## synthia (Apr 18, 2007)

About that cost. I just looked up the fees for the University of Central Florida, which is a state funded school. As a non-resident, staying in a dorm or sharing an apartment, the expected costs for an academic year is $31,105. That would cover you for the September - May academic year. It will cost more next year, of course.

Now, this is not a top tier school with a lot of prestige coming with it. I'm not saying it isn't a good school, but no one is going to be impressed. It isn't Harvard. Rollins Collins, which is private, would cost you $49,610 per academic year. In either case you would be restricted to on-campus jobs with your visa. They would probably pay the legal minimum wage in Florida, $6/hour.


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## realguy1 (May 12, 2012)

*Hello*

I am hoping to Live and Wok in Orlando too, i have a Partner who is an American Citezen, we want to be together, but i have no Qualifications, only a lot of years Experience in the line of work that i do. 
I hope you are able to get what you are looking for.
Kevin x


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## Davis1 (Feb 20, 2009)

realguy1 said:


> I am hoping to Live and Wok in Orlando too, i have a Partner who is an American Citezen, we want to be together, but i have no Qualifications, only a lot of years Experience in the line of work that i do.
> I hope you are able to get what you are looking for.
> Kevin x


Without qualifications your chance are slim to none 
but 12 years experience can equal a degree 

America partner often means Gay ...
gays couple are not accepted for immigration


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## realguy1 (May 12, 2012)

*Hello*

Im not wanting to go back to Orlando, because of my Partner being there, i know that gay's are no reason to give me the needed paper work.
I want to work and live there!


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## Davis1 (Feb 20, 2009)

realguy1 said:


> Im not wanting to go back to Orlando, because of my Partner being there, i know that gay's are no reason to give me the needed paper work.
> I want to work and live there!


so do millions of others
you need to have a skill that is in demand that they cannot find an American 
to do it you are very expensive to hire for an american company


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