France: Voluntary disclosure of foreign assets:”Cazeneuve Guidelines #2"



The French Minister of Budget published on June 21st, 2013 guidelines inviting taxpayers owning undisclosed foreign assets to regularize their tax status against decrease of penalties.

However, the Act relating to combat tax fraud and serious economic and financial crimes published on December 6th, 2013 provides higher penalties. The penalty applicable to trusts is now equal to 12.5% the value of the trusted assets without being lower than EUR20.000 (instead of EUR10.000). Thus, concerning Wealth Tax to be due as from January 1st, 2014, tax requirement failures would now be fined with a 40%-penalty (instead of 10% previously).

The new “Cazeneuve Guidelines #2”, published on December 12th, 2013 take into account these new rules and provide a modulation of penalties, depending on the origin of assets. Although all other conditions contained in the Guidelines dated June 21st, 2013 remain, funds deriving from undisclosed trusts are heavily fined:

Origin of assets

Schedule of penalties


Annual penalty assessed on the assets value  on December 31st of the said year




3.75% (trusts)

Assets of a non-resident

Other origins



7.5% (trusts)

Bird&Bird and its Swiss correspondent, BCCC, will be pleased to assist you to voluntary disclose your foreign assets to the French Tax Autorities and in relationships with foreign banks.