Transfer of FCPI Units
FCPI units may only be sold on the free market to new subscribers (i.e. investors
not already holding units in the same FCPI). The liquidity of FCPI units is nevertheless
minimal since there is hardly any secondary market for shares in private equity
funds .
Important: Any sale of FCPI units during their first five years of existence
leads to the holder's disqualification of fiscal advantages, i.e. the loss of
the exemption from capital gains tax on any profits realised, and the obligation
to reimburse the tax authorities within the same year for the annual 25% tax relief
to which he/she was entitled by virtue of his/her ownership of the FCPI units.
In effect, the fiscal advantages associated with FCPI units are only available
to the original subscriber.
Redemption of the FCPI units
Early redemption of the FCPI units may only be requested in the following circumstances
:
- Invalidity of the bearer or of his/her spouse (in the case of matrimonial taxation).
- Dismissal of the bearer or his/her spouse (in the case of matrimonial taxation)
- Death of the bearer or of his/her spouse (in the case of matrimonial taxation).
In these cases, the tax advantages are not waived.
All requests for early redemption should be addressed, with accompanying documentation,
by registered letter with recorded delivery to your financial intermediary.
Early redemptions are subject to an automatic early redemption commission.
Documents requested
In the case of invalidity of bearer or spouse:
- Letter requesting redemption
- Certificate of invalidity with indication of degree or category of invalidity
(from the CRAM)
- Bearer's bank account details
- Statement of situation of bearer's share account indicating the number
of FCPI units held.
In cases of redundancy of the bearer or spouse
- Letter requesting redemption
- Copy of the redundancy/dismissal letter
- Letter to the ASSEDIC from ex-employer
- ANPE Documentation (registration of unemployment with the national employment
agency)
- Bearer's bank account details
- Statement of situation of bearer's share account indicating the number
of FCPI units held.
In the case of death of bearer or spouse:
- Letter requesting redemption signed by the legal heir(s)
- Solicitor's certificate establishing estate devolution
- Details of the bank account to be credited with the amount redeemed
- Statement of situation of bearer's share account indicating the number
of FCPI units held.
