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Recent French Legislation 
Concerning Assets Located Outside of France

- I -

Property of French citizen kept in safes abroad

The French Ordinance of November 2, 1945 refers to: gold moneys, negotiable instruments, government bonds, bonds issued by corporations, and certificates of stock, kept in safe deposit boxes or in packages for the account of a French citizen having his habitual residence in French territory.

Such assets must, at the request of the French Office of Foreign Exchange Control (Office des Changes), be inventoried by the owner, or his attorney-in-fact, in the presence of a representative of the Office des Changes. After the inventory has been made such assets may, at the option of their owner, be:

A - Returned to French territory;
B - Left abroad in the custody of a bank, or a stock broker:
1.  In the name of a French bank or stock broker, or
2. In the name of the owner who shall communicate to the Office des Changes, the name and address of the custodian.

It must be pointed out that the owner is not required to declare or cause an inventory to be made of the aforesaid assets until they shall be individually requested to do so by the Office des Changes.

- II -

Declaration of Foreign Assets of Aliens Residing in France

The ordinance of January 16, 1945 obliged aliens who are usually residents of France to make at the Office des Changes a declaration of their assets located in France. After filing of such declaration, their assets were placed under the control of the Office des Changes.

A recent ordinance (November 2, 1945) has removed the necessity of aliens residing in France from making this declaration and submitting their assets located abroad to the control of the Office des Changes.

- III -

Usual Residence in France

Under the French Foreign Exchange Control Legislation, individuals who reside part of their time in France and part of their time abroad, are regarded as having in France their usual residence (résidence habituelle), when they have in France a dwelling or exercise 

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---------- Reopened for Editing 2024-02-16 15:00:31.