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BEPS

France Publishes Decree on Trust Reporting Requirements

Jessica Silbering-Meyer  

Jessica Silbering-Meyer  

France has published Decree No. 2019-584 of June 13, 2019 relating to the reporting obligations of trust administrators.

Trusts must file a declaration within one month after the constitution, modification, or termination of a trust. The declaration must include the following information:

  • Identification of constituents or beneficiaries deemed to be constituents.
  • Identification of beneficiaries.
  • Identification of trust administrator.
  • Identification of trust.
  • Content of the terms of the trust, including the trust deed and any additional stipulations governing its operation, such as the indication of its revocability or irrevocability, its discretionary nature, and the rules governing the allocation of property or rights in the trust and their products.
  • Nature and date of occurrence of the event that generated the declaratory obligation.
  • Consistency of property or rights placed in the trust, and that of the property, rights, or products transmitted, attributed, or released from the trust resulting from the event that generated the declaratory obligation.
  • For each property or right in the trust mentioned in the declaration, surname and forename or business name, address and, where applicable, date and place of birth and, where it takes place, of death, of persons placing them in the trust.
  • For each property, right, or product transferred, assigned, or released from the trust mentioned in the declaration, surname and forename or business name, address and, if applicable, date and place of birth of persons to whom that property, right, or product is transferred, allocated, or released from the relevant trust.

The trust administrator must file a declaration by June 15 of each year, and include the following information:

  • Identification of constituents or beneficiaries deemed to be constituents.
  • Identification of beneficiaries.
  • Identification of trust administrator.
  • Identification of trust.
  • Content of the terms of the trust, including the content of the trust deed and any additional stipulations governing its operation, such as the indication of its revocability or irrevocability, its discretionary nature, and the rules governing the allocation of property or rights in the trust and their products. The trust administrator is exempt from this requirement if the declaration was previously filed.
  • If at least one of the constituents, beneficiaries deemed to be constituents, or beneficiaries has its fiscal domicile in France, detailed inventory of the assets, rights, and capitalized products located in France or outside France and placed in the trust, together with their market value as of January 1.
  • If none of the constituents, beneficiaries deemed to be constituents, or beneficiaries has its fiscal domicile in France, detailed inventory of assets, rights, and capitalized products located in France and placed in the trust, as well as their market value on January 1.

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