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Free simulator
SCPI simulator: income, property income tax and net yield
An SCPI promises regular property income with no management, from a few thousand euros. But when held directly, that income is property income, added to your other income and taxed at your marginal rate plus 17.2% social charges.
Once your marginal tax rate and the 17.2% social charges are applied to the rent
Thanks to pooling across hundreds of buildings
Assurance-vie, split of ownership, borrowing — which radically change the net return
The simulator
Simulate the net return of your SCPI
The simulator applies your marginal tax rate and social charges to property income. Your data is neither stored nor transmitted.
SCPI simulator
Estimate an SCPI's income, the property income tax on it and your net yield for your tax bracket.
Indicative calculation, based on 2026 rules and the assumptions entered above.
Why
Why an SCPI is a good asset held in the wrong wrapper
Property funds meet a real need: exposure to commercial property — offices, retail, healthcare, logistics — without buying, managing or trading a building yourself. The management company pools hundreds of assets and dozens of tenants: one departure does not shake the income, whereas a vacant flat wipes it out. It is this diversification, more than the headline yield, that justifies the allocation.
The problem is not the asset; it is the default wrapper. Held directly, the units generate property income that stacks on top of your other income, and so at your highest bracket. For a heavily taxed taxpayer, it is the worst possible treatment: heavily taxed income is added to income that is already heavily taxed.
The wealth planning challenge is therefore to separate the quality of the asset from its tax treatment. The same SCPI can deliver net income that varies by a factor of two depending on whether it is held directly, held within an assurance-vie, bought as bare ownership or financed with a loan. It is this choice — not picking an SCPI “at 6%” — that creates value.
What the calculation shows
The 3 levers that this simulator exposes
A 5.5% distribution rate is never the yield you receive. Property income is added to your other income and bears your marginal tax rate plus 17.2% social charges. At 30%, about 2.9% net is left; at 41%, about 2.4%; at 45%, barely 2%. As long as you reason in gross terms, you are comparing figures that will never land in your account.
Holding the units in an assurance-vie replaces property income tax with the wrapper's lighter tax treatment and makes resale smoother. Buying bare ownership removes all income — and so all tax and any IFI base — during the split of ownership, in exchange for a discount on purchase. Buying with a loan deducts the loan interest from property income and puts leverage to work. Three doors to the same asset, three very different net yields.
An SCPI is not a savings account. Capital is not guaranteed, unit values fell on some office SCPIs in 2023-2024, and resale is not instant — it depends on a secondary market or on new subscriptions. On top of this come subscription fees that are often high (8 to 12%), which require a long holding period to absorb. An open-architecture adviser tells you this before the sale, not after.
Case study
Case study: Sophie, 49, dental surgeon in Lyon
Sophie, taxed at 41%, invests €100,000 in an SCPI distributing 5.5%. She is hesitating between holding the units directly and holding them within an assurance-vie. Here is what the simulator reveals about her truly net income:
| Indicator | Direct ownership | Via assurance-vie | Difference |
|---|---|---|---|
| Gross annual income (5.5%) | ≈ €5,500 | ≈ €5,500 | — |
| Annual tax | ≈ €3,200 | ≈ €950 | -€2,250 |
| Annual net income | ≈ €2,300 | ≈ €4,550 | +€2,250 |
| Actual net yield | ≈ 2.3% | ≈ 4.5% | +2.2 pts |
With exactly the same asset, Sophie's net yield doubles simply because the income stops being property income taxed at 41% + 17.2% and becomes a gain compounding within the assurance-vie wrapper, taxed only on withdrawal and after an allowance beyond 8 years.
If Sophie does not need this income straight away, bare ownership would go further still: zero taxable income, units outside IFI, and capital that rebuilds itself mechanically. The right structure depends on her goal — income or capital — not on an SCPI ranking.
In practice
An SCPI is not chosen, it is structured
This simulator quantifies the gap between the yield you are sold and the yield you actually receive. The real value is created upstream: selecting sound SCPIs from among our partners, choosing the wrapper suited to your tax position and your horizon, and aligning it with your IFI and your succession strategy.
Balmont Conseil is a wealth management advisory firm based in Lyon, a member of ANACOFI-CIF, with no capital ties to any bank or asset management company. We select the SCPIs and the holding structure in your interest. Let's book an appointment to calculate the net return you could actually achieve.
Frequently asked questions
What clients ask us.
Why is the net yield so far from the distribution rate?
Because when held directly, an SCPI's income is property income: it is added to your other income and bears your marginal tax rate plus 17.2% social charges. At a 41% marginal rate, more than 58% of the rent goes in tax. The advertised distribution rate is therefore a gross yield, never the yield you actually receive.
How can the tax on an SCPI be reduced?
Three main levers. Holding the units in an assurance-vie replaces property income tax with the wrapper's lighter tax treatment. Buying the bare ownership (split of ownership) removes all income, and so all tax, for the agreed period, in exchange for a discount. Buying with a loan lets you deduct loan interest from property income. The right structure depends on your objective and your tax position.
Do SCPIs bring my wealth within the scope of IFI (real estate wealth tax)?
Yes, whether held directly or through assurance-vie: SCPI units are a real estate asset, and so liable to IFI. Temporary bare ownership is the exception: during the split of ownership, the usufructuary bears the IFI, and your bare-ownership units leave your taxable base. It is a powerful lever for those liable to IFI.
What are the risks of an SCPI?
Capital is not guaranteed: unit values can fall, as some office SCPIs showed in 2023-2024. Liquidity is not immediate — resale depends on the secondary market. Finally, subscription fees (often 8 to 12%) require a long holding period. An SCPI is a long-term diversification investment, not a substitute for emergency savings.
Why go through Balmont Conseil rather than my bank?
A bank network or platform first distributes the SCPIs that pay it the most. Balmont Conseil is a wealth management advisory firm, a member of ANACOFI-CIF: we select SCPIs from among our partners and, above all, we decide the holding structure according to your actual tax position. It is this choice — and not just the SCPI's name — that determines your net return.
