France: Reminder : BO type usage (Form 5000) and attestation requirement
Customers are reminded that beneficial owner (BO) types “Legal Entity” and “Investment Fund” indicated in the documentation submitted for the application of reduced tax treaty rates are not detailed enough to ensure the benefit of such rate unless additional information is provided.
This is further to our Announcements L13096, dated 8 July 2013, and L13168, dated 13 December 2013.
Customers are also reminded that investment schemes (SICAVs, FCPs, CIVs, OPCVM/UCITS etc.) must provide, in addition to their Form 5000, a tax attestation issued by the beneficial owner's local tax authorities to certify that the respective entity is taxed on its global revenues.
To avoid the rejection of documents by our French custodian, customers are strongly recommended to:
- Specify, in the "Occupation” field, the most appropriate BO type (that is, the text, not the code) from the following list, avoiding the use of "Legal Entity" and "Investment Fund"; and
- Specify, in the "Surname and first name, or company name" field, the legal form of the company (GmbH, SA, SPA, LLP etc.) in line with the specified BO type; and
- Provide an additional tax attestation issued by the BO’s local tax authorities and clearly mentioning that the BO is a resident according to "the article 4" of the convention for double tax treaty agreement and is effectively subject to tax on its entire income (including French income).
The complete list of valid beneficial owner types (BO types) is as follows:
| Code | BO type | Code | BO type | Code | BO type |
| 01 | Individual | 14 | Insurance Company | 24 | Local Authority / Province |
| 02 | Legal Entity | 15 | Provident Company | 25 | The State |
| 04 | Pension Fund | 16 | Investment Fund | 31 | Mutual Fund Corporation |
| 05 | RIC / REIT / REMIC | 17 | Charity | 32 | Mutual Fund Trust a |
| 07 | Corporation | 18 | Foundation | 33 | Pooled Fund Trust |
| 08 | Instit.Invest. | 19 | Church | 35 | Unit Trust Canada |
| 09 | OPCVM | 20 | University | 40 | Foreign Financial Institution |
| 10 | Mutual Fund | 21 | Not For Profit Organisation | 41 | Bank and Foreign Financial Institution |
| 11 | Partnership | ||||
| 12 | Parent Company CEE | 22 | Unit Trust UK | 57 | Central Bank |
| 13 | Tax Exempt Entity | 23 | Public Legal entity | 90 | International Organisation |
| 91 | Foreign CIV |
a. Only if 100% Canadian resident.
Further information
For further information, customers may contact the Clearstream Banking1 Tax Help Desk on:
| Luxembourg | Frankfurt | Singapore | |
| Email: | tax@clearstream.com | tax@clearstream.com | tax@clearstream.com |
| Telephone: | +352-243-32835 | +49-(0) 69-2 11-1 3821 | +65-6597-1665 |
| Fax: | +352-243-632835 | +49-(0) 69-2 11-61 3821 |
or Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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