The French government has prepared a new regulation for long-unused bank accounts and unclaimed financial assets as part of its search for resources to close the public budget deficit. In line with the 2027 budget proposal, a special deduction is planned from assets that remain inactive as of December 31, 2026.
According to the plan, a 17 percent deduction will be taken from approximately 8.2 billion euros worth of unclaimed assets. Through this method, the government aims to provide a direct contribution of approximately 1.4 billion euros to the public budget.
PROVISION FOR RETURN TO BENEFICIARIES
The regulation is based on the unclaimed asset tracking mechanism carried out under the Eckert Law, which was adopted in France in 2014 and entered into force in 2016. Banks and financial institutions transfer accounts that have not been transacted for a long time or whose owners cannot be contacted, as well as unclaimed life insurance savings, to the French Caisse des Dépôts et Consignations.
In the current practice, these funds are transferred to the state after a 30-year waiting period. Since 2017, 1.2 billion euros have been repaid to beneficiaries through the “Ciclade” refund system; the amount transferred to the state treasury in the same period was 640.7 million euros.
It is stated that the planned 17 percent deduction means that the funds expected to pass to the treasury at the end of the 30-year process are being taxed in advance. The government reports that the legal rights of the beneficiaries or heirs will be protected; if the actual owner appears, the deducted amounts will be returned with interest.
However, the practice has drawn reactions from some citizens. Critics emphasize that instead of taking the money in the accounts when the period expires, the state should first reach out to the account holders or their relatives.
News Source: 12punto
