Guide for US-Connected

Guide for US-Connected Persons Living in France Beacon Global Wealth Management Standing out, amongst the best UK and French financial advice Tax and investment advice Inheritance advice Reviewing pension arrangements It’s simple... We care about you and your money Our vision is to build a long term strategy to take care of your financial requirements for your life in France. Please contact Our UK office 0044 33 3241 6966 enquiries@bgwealthmanagement.net beaconglobalwealth.com Introduction At Beacon Global Wealth, we meet many interesting people from all over the World. People who packed their bags left behind family and friends, whether for lifestyle or professional reasons, and relocated to different climates and cultures. France has long been a location Americans have chosen to relocate. An estimated 200,000 Americans currently living in France. One of the most extensive client areas we work with is Americans abroad and their financial affairs. The investment and retirement planning needs of US-connected persons are complex and multifaceted and need special care, review, and planning from a team of expert and joined-up advisers. This includes Financial Specialists, Tax Specialists, and Investment Specialists. With this significant decision comes fundamental uncertainty and worry around how tax laws and rulings apply, both in the new country of residence and the country of origin. We at Beacon Global Wealth recognize these worries as something we have been through ourselves. We aim to provide peace of mind, so our clients can focus on the essential things in their life. Are you a US Connected Person? • Were you born in the USA? • Do you own a US passport? • Have you lived in the USA? • Have you worked in the USA? If you answer yes to any or all of these questions, you are likely a US Connected person. Issues Facing US Connected Persons and what FATCA Means Since the implementation of FATCA in 2014 (Foreign Account Tax Compliance Act), getting retirement and investment solutions for US Connected Persons has become increasingly problematic. This is because most investment solutions in many countries do not comply with US tax law. You may have noticed the number of banks and financial institutions that no longer deal with US-connected persons. You may even have been affected. The problem is as simple as opening your US passport and then looking at item D on the inside cover. "All US citizens working and residing abroad must file and report on their worldwide income." Over 9 million US-Connected Persons live abroad, holding an estimated one trillion dollars. Many people do not realize they need to file US tax returns. If your affairs are not structured correctly, and you do not accurately report ALL income, including investment income, you will breach US tax law. Options for Clients How to hold your Assets Many investment options available in Europe to US-Connected Persons will automatically put them in contravention of the US tax regime. For instance, one of the more tax-efficient options in France of an Assurance Vie creates severe taxation issues in the US. This causes concern, worry, and, in some cases, unnecessary financial costs. To provide peace of mind and help you sleep at night, we at Beacon Global Wealth have created a series of solutions for the US – Connected Persons using fully regulated Securities and Exchange Commission (SEC) investment managers and partners. These solutions provide US and Current Country tax compliant and flexible options to meet all clients' US tax reporting and investment needs. 98 | The Good Life France The Good Life France | 99