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. In fact, it's perfectly possible to transfer your money from the bank in the country where you've settled to another bank in France. Or vice versa, from a French bank to a foreign bank. How do I go about it? The operation is even simpler if you only have a bank account with cash on deposit. 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 with a foreign bank and transfer your savings there. Beware! This process is legally regulated, depending on your country of residence. Bear in mind that this may delay the operation, due to 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 things you need to do on your return to France is to contact the tax authorities to make sure you are in good standing with the French administration. Failure to do so exposes you to sanctions and penalties. In this case, you risk a fine of €1,500 or €10,000. Depending on the country in which the account is held. On top of this, you'll have to make up any taxes due. Plus a penalty of 40 %, plus a late payment 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 flat-rate allowance of 21 % or 24 %. They will also be subject to social security contributions of 15.5 %. If the tax authorities in your host country have already made a deduction from your income. You can also take advantage of a tax credit. The terms and conditions of these tax credits are defined in the agreements signed between France and the host country.