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The French Supreme Court has clarified how to interpret the concept of a legal entity whose assets consist principally of immovable property when this concept is not defined in an applicable tax treaty. The decision addresses whether interests held by family members and indirect holdings through intermediary entities must be considered when determining if a company falls within the scope of real estate provisions in tax treaties.

The French Anti-Corruption Agency has shifted its enforcement approach, now assessing Sapin 2 compliance breaches at the time of inspection rather than at the time of ruling. For the first time, the AFA has imposed financial penalties on both a company and its chairman, signaling that delayed remedial measures will no longer provide protection from liability.

Former Sheppard associate Sarah Ben-Moussa shares her journey from practicing M&A law in New York to building a renewable energy legal career in Paris. She discusses navigating the French visa system, the practical differences between U.S. and French legal practice, and the personal challenges of relocating abroad while leveraging American legal training in cross-border transactions.