Judgment_paragraph 49 · College Pension Plan of British Columbia v Finanzamt München Abteilung III (C-641/17)

49Specifically, the less favourable treatment by a Member State of dividends paid to non-resident pension funds, compared to the treatment of dividends paid to resident pension funds, is liable to deter companies established in a Member State other than that Member State from pursuing investments in that same Member State and, consequently, amounts to a restriction of the free movement of capital, prohibited, in principle, under Article 63 TFEU (see, to that effect, judgments of 8 November 2012, Commission v Finland, C‑342/10, EU:C:2012:688, paragraph 33; of 22 November 2012, Commission v Germany, C‑600/10, not published, EU:C:2012:737, paragraph 15, and of 2 June 2016, Pensioenfonds Metaal en Techniek, C‑252/14, EU:C:2016:402, paragraph 28).