The withholding tax on dividends paid by French companies no longer applies, with one exception, to foreign collective investment organisations (mutual funds essentially) with similar characteristics to their French equivalents OPCVM, OPCI and SICAF, registered in an E.U. member State, or in another State or Territory which has signed with France an administrative assistance agreement in view of fighting tax evasion and fraud.

The matter is rather complex in practice, it is highly recommended to seek advice from a Chartered Accountant (Expert Comptable).