On May 10, 2016 the Minister of Finance, Michel Sapin, and the French Secretary of State for the Budget, Christian Eckert, signed a decree laying down the modalities of implementation of the public register of trusts. This register was created by the law of December 6, 2013 n°2013-1117 but was not implemented yet. It is designed to contain information on all trusts having tax consequences in France and for which the trustees are subject to the specific annual and/or event-driven trust returns provided under article 1649 AB of the French tax code.
It will be accessible on the internet as from 30 June 2016 and will contain the following information:
- name and address of the trust,
- date of settlement and liquidation of the trust,
- date and nature of the trust returns filed by the trustee(s) of the trust,
- name, date and place of birth, date of death, if applicable, of the settlor, beneficiaries and trustee(s) of the trust if they are individuals or the French business identification number if they are under the form of a corporation.
The access will follow a specific procedure and anyone consulting the register of trust will be identified.
So far 16,000 trusts have been identified by the French tax administration.