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Free simulator
SCPI split of ownership simulator: bare ownership, discount and IFI
Buying the bare ownership of SCPI units means acquiring them at a steep discount — 20% over 5 years, 30 to 35% over 10 years — with the usufruct sold to a third party for the length of the split of ownership. During this period, you receive no income: no tax on property income, no social charges, and the units fall outside your IFI base.
Recovered in full, mechanically, at the end of the split of ownership
No property income, no social charges, units outside IFI
No need for immediate income
The simulator
Simulate your SCPI in bare ownership
The simulator calculates the full ownership recovered at the end of the term. Your data is neither stored nor transmitted.
SCPI split of ownership simulator
Buy the bare ownership of SCPI units at a discount: zero taxable income, outside IFI, mechanical capital gain.
Indicative calculation, based on 2026 rules and the assumptions entered above.
Why
Why split of ownership is the patient taxpayer's tax weapon
Temporary split of ownership rests on a simple idea: separating ownership of the asset (bare ownership) from its income (usufruct). You buy the former at a discount; a third party — often a company, which does have an interest in receiving the rents — buys the latter for a fixed period. Each side optimises its tax on the leg that suits it.
For a heavily taxed taxpayer, the appeal is crystal clear. Property income received directly would be taxed at the marginal rate plus 17.2%: better not to receive it at all. By buying the bare ownership, you deliberately forgo that income for a few years, and that is precisely what earns you the discount. You turn an income stream taxed at over 50% into a future, untaxed capital gain.
The wealth benefit goes beyond the tax saving alone. Bare ownership falls outside the IFI base, making it one of the few real estate assets that is tax-neutral for those liable. And the revaluation at term is mechanical: it depends not on the market but on the scheduled extinction of the usufruct. It is a trajectory known in advance.
What the calculation shows
The 3 levers of bare ownership
Paying €70,000 for bare ownership that will be worth €100,000 in full ownership in 10 years is not getting a 30% discount: it is locking in a mechanical revaluation of the discount, whatever the market does. The capital “climbs back” from the initial discount simply through the extinction of the usufruct. Over 10 years, that represents an after-tax actuarial return that is hard to match with a taxed investment.
No income, so no income tax on property income, no social charges, and exclusion from the IFI base. For a business owner or a self-employed professional taxed at 41% or 45% and liable to IFI, it is one of the very few real estate assets that costs nothing in tax each year while building capital. Tax only resumes at term — and even then, only on any capital gain in full ownership.
The trade-off is real: you tie up your capital for the whole split of ownership period, with no interim income and a bare-ownership resale market with little liquidity. And the discount does not protect you from a poor underlying asset: if the chosen SCPI loses value over time, the full ownership you recover may be worth less than hoped. The quality of the SCPI and how well the term matches your horizon matter more than the size of the discount.
Case study
Case study: Marc, 52, head of an industrial SME in Strasbourg
Marc, taxed at 45% and liable to IFI, does not need extra income before he retires. He invests €70,000 in SCPI bare ownership, over a 10-year split of ownership with a 30% discount. Here is the trajectory the simulator projects:
| Indicator | Bare ownership | Equivalent direct ownership | Difference |
|---|---|---|---|
| Initial investment | ≈ €70,000 | ≈ €100,000 | -€30,000 |
| Full ownership at term (10 years) | ≈ €100,000 | ≈ €100,000 | — |
| Cumulative taxable income over 10 years | €0 | ≈ €55,000 | -€55,000 |
| Annual IFI on these units | €0 | liable | exempt |
Marc turns €70,000 into €100,000 in full ownership over ten years, without declaring a single euro of property income or paying IFI on this asset. At 45% + 17.2%, the ≈ €55,000 of rent he would have received directly would have cost him more than €34,000 in tax: he exchanged it for an immediate discount and an untaxed capital gain.
This arrangement only makes sense because Marc doesn't need this income now and has a clear time horizon (his retirement). For an investor seeking immediate income, an SCPI held in full ownership or through an assurance-vie would be more suitable. It all depends on the objective.
In practice
The right split of ownership is set by your horizon, not by the discount
This simulator projects the mechanical revaluation of your capital. The value of advice lies elsewhere: choosing an SCPI with a sound underlying portfolio, matching the split of ownership term to your real horizon (retirement, passing on wealth), and fitting the transaction with your IFI and the rest of your wealth. An attractive discount on a poor SCPI is still a bad deal.
Balmont Conseil is a wealth management advisory firm based in Lyon, a member of ANACOFI-CIF, with no capital ties to any asset management company. We select the SCPI / term combination from among our partners, in the service of your wealth strategy. Let's book an appointment to check if bare ownership matches your time horizon and tax situation.
Frequently asked questions
What clients ask us.
How does temporary split of ownership actually work?
You buy the bare ownership of the units at a discount; another investor, often a company, buys the usufruct and receives the rents for a fixed period (5, 10, sometimes 15 years). At term, the usufruct ends automatically and you become full owner again, with no transfer costs or tax. The initial discount corresponds exactly to the value of the income you forgo.
What discount can I expect?
It depends on the split of ownership term and the allocation key used: around 20% over 5 years, 30 to 35% over 10 years, more over longer terms. The longer the term, the bigger the discount, but the longer your capital stays tied up. The term should therefore match your real horizon, not just the pursuit of the maximum discount.
Is bare ownership really outside IFI?
Yes. During the split of ownership, it is the usufructuary who includes the value of the units in their IFI base; the bare owner declares nothing. It is one of the rare real estate assets that lets you build capital while remaining IFI-neutral, making it a tool of choice for taxpayers liable to it.
What happens if I need my money before the end of the term?
This is the main limitation: bare ownership has little liquidity and generates no interim income. Resale before term is possible but at a negotiated price, which can be disappointing. This strategy therefore means tying up funds you will not need for the whole split of ownership period. It should never use your emergency savings.
How does an open-architecture firm change things for this arrangement?
SCPI split of ownership is often sold on the promise of the discount alone. Balmont Conseil, an open-architecture firm and member of ANACOFI-CIF, looks first at the soundness of the underlying asset and how well the term fits your horizon, without being tied to any asset management company. The selection is made solely in your interest.
