[ Offshore Tax ] Can I open an IRA or Roth IRA while living in France?

Yes, a U.S. citizen living abroad can have both a traditional and/or Roth IRA. The restrictions only apply to making contributions. So, if you had an existing IRA before you moved abroad, you don’t have to get rid of it or transfer assets, but you may not be able to add to it while you’re overseas.

TIMESTAMPS:
0:00 INTRO
0:10 Opening ROTH or IRA in France
1:30 Taxable income in France for US ex-pats
3:00 Using VPN for accounts
4:30 Financial advisors advice
5:50 OUTRO

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DERREN JOSEPH:
Can, I, Open, An, IRA, Or Roth, IRA While, Living In, France? Cedric?.

CEDRIC BERNIER:
Yeah. That’s something that we do. I mean. That’s the main thing that I, I tried to, to bring to my clients is bring some value and some peace of mind. Because if you already have an IRA in the US and you’re custodian or the firm is maybe not allowing you to change your address, you’re gonna keep it with a US address even if you don’t live there. But you can, and that’s something that most people don’t know. You can open an account with your French address without any issues. There are not many custodians who allow it. but we work with partners, we partner with custodians that will do that. And then it’s peace of mind for the client that they know that they get mail in France, everything is set up with their French address. And then if you have an IRA, but you don’t have a ROTH IRA, then, then you can open a ROTH IRA while being in France. You can contribute depending on the earned income, but you can, if you qualify, you can contribute, to the account. And you can also do Roth conversions every year. So you have up to, you know, December 31st each year to decide on the amount and, then you can convert from a traditional to Roth so you can get that tax-deferred and tax-free growth, you know?

DERREN JOSEPH:
Hmm. So that, that, that’s, that. That’s good to know. You mentioned the ROTH, assuming that you assume that there is income, right? Because you need to have taxable income, right? Yeah. So, I remember seeing a debate there, there were some teachers at an international school who were arguing together with the preferred tax advisor that by they, the only reason that they don’t have income is because of section 911 foreign and income exclusion. so we were not for that they would have income and therefore be able to invest in ROTH. So they were planning to pick a fight with the IRS. Do you know anyone else who has taken that position? Are any other ex-pats who have won?

CEDRIC BERNIER:
Right. I don’t know right now. Yeah. right don know if any, but yeah, I know that’s something that, you know, hopefully, will change. But I would say even if you don’t contribute to the ROTH if you can contribute to the traditional IRA, then you can do the backdoor rot. You can convert over time. But yeah, I think, you know, if you, yeah, if you can, that’s great. If you cannot contribute, at least you can make sure that your current IRA is in a place where your French address, you know, is not an issue. Yeah,

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Can I open an IRA or Roth IRA while living in France?

Living abroad often comes with several financial complications, especially when it comes to managing retirement savings and investments. One such investment tool that is popular among Americans is the Individual retirement account (IRA) or its Roth IRA variant. These tax-advantaged investment vehicles allow individuals to save for retirement while enjoying certain tax benefits. However, if you are an American expatriate residing in France, you may wonder whether you are eligible to open and contribute to an IRA or Roth IRA while living abroad. Let’s delve into the details.

Generally, it is possible for US citizens living abroad to still contribute to a traditional IRA, provided they have earned income that falls within the contribution limits set by the Internal Revenue Service (IRS). However, it’s important to note that the tax implications and benefits of contributing to these retirement accounts can vary depending on the country of residence.

In the case of France, which operates under a different tax system from the United States, the French tax authorities do not recognize the tax-deferred status of an IRA or Roth IRA. Consequently, any contributions made to these accounts by American expatriates are likely to be subject to taxation in France.

Additionally, the potential for double taxation becomes a concern. Unless there is a specific agreement between the US and France to avoid double taxation, you may find yourself liable for taxes in both countries. This could significantly impact the tax efficiency and benefits of contributing to an IRA or Roth IRA while living in France.

However, it’s worth mentioning that there are avenues available to mitigate potential tax consequences. One option is to consider contributing to a retirement plan established in France. France offers several retirement savings vehicles, such as the PERP (Plan d’Epargne Retraite Populaire) and PERCO (Plan d’Epargne Retraite Collectif), which may provide similar benefits to an IRA or Roth IRA.

By contributing to French retirement savings accounts, you can potentially benefit from the local tax advantages and avoid potential issues related to double taxation.

It is crucial to consult with a tax professional or financial advisor who is well-versed in the tax laws of both countries to ensure compliance and make informed decisions regarding your retirement savings while living abroad. They can provide guidance specific to your situation and help you navigate the complexities of cross-border tax implications.

In summary, while it is technically possible for US citizens residing in France to open and contribute to an IRA or Roth IRA, the tax implications and potential for double taxation make this option less attractive. Exploring retirement savings options available in France, such as PERP or PERCO plans, is likely to yield more beneficial tax outcomes. Always consult with a tax expert before making decisions regarding your financial future to ensure compliance and maximize your retirement savings.