Rarely. A contract older than eight years is valid only by its date: based on withdrawn gains, €4,600 per year tax allowance for a single person, €9,200 for a couple (Article 125-0 A of the French General Tax Code). Closing it resets the counter to zero.

The key question, therefore, is quantifiable: what does the contract cost each year in fees, compared to its historical value? Often, the old contract is kept without further contributions, fees are reduced by switching investment vehicles, and new payments are allocated elsewhere. A transfer to another contract with the same insurer even preserves the contract's historical value (PACTE law of May 22, 2019).

It all depends on your tax bracket. A contribution to a PER (Retirement Savings Plan) is deductible from taxable income, up to a limit of 10% of professional income (article 163 quatervicies of the French General Tax Code): €10,000 paid into a tax bracket of 41 % saves €4,100 in tax starting the following year.

In return, the savings are locked until retirement, except in cases of early withdrawal, and are taxed upon withdrawal. Life insurance does not deduct anything, but remains accessible. From a 30% tax bracket (%), the PER (Retirement Savings Plan) often takes precedence; below that, life insurance.

The contract remains in effect: there is nothing to close initially. What changes are the rules of the destination country and those of the insurer. Some French insurers refuse new contributions or transfers from certain countries; the taxation of withdrawals then depends on the tax treaty between France and your country of residence; failing that, France withholds a levy of 7.5% or 12.8% on the gains (Article 125-0 A of the French General Tax Code).

Social security contributions, however, are generally no longer due on the income of a non-resident. Before leaving, a Luxembourg contract, designed to follow its policyholder from one country to another, is worth considering.

Three layers of fees are added: contract management fees (often 0.5 to 1 % per year), fees specific to each unit-linked investment (often 1 to 2 %), and sometimes custody fees or arbitrage fees.

The annual statement must indicate the contract's and each investment vehicle's fee rates (Article L. 132-22 of the Insurance Code), rarely their amount in euros. Out of €200,000, 1.5 % per year represents €3,000 each year. The radiographer reads your statement and gives you this figure, contract by contract.