Navigating Financial Uncertainty as an Expat: My Journey from the U.S. to Europe
“I feel out of place among Europeans who haven’t faced the same financial burdens. My situation leaves me anxious about retirement. How can I build a stable financial future when I’m stuck navigating these obstacles without guidance and with a feeling of being forgotten?”
— Steven Evans
Dear Congress,
I’m originally from Massachusetts but now live in France. As a university student, I dreamed of studying abroad and worked two jobs while studying full-time to make it happen. That semester changed my life—it's where I met my wife, who is French. In 2014, she moved to the United States to pursue her master’s degree, and I secured a job. But when her visa expired in 2016, we made a pivotal decision: we relocated to London, where we felt our personal and professional lives would thrive.
Fast forward to 2021, we moved to France to be closer to family and bought a home in the suburbs of Paris. While this journey has been incredible, it hasn’t come without serious challenges, particularly financial ones. At 37, I’m worried about my retirement and financial future. I have a UK pension, but I’m uncertain if it complies with U.S. tax laws, and finding an affordable tax advisor who understands these complex cross-border issues has been challenging.
To make matters worse, I’m missing out on investment opportunities. Living in Europe, I’m blocked from investing in U.S. exchange-traded funds due to the EU’s PRIIPs regulation, which requires a Key Information Document (KID)), and I’m hesitant to invest in other funds that the U.S. might classify as PFICs (Passive Foreign Investment Companies). Without access to affordable financial advice, I feel trapped, and my savings sit idle in a low-interest account, doing nothing for my future.
As someone who doesn’t come from a wealthy background, saddled with student loans like many Americans, I feel out of place among Europeans who haven’t faced the same financial burdens. My situation leaves me anxious about retirement. How can I build a stable financial future when I’m stuck navigating these obstacles without guidance and with a feeling of being forgotten?
Please end citizenship-based taxation and allow me to save for my retirement!
Sincerely,
Steven Evans
