Moving back to Europe

[Alan]

Thanks for the update.

All the very best for the move and new life.

 

[braumeister]

Bonne chance!

 

[Koogie]

To all outward appearances, you are handling this turmoil well. A testament to your good character.

Wish you nothing but success.

Cheers.

 

[ivinsfan]

FIREd..you've had a rough Summer, your first thread about your fears this might be happening was less then 60 days ago. And now it's happened...Best wishes as you move to a new life and may some contentment and happiness be right around the corner. Check in and let us know how you are. I hope your budget works out as planned.

 

[W2R]

All the best to you in your new life, FIREd.

 

[deserat]

@FIREd - I hope you don't leave this community. I for one will look to you for advice on visiting France , even though I've been there before many times, can't hurt to get that 'man on the ground' perspective

 

[haha]

I have now decided to make my final move from the US to France at the end of the year (unless I run into some delays). I thought that I would take a few years to regroup after the divorce before making my move, but I want to get on with my new life.

My lifestyle is going to change dramatically. I will be leaving a 2500 sqft house in the US for a 1-bedroom, ~400 sqft condo, which I will be purchasing in the spring (and which costs about the same as the house). Real estate is expensive where I am going and I don't need much room anyway. Actually I am looking forward to having a smaller place with much less maintenance. I already have a (much larger) vacation condo in the area. But I think that I would prefer renting it out than living in it for now (I might change my mind later).

My new target monthly budget, after purchasing the smaller condo, is also going to be drastically reduced. It will be around 2,300 euros a month, all in (trying to keep my withdrawal rate where it was before the divorce).

I reached out to some people who live in the area to have an idea about my expected bills:
monthly recurring bills should be about 1,400 euros (food, health insurance, electric, water, internet, phone, car insurance, gasoline, HOA fees, property taxes). And I will set aside about 350 euros a month for more irregular expenses (medical co-pays, car repair, etc...).

I have liquidated quite a few investments in the US already. But I still have to push the trigger on liquidating my Roth IRA (already in cash) and my HSA (also in cash).

FIREd, you create a beautiful demonstration of resilience. Congratulations on your rapid, look ahead not back, and stay optimistic way of proceeding. My best wishes to you!

When you are setting up your 400 ft2 condo, please share some details. I have a small space for the USA at 670, and at times I struggle to figure out how best to set up. I have zero interest in going larger, and anyway, larger would cramp my budget.

Ha

 

[FIREd]

@FIREd - I hope you don't leave this community. I for one will look to you for advice on visiting France , even though I've been there before many times, can't hurt to get that 'man on the ground' perspective

I plan to stick around! While some information on this site may not be relevant for my situation anymore, there are still plenty of good discussions about the personal aspects of ER that will remain of interest to me. In particular, I am moving to a country where retiring early on one's own investments is even more out of the norm than in the US. And I am sure that it will come with challenges (people are already questioning how I will be supporting myself).

 

[REWahoo]

I plan to stick around! While some information on this site may not be relevant for my situation anymore, there are still plenty of good discussions about the personal aspects of ER that will remain of interest to me.

Yep, you never know when another good debate on shaving/not shaving body hair might break out.

 

[kimcdougc]

You have made the hard decisions about getting on with your life. Good luck and I look forward to hearing from you more when you actually move.

 

[FIREd]

FIREd, you create a beautiful demonstration of resilience. Congratulations on your rapid, look ahead not back, and stay optimistic way of proceeding. My best wishes to you!

When you are setting up your 400 ft2 condo, please share some details. I have a small space for the USA at 670, and at times I struggle to figure out how best to set up. I have zero interest in going larger, and anyway, larger would cramp my budget.

Ha

Thanks Ha!

I am not one to dwell on the past in general, unless there is something useful to be learned from it. Forward is the way. And I have no doubt that the future will be as good as I make it.

I will give updates on this thread as I go through the process of moving and settling in on the other side. I am sure that I will have fun setting up my new bachelor pad.

 

[FIREd]

Yep, you never know when another good debate on shaving/not shaving body hair might break out.

Man, you made me search for it. I can't believe that I missed that gem!

 

[tulak]

Good luck with the move!

I know it can’t be easy, but I’m glad you’re able to move on and I’m sure once your settled life will get better. There’s a lot of fun out there!

 

[bbbamI]

One chapter ends, but a new one begins....

