In summary…
In the texts we consulted, becoming a non-resident does not automatically close any of these five products, except for the PEA (equity savings plan) transferred to a non-cooperative state or territory. What changes is applicable French tax for each product, that of the host country, and what happens to the product upon your death.
Our position: do not withdraw a product solely for the reason of departure. We assess each product individually, considering three figures side by side: French tax, tax in the host country, and the cost of withdrawal.
«"I'm leaving in three months: should I close everything, or keep it?" Heard every time someone leaves, this question assumes that leaving France means emptying one's accounts. The documents consulted say otherwise.
1. How the departure changes the tax calculation
Taxed solely on the French source, with a floor rate
A non-resident is generally taxed in France on their French-source income. They pay either the progressive tax scale or a minimum rate, whichever is higher: 20% of income up to €29,579 and 30% of income above that for income received in 2025. Deductible expenses are generally not allowed, and tax reductions and credits are usually reserved for residents.
Regarding social security contributions, most investment income is no longer subject to the 17.2% % rate: life insurance, PEA gains, dividends, and capital gains on securities. Rental income and real estate capital gains remain subject to the 17.2% % rate, reduced to 7,5 % if you are affiliated to a compulsory scheme in a country of the European Economic Area (excluding France) or Switzerland.
2. The matrix by product
Five products, four questions
| Product and effect of departure | French taxation during non-residence | Upon your death | Our position |
|---|---|---|---|
| Assurance-vie. No closure is foreseen in the texts consulted. | No social security contributions [1]. Products paid to a person domiciled outside France are subject to a mandatory flat-rate levy: 12.8 % for the portion relating to premiums paid since September 27, 2017, 75 % in a non-cooperative State or territory, subject to tax treaties [11]. | Article 990 I levy only if the insured is domiciled in France at the time of death or if the beneficiary has been domiciled there for six out of ten years [3]; allowance of €152,500 per beneficiary, then levy of 20 %; a rate of 31.25 % applies to the highest fraction [4]. | Keep, then compare with the contract processing in the host country before any exit. |
| PEA. No automatic closure, except transfer to a non-cooperative state [5]. | Gains exempt from income tax under the same conditions as for a resident [5], without social security contributions [1]. Withholding tax on certain dividends from unlisted companies [5]. | Shares in French companies: assets located in France, taxable on the estate of a non-resident [7]. | Keep the plan open. |
| Securities account. Maintained; the taxation of unrealized capital gains at the outset is treated separately (exit tax). | Capital gains on disposal are not taxed in France, except for holdings of more than 25 % of the rights over five years [6]; no social security contributions [1]. French dividends paid to a non-resident individual: withholding tax of 12.8 %, subject to more favorable rates under tax treaties; 75 % in a non-cooperative State or territory [12]. | Shares in French companies: assets located in France [7]; foreign shares held outside France: not included if deceased and heirs are non-residents [7]. | Arbitrate according to the share of French dividends: the withholding is the cost that comes back every year. |
| SCPI. Shares retained, income remains from French source. | Rental income: minimum rate of 20% up to €29,579, then 30% above that (2025 income) [2][10], plus 17.2% social security contributions, or 7.5% with affiliation to a mandatory scheme in the European Economic Area or Switzerland [1]. Capital gains tax: not detailed here. IFI beyond €1.3 million of net real estate assets in France [8]. | Real estate held in France: taxable on the estate of a non-resident [7]. | Arbitrage on net yield after the floor rate; departure does not remove France from the equation. |
| PER. Going abroad is not a case of early release [9]. | Deducting a payment loses its advantage if one no longer has French income [10]. The tax treatment of a PER held by a non-resident (lump sum withdrawal, annuity) is not addressed here: it is determined on a contract-by-contract basis. | Not covered here: see transmission of the PER. | Stop feeding, keep the outstanding balance, arbitrate the exit with the host country. |
For the technician. Article 197 A of the French General Tax Code (minimum rate for non-residents), Articles 164 A to 165 bis (French source income), Article 167 bis (unrealized capital gains at the outset), Article 244 bis A (capital gains on real estate), Articles 119 bis and 187 (withholding tax on dividends), Articles 244 bis B and 244 bis C (capital gains on the sale of securities by non-residents), Article 125-0 A, II bis (flat-rate levy on life insurance proceeds paid outside France), Article 990 I (life insurance upon death), Article 750 ter (territoriality of successions), Article L. 136-7 of the French Social Security Code and Article 235 ter of the French General Tax Code (social security contributions and solidarity levy); French Monetary and Financial Code for cases of early withdrawal from the PER (Retirement Savings Plan). BOFiP BOI-TCAS-AUT-60, BOI-IR-DOMIC-10-20-20-60, BOI-RPPM-RCM-30-30-10-20, BOI-RPPM-RCM-40-50-20-20.
