Accessing Apax Partners investments
through the stock market

20 years 1995-2015

Altamir has opted for the French status of SCR (Société de Capital Risque), making Altamir shareholders eligible for certain tax benefits, as indicated below:

  • Individuals resident in France:
    By committing to holding their shares for at least five years and reinvesting their dividends until the end of that period, individual investors who are residents of France are exempt from tax on dividends and on capital gains from the sale of their shares, but social security levies must still be paid (15.5% as of 1 January 2016).
  • Individuals not resident in France:
    By committing to holding their shares for at least five years and reinvesting their dividends until the end of that period, individual investors who are not residents of France are not subject to French withholding tax. Individuals who do not commit to holding their shares for this period or do not uphold their commitment, or individuals who do not reside in a country or territory having executed a tax treaty with France containing an administrative assistance clause aimed at combating tax fraud and tax evasion, are subject to a withholding tax of 30%, but this may be reduced or eliminated if more favourable treaty provisions apply, provided certain administrative obligations are fulfilled (specifically, a completed tax residence certificate no. 5000 approved by the shareholder and his/her local tax authority must be filed before payment of the dividend, or said tax residence certificate no. 5000 and a withholding tax payment form no. 5001, if applicable, must be filed after payment of the dividend, within the allotted time period).
  • Legal entities resident in France:
    Legal entities residing in France are exempt from tax on capital gains on the sale of Altamir shares held for more than five years. They are exempt from tax on dividends deriving from capital gains on the sale of Altamir's equity investments.
  • Legal entities not resident in France:
    Legal entities that do not have a permanent establishment in France and do not hold more than 25% of the rights to Altamir's earnings are not subject to capital gains tax in France. Dividends, however, are normally subject to a 30% withholding tax, which can be reduced (e.g. to 15%), or eliminated altogether, if more favourable treaty provisions apply or under certain conditions as detailed in section 4.3 of our 2015 Registration Document.

Tax rules applicable to shareholders are detailed at the end of Altamir's Registration Document:

Extract of the Registration Document on the legal and tax framework of an SCR

We recommend that investors review this topic before investing in Altamir's shares.

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