July 6, 2022

The Queens County Citizen

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Suspicious trusts in Canada | The French finance minister expressed his “outrage”

Suspicious trusts in Canada |  The French finance minister expressed his "outrage"

(Paris) Finance Minister Bruno Le Maire on Tuesday expressed his “anger” over suspicions of tax evasion activities related to several large French fortunes by trusts in Canada.


“I share your anger at the ISF underlined question and our lawsuit with Canadian trusts,” Bruno Le Myre said in response to a question from LFI Deputy Franకోois Rafin during a hearing before the Economic Affairs Commission. National Assembly.

“We have initiated all processes over the years to obtain information from Canadian authorities,” he assured, adding that the French government was “mobilized” to fight “fraud or tax evasion.”

A French judge has been investigating for years the tax evasion of large French lucky people who used trusts and opaque property placement structures to avoid paying property taxes in France.

Last May, the Office of the National Financial Prosecutor confirmed to AFP that the lawsuit against the existence of trusts in Canada in 2019 was cited by brothers Jerome and Nicolas Sedoux, two of the richest industrialists in French cinema.

Blue Bridge, from Montreal

Monday, Parisian newspaper Release The Quebec Wealth Management Company, which used a loophole in the 1975 Franco-Canadian tax treaty, has published extensive research on the matter in the middle of the Blue Bridge.

It explains that “the income of the trusts is taxable, but (but) nothing explicitly is stated about the amounts coming from the capital”.

In addition to the Sedoux family, other people, such as the founders of Promodes, Richard Cafe, or Nobilis Upholstery Fabrics, have turned to Blue Bridge, the newspaper said.

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Since 2011, French law has required French residents to declare their trusts to French authorities, and sometimes to pay taxes to these trusts, and to declare French people living abroad if they own property in France.