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HOW TO TRANSFER FUNDS WHEN YOU ARE AN EXPATRIATE

HOW TO TRANSFER FUNDS WHEN YOU ARE AN EXPATRIATE

Are you currently living abroad and would like to make a money transfer from France to the country you are currently in? Money transfers from account to account are easier than they seem depending on the type of account you have.

Bank to bank transfer

The process of repatriating money from abroad is not very complicated. Just follow a few simple steps to complete the process. Transferring funds from one bank to another is one of the options available to you. Indeed, it is quite possible to transfer your money from the bank of the country in which you have settled to another bank in France. Or the opposite from a French bank to a bank abroad. How to do it ? The operation is even simpler if you only have a bank account with cash on it. Similarly, the transfer will be quick and easy if your bank is present both in your host country and in France. Otherwise, you can open an account in a foreign institution and transfer your savings there. Beware! This process is legally regulated depending on the country where you reside. Keep in mind that this can delay the operation, because of the formalities to be completed in your host country.

Statement of account

However, you are obliged to declare the existence of your foreign account to the French tax authorities. If you decide not to close it. One of the first steps to take upon your return to France is to contact the tax authorities to ensure that you are in good standing with the French administration. Not making this declaration exposes you to sanctions and penalties. In this case, you risk a fine of 1 500 € or 10 000 €. Depending on the country where the account is domiciled. In addition, you will have to pay the taxes due. Increased by a penalty of 40 %, in addition to an interest rate of 4.80 % per year.

How are your assets taxed?

The tax department will deduct tax from the funds you have repatriated to France. However, they will benefit from a lump-sum deduction of 21 % or 24 %. They will also be subject to social security deductions of 15.5 %. If the tax authorities in your host country have already made a deduction on your income. You can also benefit from a tax credit. The agreements signed between France and the host country define the terms of these tax credits.

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