I plan to stick around!

Oh yeah, you better. I've got the time and the money to find you if you don't.

 

[Alan]

Yep, you never know when another good debate on shaving/not shaving body hair might break out.

And who can forget the in depth discussion on controlling nose hair

 

[KrisS]

hope this helps

Dual US/UK citizen here with property in the Midi. Not sure if at all helpful, but we use HSBC and the global dashboard is great to keep track of accounts across multiple countries. It has not been a problem that there isn't branch in our local area.

One problem with French banking in general is the monthly limits on debit card transactions & cash withdrawals (which is why so many people still write cheques!). It can be a challenge when you need to spend more, so recommend just keeping it in mind (& having other funding sources). Not a big fan of Transferwise. What we do have is Revolut-- a fantastic option when you want to work cross currency in the Eurozone.

On condo/gite rental, we have been amazed how quickly Airbnb has become a player, even in rural France. Depending on location, short term rentals can yield a higher return (even with occupancy taxes).

I personally did not liquidate US holding before really getting arms around the tax landscape of the new country. However, a zillion ways to go with this sort of thing, particularly if your priority is to break US tax obligations as quickly as possible.

I just joined this community and am looking for others in Europe, so get moving!

 

[Alan]

Hi KrisS, welcome to the site.

Why don’t you introduce yourself here

Hi, I am... - Early Retirement & Financial Independence Community

There are a few expats here, it is always good to get their perspective on things.

 

[Lagniappe]

FIREd,

Best of luck as you transition. I have a couple of friends who have FIRED to split their time between rural France/ UK and are loving it.

Keep that positive attitude, and keep us posted!

 

[rodi]

FIREd - best of luck to you in your move and in establishing your new normal.

I have NO advice on the moving money internationally, or tax consequences... But I want to wish you the best. And to echo what others have said - I hope you continue to participate/contribute here. I appreciate your posts.

 

[NW-Bound]

And who can forget the in depth discussion on controlling nose hair

This one I missed. You have a link?

 

[gretah]

I have used Transferwise to move small amounts of money to my French bank account before. It worked well. I transfer some USD from my US bank account to my borderless account at Transferwise. Then I convert the USD to Euros (still in my borderless account). Then I transfer the euros to my French bank account.

Hi, FIREd

Would you explain this process to me? And tell me what a borderless account is?

I need to move some funds to Europe next year and have been looking into low cost ways to do this.

Did you get any Clean Clear certificates or Signature Medallion Guarantees before moving to Europe?

Thank you!

 

[daylatedollarshort]

Good luck on the move, FIREd.

 

[Huston55]

Best of luck my friend!

I am no help with the international financial stuff but, you seem to be in a good place emotionally and, I’m happy to see that. I have no doubt you will be fine & quickly settle into & get a lot of pleasure from your new life. Hope to ‘see you around’ the forum as you settle in & move on.

 

[Bestwifeever]

I’m looking forward to your photos of winter scenes in Switzerland and France and everywhere you visit, FIREd. Enjoy these next chapters in your life's adventure.

 

[FIREd]

Dual US/UK citizen here with property in the Midi. Not sure if at all helpful, but we use HSBC and the global dashboard is great to keep track of accounts across multiple countries. It has not been a problem that there isn't branch in our local area.

One problem with French banking in general is the monthly limits on debit card transactions & cash withdrawals (which is why so many people still write cheques!). It can be a challenge when you need to spend more, so recommend just keeping it in mind (& having other funding sources). Not a big fan of Transferwise. What we do have is Revolut-- a fantastic option when you want to work cross currency in the Eurozone.

On condo/gite rental, we have been amazed how quickly Airbnb has become a player, even in rural France. Depending on location, short term rentals can yield a higher return (even with occupancy taxes).

I personally did not liquidate US holding before really getting arms around the tax landscape of the new country. However, a zillion ways to go with this sort of thing, particularly if your priority is to break US tax obligations as quickly as possible.

I just joined this community and am looking for others in Europe, so get moving!

Welcome to the forum KrisS!

Glad to see that HSBC has worked great for you! I will have a branch about one hour away, just in case.

Good point on the low limits for debit card transactions and cash withdrawals. I think that my lifestyle will be modest enough not to run into too many of those issues. A lot of bills will probably get paid by bank transfers. Large payments will be made by check. I'll use my debit card to pay for things like food and entertainment.