Olympic Record for the Men's 400m Individual Medley, clocking in at 4:02:95 according to Olympics.com.
Obviously, the French are ecstatic, but the Americans are also cheering – the French swimming prodigy resides in the U.S. and trains with Bob Bowman, who swimming aficionados will recognize as the man who coached Michael Phelps.
Now, I’m not a swimmer or a coach, and if I did my mental math correctly, last night Mr. Marchand was swimming more quickly than I usually walk. However, I am a cross-border financial planner. So there’s another impressive number associated with Mr. Marchand’s victory that interests me – 80,000.
That’s the amount, in euros, that French athletes earn for winning gold at the Olympics this year. In USD, that works out to a little less than $87,000.
So, why is this interesting to me? Well, Mr. Marchand lives and trains in the U.S., therefore it stands to reason that he is a tax resident there. The cross-border financial implications of winning such a sum are fascinating, particularly when we consider that Mr. Marchand also received (likely very lucrative) sponsorship deals from French brands before the Olympics.
While you may not be an Olympic gold medal winner (or perhaps you are!), if you’re a U.S. citizen considering a move to Europe, your financial questions can quickly evolve to look like Mr. Marchand’s. If you’re starting to feel out of your element with those questions, I’d love to help answer them.
French swimmer Marchand wins gold with Olympic record in men’s 400-metre medley (france24.com)
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