France plans 17% levy on forgotten bank accounts and life insurance policies
France's 2027 budget bill proposes a one-off 17% levy on unclaimed financial assets held by the state's Caisse des Dépôts (CDC), expected to generate €1.4 billion for the treasury.
What's being taxed
On Thursday, October 1, the French government presented its 2027 budget bill in the Council of Ministers, proposing a one-off 17% levy on so-called "dormant" or unclaimed financial assets held by the state's Caisse des Dépôts (CDC). The measure targets forgotten bank accounts, unused childhood savings accounts (including the popular Livret A), and life insurance policies left by deceased relatives whose beneficiaries are unaware they are entitled to the funds. The levy will be calculated on the amount held as of December 31, 2026, and according to Yahoo Finance France, is set to take effect from January 1, 2027. The move is part of a broader deficit-reduction effort — Le HuffPost reports the overall budget bill includes €43 billion in new measures to repair public finances.
How it will work
Under a 2014 law, banks and insurers must annually review inactive accounts and verify whether clients are still alive; inactive funds are transferred to the CDC after 10 years of inactivity, where they can remain for up to 30 years from the start of inactivity before finally becoming state property. The new levy allows the state to collect part of this money earlier, without waiting for that deadline. The government stresses that account holders' or heirs' rights are not affected: if the money is later claimed, it will be repaid in full with interest, but if it is never claimed and eventually reverts to the state, the levy already collected will be deducted from the amount the CDC pays out.
Context and figures
Based on BFM's calculations, the expected €1.4 billion in revenue at a 17% rate implies a total taxable base of roughly €8.2 billion. According to Le HuffPost, 758,000 accounts and contracts were transferred to the CDC in 2025 alone, totaling €671 million, while Yahoo Finance France notes that more than €9 billion has been transferred to the CDC since July 2016, averaging €700 per contract. Anyone can check whether they have forgotten funds using the CDC's Ciclade platform.
