Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?

Question

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?

Answer 1

This article (mirror 1, mirror 2) by CielEden summarizes well what can be done in terms of transferring an assurance-vie account to another bank. Summary of the article:

• to transfer a assurance-vie account to another bank, you have to create a new assurance-vie account, which resets the date of creation of your account, which will incur a significant lost from a fiscal standpoint.
• The only exception is using the Fourgous law, which only applies in some special circumstances (see section "Les conditions requises par l’amendement Fourgous" in the article). Criteria: stay with the same "assureur" (maybe that means staying with the same bank?), transfer all the funds, and investing at least 20% in "unités de compte".

A law (" loi Pacte") was proposed last year to authorize transferring assurance-vie account to another bank without losing its fiscal advantage (i.e., without resetting the creation date of the assurance-vie account ) but it was rejected (mirror).

Answer 2

Ok so If the life insurance or assurance-vie is issued by US based insurance company the only way you can "transfer" is to do a 1035 exchange into another life insurance contract. I see in your question you mentioned "transfer to a bank" bank meaning you want liquid cash you would have to surrender your assurance-vie. You will only get the cash value of the insurance contract and not the whole value or Death benefit. As far as being a french citizen is irrelevant once you are a permanent resident.

I would need more info as to what you want to accomplish to answer your question in detail

Hope it helps :)