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What You Need to Know About Relocate to France

Money is an important part of US culture. That is why it is not a surprise that many banks are quick to accommodate anyone who wishes to open a bank account in the US. The US is home to a lot of the world’s best banks, offering the most suitable bank account options to clients no matter if they are locals or non-residents living in the country. However, no matter your residency status, you will need to be in the country to open a bank account there. Once you get to the US and make your first purchase you are bound to notice one significant detail: The price that is on the price tag does not correspond to the price you are charged at the counter. This might be your first encounter with the US tax system that, most likely, will not be the last. The good news is that tax rates in the US are fairly low. Want to know how much taxes are exactly? Read our banks and taxes section of the guide.

Banks & Taxes

Due to the prominence of online-only banks and foreign banks, opening a bank account in France can be quite simple. Expats who do not have residency in France can open a non-resident bank account, however, expats who do have residency have a wider selection of banking options.

BNP Paribas, Crédit Agricole, Société Générale, Credit Mutuel, and La Banque Postale, among others, are among the best banks in France, with several locations across the country. If you are under the age of 26, a no-fee account, which is sometimes available in some branches, is the best bank account to start. In France, the majority of expats are obligated to pay income tax. Non-residents in France pay a minimum tax rate of 30% on their income. The French VAT rate is 20%, which is higher than the OECD average but lower than that of several European countries, such as the Scandinavian countries

Different banks have different requirements for opening an account, however here are the most common ones:

  • a legitimate means of identification
  • evidence of residence (this can be either a recent utility bill or a copy of the rental agreement)
  • a contract of employment or proof of income (e.g., recent payslips)
  • enough money to make the first deposit

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