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France mini FATCA for trusts


Release Date: 09/17/2012
Staff Reference: Jean-Pierre Bernier

France has enacted a set of rules which have become known as the "French mini FATCA" for trusts. The intent of these rules is to ensure the payment of the French net wealth tax where trust structures are used by French individuals and / or hold some French assets or rights

Based on the information that has been released to date, there are new filing requirement(s) if you are a trustee of certain trusts and if any of the following fact-specific criteria applies:

    • the grantor/settlor is a French resident;
    • at least one of the beneficiaries is a French resident;
    • or the trust has assets located in France.
Exceptions are expected, which could apply to Canadian investment trusts. However, the final form has not yet been released despite the fact that the first reporting due date is September 15, 2012 (extended from the original due date of June 15, 2012).

Attached is a recent tax memo from pwc regarding this matter.