3. Three questions before releasing anything
The host country, death, the cost of leaving
- Which country will tax this product, and how? A contract exempt from tax in France may be taxed in your country. Our country-specific articles detail tax residency and applicable tax treaties.
- What happens to the product upon your death? Life insurance is exempt from the levy under Article 990 I only if neither the insured nor the beneficiaries are linked to France under the conditions seen above; French assets remain within the scope of the estate.
- How much does the outing cost? Redemption fees, tax on gains, loss of seniority: a closed plan or a redeemed contract does not regain its seniority.
See also the PEA starting from France, the repurchase of a French assurance-vie policy from abroad and the exit tax.
Numerical example: €12,000 in SCPI rental income received by a non-resident
Situation. An expatriate executive owns shares in French SCPIs (real estate investment trusts) which pay him €12,000 in net rental income per year. He has no other French income.
Issue. Should we take the portions out before departure, or keep them?
Strategy. Calculate the annual tax cost of holding the asset from abroad.
Result. Minimum rate of 20% %: €2,400. Social security contributions at 17.2% %: €2,064. Total of at least €4,464, or 37.2 % of income. With affiliation to a European scheme, 7.5 % instead of 17.2 %: €900, for a total of at least €3,300 (27.5 %). Illustrative example, calculated with the rules in force on 23/10/2026; assumptions: net property income of €12,000, progressive scale less than 20 %, income received in 2025 with the threshold of €29,579 applicable to 2025 income, no tax in the host country (not studied here).
Our position
Keep the PEA and life insurance, assess the SCPI, freeze the PER
Based on the texts consulted, the PEA (equity savings plan) and life insurance policies are generally maintained until the host country specifies their use. The SCPI (real estate investment trust) is assessed based on its net return after deducting the floor rate, not on the departure date. The PER (retirement savings plan) ceases to be funded but is not emptied. The securities account is decided based on the proportion of French dividends. Each decision should be thoroughly researched before the departure date.
Frequently asked questions
Will my PEA be closed if I go abroad?
No, not automatically: the transfer of tax residence no longer results in the closure of the plan, except for transfers to a non-cooperative state or territory.
Will my life insurance be taxed at 20 % upon my death if I live abroad?
The levy under Article 990 I applies only if the insured person was domiciled in France at the time of death, or if the beneficiary has been domiciled in France for at least six of the last ten years. A beneficiary who has been domiciled in France for more than six years makes it applicable even if you have left the country.
Can I access my PER (Retirement Savings Plan) because I am moving abroad?
No. Leaving the country is not among the cases of early release, which include: death of spouse, disability, over-indebtedness, end of unemployment benefits, judicial liquidation, purchase of main residence.
Are you preparing to leave and want to know what to pack?
The initial consultation reviews your contracts and accounts, applies the matrix to your specific situation, and identifies those that need to be addressed before your departure date. Forty-five minutes, no obligation.
Are you a notary, chartered accountant or lawyer? And your client is relocating abroad with financial assets? We act as a co-contractor on product-by-product arbitration: the legal and tax advice for the host country remains yours.
Book an appointment
The initial consultation is to establish your exact situation and determine if there is anything that can be done—sometimes there is nothing, and we will say so as well. Thirty minutes, with no obligation.
Book an exchange with Balmont Conseil
Alexis Sagnier, financial and real estate investment advisor, insurance broker, AMF certified. ORIAS 13003497. Updated on 23/10/2026.
Official sources consulted
- Public Service: Social security contributions on income from assets and investments (verified on 30/06/2026)
- economie.gouv.fr: Tax, rules for residents abroad (24/04/2026)
- BOFiP BOI-TCAS-AUT-60: Levy on life insurance capital upon death (version of 30/03/2023)
- Public Service: Taxation of life insurance (verified on 15/04/2026)
- BOFiP BOI-RPPM-RCM-40-50-20-20: PEA, transfer of domicile outside France (version of 12/09/2012)
- BOFiP BOI-IR-DOMIC-10-20-20-60: Withholding tax on income and profits from the movable assets of non-residents (version of 20/12/2019)
- BOFiP BOI-ENR-DMTG-10-10-30: territoriality of inheritance tax (version of 12/09/2012)
- Public Service: IFI, persons and assets concerned (verified on 06/03/2026)
- Public Service: retirement savings plan (verified on 12/10/2026)
- Public Service: Income tax for a French citizen who moves abroad (verified on 15/04/2026)
- impots.gouv.fr: practical guide to income tax 2024, income from movable capital (tax on life insurance proceeds paid outside France)
- impots.gouv.fr: French-source dividends paid to a non-resident (rate as of 01/01/2025, page dated 06/11/2025)
