At a time when the French tax system may be facing further changes, we spoke with Frédéric Fernandez, President of Ovalie Consulting.
With over 30 years of experience in wealth management, as an AMF-certified CGP–CIF and trainer for major groups such as Axa as well as for several universities, he offers a precise and practical assessment of the options still available to investors and high-net-worth families.
How do you anticipate potential tax changes in the current context in France?
I anticipate tax changes through constant monitoring, whether regarding proposed reforms or legislation that has been passed. I also place great importance on taking advantage of existing provisions while current tax rules remain in effect. This allows us to utilize the current framework before any changes take place and to secure positions for my clients.
Are clients currently expressing more concerns about the real estate wealth tax or the estate tax?
Today, concerns are focused primarily on inheritance tax. This is the topic that comes up most often, as many anticipate a potential tightening of the rules, or even a structural reform, in the coming years.
What room for maneuver remains to legally optimize wealth taxation?
There are still real levers available. For retirement, the PER remains the most effective tool. Other solutions remain attractive and are sometimes underutilized: Sofica, De Normandie, Malraux, FCPI… These vehicles allow you to address both tax implications and the accumulation of long-term assets.
Antoine de Saint-Exupéry
How can one balance the pursuit of performance with the goal of reducing tax burdens?
The key, in my view, is to work with medium- and long-term strategies. They allow for a balance between potential performance, wealth preservation, and progressive tax optimization, without succumbing to the temptation of overly short-term opportunities.
Which tax mechanisms do you believe are still underutilized by high-net-worth clients?
Certain powerful mechanisms are still used only marginally: the Professional Furnished Rental (LMP) status, the Dutreil Pact, the family limited liability company (SARL), and even asset separation. These are extremely effective tools, but they require structured guidance to be truly optimized.
