VVested

Market guide

Investing in France

Europe's largest equity market by some measures — home to LVMH, Hermès, L'Oréal and TotalEnergies. The 2025 India–France treaty refresh reset the WHT picture.

Market cap:~$2.8–3.2T (Euronext Paris listed French equities, 2025)Currency:EURRegulator:AMF

01 — Market overview

The shape of the market

Exchanges

  • Euronext Paris

Headline indices

  • CAC 40
  • SBF 120
  • CAC Next 20

Top sectors

  • Consumer discretionary (luxury)
  • Industrials
  • Financials

Currency

  • EUR

Regulator

  • AMF (Autorité des marchés financiers); ACPR for prudential

Market capitalization

  • ~$2.8–3.2T (Euronext Paris listed French equities, 2025)

02 — Ways to invest

What you can actually buy

A non-exhaustive inventory of instruments available in this market — stocks, ETFs, ADRs, REITs, bonds — with notes on access.

Stocks
Open to non-resident retail via international brokers; home of LVMH, Hermès, L'Oréal, TotalEnergies.
ETFs
Amundi (Lyxor), BNP Paribas, Amundi domicile many Paris-listed UCITS ETFs.
Mutual funds
Sizeable domestic FCP / SICAV industry; UCITS funds widely available.
ADRs / DRs
Some French ADRs in the US (LVMUY, OR, AIR); most direct exposure is via the Paris listing.
REITs
SIIC regime — ~$60B listed-property market (Unibail-Rodamco, Klépierre, Covivio).
Bonds
French OATs accessible via broker; popular among non-resident fixed-income investors.

03 — Access & brokers

How a foreign retail investor gets in

Brokers that serve non-residents

  • Interactive Brokers
  • Saxo Bank
  • Degiro

Choosing a platform? Compare Vested, INDmoney, IBKR & Rovia →

KYC & onboarding

Passport + tax residency; no French residency required.

Notable restrictions

0.4% Financial Transaction Tax (raised from 0.3% on 1 Apr 2025) on purchases of French companies above €1B market cap.

04 — Tax & regulatory

What gets taxed, by whom

Headline tax treatment for foreign retail investors. Specific situations — large holdings, real-estate-rich entities, treaty residency — can diverge. Always confirm with a qualified advisor.

Capital gains

Residents: 30% flat (PFU) or progressive option. Non-residents: generally exempt on French listed-share CG (except substantial holdings).

Dividend withholding

12.8% for non-resident individuals; 25% for non-resident corporates. Excess over the treaty rate is reclaimable via Forms 5000/5001.

India DTAA

Yes — France–India DTAA historically 10% on dividends. An amending protocol was signed Feb 2026 (MFN clause deleted) but is not yet in force; confirm the operative rate against the ratified treaty text.

05 — For Indian residents

The India-specific angle

What changes when you're investing from India — LRS eligibility, Indian feeder-fund options, and the tax / reporting gotchas you should know upfront.

Eligible under the Liberalised Remittance Scheme

Indian residents can remit up to $250,000 per FY to invest here, subject to 20% TCS above the threshold.

Indian feeder options

No France-specific Indian feeder; Europe-focused FoFs (Edelweiss Europe Dynamic Equity Off-shore) give indirect exposure.

Caveat / pitfall

Refund of excess French WHT requires filing Form 5000 / 5001 — slow and paperwork-heavy. Schedule FA disclosure mandatory.

06 — Drill down

Pillar guides on France

Four deep-dives we're writing on how to actually execute in France. Each becomes a full article at /france/[slug].

07 — Tools

Related calculators

Free Vested calculators relevant when you're investing in France.

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