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Notice to Trustees whose structures were holding French Financial assets at 1 Jan 2021

Notice to Trustees whose structures were holding French Financial assets at 1 Jan 2021

07/06/2021
If you are well advised you already know that there are certain reporting requirements in France if trusts or foundations hold French real estate assets (regardless of whether they are leisure or commercial properties). The deadline for filing this year is 15 June.

Those requirements are independent of any wealth tax (IFI) or 3% tax reporting obligations (which filing deadlines are already passed for this last fiscal year).

But have you considered your obligations if any of your trusts or foundations hold French financial assets (which are widely defined, and include stocks, bonds, loans, and foreign companies investing predominantly in real estate) at 1 January 2021?

Reporting obligations kick in when there is a business relationship in France.


As Trustees and Foundation (when assimilated to a trust by French law) administrators you will have a potential liability if declarations are not made in time. The minimum penalty is E20,000.

The reporting obligations may include certain assets held directly or indirectly, including through underlying French companies, and is applicable whether or not the settlor, protector and beneficiaries have any connection to France.

Do you need advice in understanding your obligations and risks, or need assistance in completing your declarations prior to the deadline? Please contact us at consulting@rosemont.mc




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