International Estate: How to transfer funds from France ?
Many foreigners have to face some difficulties with the French banks or the French Tax administration when they tried to get them to close out the deceased’s bank accounts and forward the funds to the Estate located overseas.
The Rule is that simple:
- If the death occurred in France, the heirs have 6 months to report it to the Tax Administration
- If the death occurred Overseas, the heirs have 12 months to report it to the Tax Administration
This is of the utmost importance since you will need to know how much money the Estate and the heirs owe to the French Tax Administration.
The main issue you will have to face will be to obtain the funds available on the deceased’s Estate.
Indeed, since the Estate is located overseas, the French banks are worried about Tax Evasion and do not let you just taking the cash and going away!
The French Tax administration imposes on the Estate to first obtain a Tax certificate which shows that the Estate was declared in France and the heir paid or not the inheritance tax.
Without this document, no single bank will transfer the funds to you!
And this is exactly when you will need a French Lawyer who will negotiate with the banks and the tax administration in order to get them to pay off the fees directly from the account and transfer the remaining balance.
The French administration is so tricky that you will need to talk to the right person at the right moment.
Leaving overseas will bar you from getting in touch with them easily… and we are not even talking about the language barrier yet!!!
Finally, only a local Law Firm in France can get the French banks to transfer those funds overseas
Sebastien Gaddini, Esq.
Attorney at Law / NY
Document up to date on 11.02.2010
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