Best way to secure newbie's Euros

[Aidie]

Assuming I arrived on retirement (65 and with UK pension)  in France with 200,000 Euros savings upwards, what would I need to do or have needed to do prior to moving to avoid tax or other liabilities?

Brief situation is that I have HSBC Euro account (hopeless, but hopefully temporary)  and plan to open a CA account in France soon. I don't feel happy investing in the stock market, but will look at these Assurance Vie's that I've heard a lot about if they'd be a good deal to protect some Euros over the years.

Does my plan to move (from outside the EU, by the way) my money into Euros and into CA have any drawbacks in terms of liabilities before and when I get there in person? If so, what is the best way to get and bank my Euros and not get hit by stinging bills?

[Gardian]

My first reaction is that a little bit more information is needed for anyone to be able to begin to advise you, i.e.

• Will you already have bought a property & the €200k+ is what you see as being the remainder?
• Will you have an occupational pension entitlement?

Having become a French resident, you will be liable to assessment for tax here: if your income is solely a UK State pension and the income from your capital, then your liability is likely to be small.  However, your income would be small too and top-up health insurance doesn't come cheap. Do you (as a UK pensioner) have entitlement to an E121?  Have you checked?

That's for starters - others will have more thoughts no doubt. 

[Kitty]

Welcome to the Forum.  I just wanted to say that Credit Agricole have an excellent English speaking helpline.  Even if your French is good, the helpline is still good for giving investment advice.  They recently proposed an account, which paid a really good rate of interest.  They can also suggest ways to transfer funds etc.

Their NATIONAL TELEPHONE NUMBER is for the ENGLISH SPEAKING HELPLINE : 02 31 55 69 69

[Tancrède]

[quote user="Aidie"]what would I need to do or have needed to do prior to moving to avoid tax or other liabilities?

…will look at these Assurance Vie's that I've heard a lot about if they'd be a good deal to protect some Euros over the years.

[/quote]

If your concern extends as far as minimizing your liability to inheritance tax, it would be prudent to take advice as to whether it would be helpful to set up an assurance vie before becoming resident in France.

I missed out on this highly advantageous possibility, alas…

[Aidie]

[quote user="Gardian"]

My first reaction is that a little bit more information is needed for anyone to be able to begin to advise you, i.e.

• Will you already have bought a property & the €200k+ is what you see as being the remainder?
• Will you have an occupational pension entitlement?

Having become a French resident, you will be liable to assessment for tax here: if your income is solely a UK State pension and the income from your capital, then your liability is likely to be small.  However, your income would be small too and top-up health insurance doesn't come cheap. Do you (as a UK pensioner) have entitlement to an E121?  Have you checked?

That's for starters - others will have more thoughts no doubt. 

[/quote]

Yes, Euro 200,000+ clear. No property to pay for, mortgage, as will be living with family, so everyday costs also should be fairly moderate. That figure is cash 'in bank' savings, and will be transferred to France in lumps of around 30-40,000 Euros in next few years.

Once in France, my only income will be single UK State pension and the above savings figure.

I will have full UK State pension, so entitlement to E121, as far as I can tell.

[Aidie]

[quote user="Gengulphus"][quote user="Aidie"]what would I need to do or have needed to do prior to moving to avoid tax or other liabilities?

…will look at these Assurance Vie's that I've heard a lot about if they'd be a good deal to protect some Euros over the years.

[/quote]

If your concern extends as far as minimizing your liability to inheritance tax, it would be prudent to take advice as to whether it would be helpful to set up an assurance vie before becoming resident in France.

I missed out on this highly advantageous possibility, alas…

[/quote]

Yes, I'm planning to take a look at the Assurance Vie, thanks.

[Gardian]

[quote user="Aidie"]I will have full UK State pension, so entitlement to E121, as far as I can tell.
[/quote]

You'd do worse than check with Newcastle: just takes a phone call.  Your (presumably current) residence outside of the EU might complicate things.  Hopefully not, but best to check. Top-up 'mutuelle' would be highly desirable, if not essential.

Apart from that, you'll be moving to live with family over here, so just your contribution towards outgoings. Your tax liability will be negligible, but does need to be declared as and when. Not hard: ask on here for help if needed.

You can move your pension over monthly (through a money broker - plenty of info on here), or direct via UK DWP. 

As for advice on where to put your capital, I couldn't begin to advise, but the previous suggestion to contact your bank over here, sounds good. I suspect that you don't want 'risky', just safe (even if less than perfect). Again, a money broker will move the lump sum for you when you choose.  Doubt that you'd have any tax liability anywhere. [;-)]

Hope that helps.  

[Aidie]

[quote user="Gardian"]

[quote user="Aidie"]I will have full UK State pension, so entitlement to E121, as far as I can tell.

[/quote]

You'd do worse than check with Newcastle: just takes a phone call.  Your (presumably current) residence outside of the EU might complicate things.  Hopefully not, but best to check. Top-up 'mutuelle' would be highly desirable, if not essential.

Apart from that, you'll be moving to live with family over here, so just your contribution towards outgoings. Your tax liability will be negligible, but does need to be declared as and when. Not hard: ask on here for help if needed.

You can move your pension over monthly (through a money broker - plenty of info on here), or direct via UK DWP. 

As for advice on where to put your capital, I couldn't begin to advise, but the previous suggestion to contact your bank over here, sounds good. I suspect that you don't want 'risky', just safe (even if less than perfect). Again, a money broker will move the lump sum for you when you choose.  Doubt that you'd have any tax liability anywhere. [;-)]

Hope that helps.  

[/quote]

Yes, it certainly does. I'll check out what you suggest.