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French trust reporting
Key points
- The concept of a trust is not recognised in French law but a trust established outside of France will be recognised in France.
- Trusts that meet the definition set out in Article 792-0 bis of the French tax code are subject to reporting requirements.
- Only French assets rights and capitalised income are reportable.
- Trustees ought to provide the nature and date of the reportable event.
- Failure to comply with the tax reporting requirements triggers a fixed penalty of €20 000.
While the concept of a trust is unknown in French law and it is not possible to establish a trust under French law the existence and effects of a trust established outside of France are in principle recognised in France. The law of the law of 29 July 2011 provides the legal frame work applicable to non-French trusts including reporting requirements.
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