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France or Spain?

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john98103
  10/13/2017 18:06 EST

I'm a retired US person considering long-term retirement (non-lucrative visa and the like) in either France or Spain.
The cost of living (rent, food, etc.) is lower in Spain, according to cost of living websites, at least on or near the Rivera.
Question is - what about taxes, insurance and other fees? All income will come from outside of either country (SS and pension).

Thanks

PowerRanger1
  10/14/2017 15:47 EST

As a rule, choosing a destination based on cheapness is a recipe for disaster.

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traceyspada
  11/1/2017 23:06 EST

Spain in general is cheaper than France, but remember both countries will tax you on your retirement funds..

majgroves
  11/2/2017 00:23 EST

traceyspada,

Not true!
I don't know about Spain but if john98103's income is Social Security and Pensions, France will tax neither. Most countries do not tax pensions. The U.S.–France treaty explicitly states that France will tax neither pensions nor your SS benefits.

Conversely, Italy's tax treaty with the U.S. explicitly states that Social Security benefits will be taxed only by the country of residence (Italy). However, the U.S. will still tax you on the same SS benefits. There are ways to get a credit back but only after the fact and it can get complicated.

That is one reason we decided to move to France instead of Italy. SS benefits represent 53% of our income and the rest pensions. We plan to simply visit Italy.

timesjobyrne
  11/2/2017 02:57 EST

Incorrect in France. The US taxes your retirement income. Under terms of the tax treaty between US and France, France does not regard your retirement savings withdrawals as taxable.

If you stay in France and obtain a carte vitale for French health care, France will use your annual withdrawl from retirement as a gauge for how much you will pay each year for your health care -- usually between 6 & 8% pic what you are living on. But you will not pay French income tax on retirement withdrawals.

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