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France - public register of trusts
18/05/2016

Publication of the decree defining the content and the implementation of the public register of trusts

French Government has published a decree on 11 May 2016 clarifying the details of the creation and and consultation of the automatic processing of personal data called« Registre public des trusts ».

Article 1649 AB of French tax code introduced several reporting obligations imposed on trustees of trusts that have French resident beneficiaries or settlors, or assets situated in France. In 2012 the French government clarified the content and modalities of the trustees’ reporting obligations and sui generis levy that should be paid if the trust assets are not declared in the settlor’s weath tax declaration. In 2013 Article 1649 AB was modified and the above reporting obligations were explicitly extended to trusts where there is a French-resident trustee, irrespective of whether the normal links are identified. In addition, a public register of trusts has been instituted.

The main purpose of 4 new articles (from the article 368 to the article 368C), introduced by the decree on 11 May 2016, is to lay down the procedures for the implementation of this measure. “This Register is intended to contain the information regarding all trusts with tax implications in France. The Register, identifying beneficiaries, settlors, trustees and legal entities forming the trusts, will be public and from 30 June 2016 any person will able to consult it on the Internet. Currently, 16 000 entities are identified by the French administration as trusts. From now, the public will have access to this information” – stated Christian Eckert in a press release.   

According to the new articles 368 and 386 A.I of the French Tax Code the following information, retained in the register during ten years after the trust’s termination, will be public and accessible on the Internet from the trust’s registered legal name or from the identity of its settlor, beneficiary or trustee:   

1. The trust’s registered legal name or its address;
2. The date of the trust’s constitution or the date of its termination;
3. The date and the nature of the trust’s reporting return indicated in the article 1649 AB of the French  Tax Code;
4. The elements of the identification of the trust’s settlor, beneficiary or trustee.

If the trust’s settlor or beneficiary is an individual, the elements of his/her identification are his/her first and last name, the date and the place of his/her birth, the date of his/her death. 

The elements of the identification of the trustee are his/her first and last name, the date and the place or his/her birth.

The elements of the identification of a legal person are its corporate name and its SIREN number.

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Please do not hesitate to contact Cecile Acolas at c.acolas@rosemont.mc for queries on these topics.