[whitelilac]

Hello,

It has been a while since I posted, so I hope you all are doing well. This time my question is a little different. I was wondering if any of you have information regarding keeping money as euros in a US Bank?

I am no yet in France and I cannot open a bank account in France unless I'm a resident and some other requirements. So far, I called B of A, and they told me that I can only keep money in the form of US $$ in my account.


Any info would be helpful.

Thanks a lot!

white lilac

 

[Guest]

<<<.... I can only keep money in the form of US $$ in my (US) account.>>>

That's right.

 

[Bevdeforges]

If you have a source of income in euros, it may be possible to open a non-resident account in euros in a French bank. I'm not sure of the precise requirements, and there are some restrictions on the account that you won't have on a regular "resident" account - but it would be worth looking into if you really need to hold some balances in euros.

You also need to report your foreign bank accounts each year to the US Treasury once the balance exceeds a certain minimum amount.
Cheers,
Bev

 

[Guest]

<<< it may be possible to open a non-resident account in euros in a French bank. >>

It is indeed, I did just that even before I bought the property here.

 

[whitelilac]

If I am married in another country and a resident of that country..later a citizen, do I still have to pay taxes to IRS?

When do I become 'French" and pay French taxes only.

If you have a source of income in euros, it may be possible to open a non-resident account in euros in a French bank. I'm not sure of the precise requirements, and there are some restrictions on the account that you won't have on a regular "resident" account - but it would be worth looking into if you really need to hold some balances in euros.

You also need to report your foreign bank accounts each year to the US Treasury once the balance exceeds a certain minimum amount.
Cheers,
Bev

 

[Bevdeforges]

If I am married in another country and a resident of that country..later a citizen, do I still have to pay taxes to IRS?

When do I become 'French" and pay French taxes only.

Never. As long as you have not formally renounced your US citizenship in front of a consular officer, you must file US taxes and declare your worldwide income. And, just to add to the fun, if you do renounce your US citizenship and they think it is "for tax reasons" - they will invoke a law that requires you to file US taxes for another 10 years before you are off the hook. (And you can be denied any form of visa to visit the US ever again... though whether they would actually invoke this part is anyone's guess. I have yet to hear of them doing this - though if they did, I doubt they'd publicize the matter.)

As a French resident (doesn't matter if you take nationality or not), you must also declare your worldwide income on the tax forms. There are treaties between the US and France to eliminate double taxation. You just have to learn how to report which sort of income to make sure you only pay taxes to one jurisdiction or the other.
Cheers,
Bev

 

[greenrhombus]

Euros in US Banks

Hi -

Just some info. I know that Wells Fargo has a way to do this. I looked into this for my business about a year ago. I live in the US but do business in Euros with European clients. You may have to hunt through their website to find it. It's a special account based in New York and has some restrictions.

I ended up opening an account with LLoyds TSB in the Ilse of Man. There were lots of hoops to jump through and I almost gave it up due to the hassle. But it finally got set up and works pretty well despite high fees.

Anyway, those are 2 alternatives. Not sure if either would work for you.


Rich

 

[greenrhombus]

A bit more detail...

Never. As long as you have not formally renounced your US citizenship in front of a consular officer, you must file US taxes and declare your worldwide income. And, just to add to the fun, if you do renounce your US citizenship and they think it is "for tax reasons" - they will invoke a law that requires you to file US taxes for another 10 years before you are off the hook. (And you can be denied any form of visa to visit the US ever again... though whether they would actually invoke this part is anyone's guess. I have yet to hear of them doing this - though if they did, I doubt they'd publicize the matter.)

Bev

This is all true.

Just to add what is probably obvious. If you've been putting money into Social Security for any number of years, renouncing your US citizenship is going to make that money disappear. Medicare, too.

So if you're an older person like me, you're chained to your US citizenship.

Good news, though. If you live and work in France, you'll probably pay little or no taxes in the US. You have to file, but you can write off the taxes you pay in France.

My advice is to have a professional help you with tax issues the first year, and then copy what they do for subsequent years.

HTH

Rich

 

[GALLUS]

Banks, once resident permit obtain can open an account in any currency (Sterlin Pound, US Dollars, Swiss Francs, Japanese Yen) if you wish

It will be attached to a Euro account (which is legally binding) but your Euros aacount can be empty and you can keep all your monies in USD if you prefer, make transactions, obtain a Credit Card or a Debit Card on your SUD account, and have debit orders if you please.

The problem is just finding the right bank, is you stay in Commercy (Nievre) or La Capelle -Balaguier (Lot) you might just find anyone who knows about it. The local agent of Credit Agricole or La Poste would believe you come from a different planet....

But if you are in a large town, no problem, any French or Foreign Bank would do fine. Just pick the one which has a car-park because it is most likely that you will go at least once a month (once a week in the begining) to understand what they are doing or clarify issues.

Enjoy banking