Smart Money GrowthFor Expats in France

Is a PER Actually Worth It for You?

It depends on your tax rate today, your tax rate when you retire, and your contract's fees. See when it beats a PEA or an ordinary account, in France and after a move abroad.

You today
?Your income tax rate in France on your last euros earned. A PER payment is deducted from your income, so this is the tax you save on it.
?What you put aside each year, out of your own pocket. When the PER payments are deducted, the PER also gets the tax you save. Deductions are capped at 10% of your earned income: at least €4,710 and at most €37,680 in 2026.€5,000
?One payment a year until then, everything taken out when you retire. A PER stays locked until retirement (buying your main home and a few life events aside), and moving abroad doesn't free it. A PEA counts from your first payment: under 5 years its gains are taxed like the ordinary account's, after that 18.6%.20 yrs
When you retire
?Once you've left France, France generally no longer taxes the gains of your PEA or ordinary account. Your new country's rules apply, and it usually taxes both alike, so the cheaper ETF makes the difference between them.
?Your income tax rate on what you take out each year. A PER can be paid out in several withdrawals, which keeps each year in a lower bracket: pick the bracket you expect with the money spread out. It applies to the PER payments you deducted. Gains in the PER and the ordinary account pay the 31.4% flat tax, or your rate plus 18.6% at 0% and 11%. A PEA's gains pay 18.6%.
?Only used if you live in another country when you retire. What your next country charges on investment gains. Applied to the gains of all three accounts: it usually treats a PEA like an ordinary account.30%
?Only used if you live in another country when you retire. What your next country charges on a French PER paid out to you, in one go or in several withdrawals. Applied to the PER payments you deducted in France. The tax treaty between the two countries decides which country taxes it.30%
Fees
?The PER contract's own fees, charged on top of the ETF it holds. The cheapest online contracts charge 0.50% a year and no entry fee.
?Fixed by the PER contract chosen above. Choose “Your own fees” to change it. Charged each year on the whole PER balance.0.5%
?Fixed by the PER contract chosen above. Choose “Your own fees” to change it. Charged on each payment into the PER.0.0%
?The yearly fee of the ETF you hold inside the PER; the contract fee comes on top. World ETFs inside online PERs cost about 0.12% to 0.38%: check your contract's list.0.20%
?The ETF's own yearly fee. World ETFs that fit a PEA cost about 0.20% to 0.38%.0.20%
?Outside the PEA you can choose any ETF: world ETFs cost from about 0.05% to 0.20%, and you can hold what a PEA can't, such as small caps.0.12%
Market
?The market's yearly return before any fee and before inflation, the same in all three accounts. The euros shown are euros of the year you retire, not today's money.6.0%
What you keep after tax and fees
From €100,000 out of your pocket over 20 years, taken out when you retire in France, in euros of that year
PEA
€173,637
the reference
PERkeeps the most
€207,314
19.4% more than the PEA
Ordinary account
€164,944
5.0% less than the PEA
  • With the same 30% bracket at retirement as today, the PER would leave 2.6% more than the PEA.
  • A PER stays locked until retirement, except to buy your main home or in a few hardship cases, such as a partner's death, disability or the end of unemployment benefits. A PEA can be emptied freely after 5 years.
  • The PER gets €7,143 a year: your €5,000 plus the €2,143 of tax you save.
  • Deducting €7,143 a year needs an earned income of at least €71,429: the ceiling is 10% of it.
Each bar is one year's payment, compared with the same payment in the PEA. The first payment is on the left: it grows the longest. Hover or tap a bar for its value.
Ahead of the PEA
Behind the PEA
Smart Money Growth
For illustration only. Not financial advice.

Assumes French rates for 2026 (18.6% social charges, 31.4% flat tax or the income tax scale where it costs less), accumulating ETFs, no account fee on the PEA or the ordinary account, PER payments deducted or not (whichever leaves more), the tax you save paid into the PER the same year, and everything taken out when you retire (the PER in several withdrawals, each taxed at the bracket you choose), in euros of that year.

What this calculator can't know

  • The tax treaty between France and your next country, and how it treats each account.
  • Your own contract's real fees, and what you already hold.
  • The order of steps before a move: what to fill, sell or keep, and when.

That's what the Strategic Review is for. You won't solve it in 30 minutes, but on the call we see whether it's worth solving for you.

Book your free Strategic Review

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