Anaëlle Morbidelli (Lodge Family): "For a family office, knowing how to apply tax treaties is not the be all and end all"

Leaders League: Tell us a bit about your background?
Anaëlle Morbidelli: After earning an advanced diploma in notarial studies in 2013, I joined a Paris notary office. Being very young at the time, I was open to new experiences. I moved to Geneva, where I would end up working for seven years, initially in a notary office and then as the head of the land operations service for the State of Geneva. While I was there, I earned an LLM in international tax law from the University of Geneva. Then, upon returning to France in 2021, I resumed notarial activities.

You then set up your own business.
I left the notarial profession in 2023 to found my own family office, which was an effective alignment of my values with my expertise. With Lodge Family, I was able to get back to what I was most passionate about: supporting families over the long term. The transition from notary to family officer went smoothly, thanks to my professional experience in family, real estate, and wealth optimization.

What notable differences are there between Swiss and French practices?
The Swiss Civil Code is strongly influenced by the Napoleonic Code. There are similarities, particularly concerning the Code of Obligations, however, some concepts bearing the same name are not at all identical. Moreover, agreements on future successions are prohibited in France, while they are permitted and very useful in Switzerland. This opens the door to very interesting setups from a transmission perspective. Regarding real estate, foreigners cannot freely acquire property in Switzerland. They must comply with the Lex Koller, which presents a multitude of different scenarios. I have had the opportunity to handle a number of these cases. Culturally, I was very well received in my work and by well-established friends in Geneva. But it is not so easy for a French person to integrate there.

Is there also a difference in the retirement contribution system?
Switzerland employs a three-pronged retirement system. The first is a base regime. The second is deducted by the employer from the salary, and the employer also contributes a portion. Depending on the company, the plan can be more or less advantageous to the employee, because the employer’s level of co-pay varies. This is part of the benefits that one must take into account, because it is a significant part of the overall compensation. Finally, as a third option, you can supplement your retirement by taking out a policy with a bank or insurance company.

It is possible to leverage the second and third options to purchase a primary residence in Switzerland or abroad. A restriction on the right to sell is then registered with the land registry, to protect this retirement. When selling the property, the notary must reimburse the pension fund in Switzerland. In France, there is no equivalent for this notation on the mortgages, so it is possible to use a Swiss retirement to invest in France, without any obligation to reimburse the retirement fund in case of resale.  

Are there any specific aspects to bear in mind when working on a file with an international component?
Knowing how to read and apply tax treaties is not the be all and end all. It is undeniably an advantage to know both civil and tax law on each side of the border. For example, it is advantageous for Genevans to buy a primary or secondary residence in France because renovation costs are deductible from income for the purpose of calculating the tax rate. In France, this triggers other very attractive tax benefits, particularly in the case of renting out the property. I have advised clients to change their marital regime in France, while recommending a succession pact in Geneva to control certain effects of this regime change.

As a family officer in France, what limitations are there on the type of representation you can offer your clients?
Taking Geneva as an example, I would not be able to practice there as a CIF because it is prohibited by the Financial Markets Authority. This part of my activity is strictly limited to France. However, I am free to operate as a real estate broker, provided I pay taxes in the right place.

What advice would you give to a financial advisor who wants to practice internationally?
Practicing internationally requires a certain level of expertise. One’s network, local or international, builds over time and with experience, very naturally.