Brolma Advisory, a Florida-based accounting and tax firm specializing in cross-border business, reported a significant increase in inquiries from United Kingdom nationals relocating to the state. The firm links this trend to sustained British interest in Florida, fueled by high-profile media coverage and a recovery in tourism levels.
Although official data on the number of British nationals living in Florida is unavailable because arrivals are not required to register, the firm has seen a rise in contact from UK professionals, investors, and founders.
A recurring issue among these individuals is a lack of understanding regarding the tax consequences of US residency. While many are well-versed in visa requirements and real estate, the transition to US tax residency changes how the Internal Revenue Service treats various UK assets, including pensions and Individual Savings Accounts (ISAs).
The firm noted that ISAs and other UK investment funds may be reclassified as Passive Foreign Investment Companies under US law, a category that carries punitive tax treatment. Additionally, UK nationals may face exposure to US estate taxes that do not exist under UK domestic rules.
For UK founders who maintain ownership of companies in their home country, the move automatically brings new reporting and taxation obligations. The firm also assists with the structural decisions required when establishing new US entities to ensure favorable long-term tax outcomes.
Brolma Advisory observed that many clients encounter these issues because immigration counsel and relocation agents often lack the expertise to advise on US tax law. The Winter Park-based firm provides accounting and financial advisory services for complex cross-border situations, including international businesses and expatriates.
