SCPI bare ownership: duration, discount and income

It is possible to acquire only the bare ownership of SCPI units. A usufructuary then receives the income for the duration of the split ownership, and you, the bare owner, receive no income. Upon the termination of the usufruct, full ownership is automatically restored to you, and no additional taxation is due according to economie.gouv.fr.

In return, the purchase price benefits from a discount. The economie.gouv.fr page dedicated to bare ownership places this discount at approximately 25 to 40% of the market value. This is a range from that page, not a hard and fast rule. This economie.gouv.fr page deals with bare ownership of real estate and does not mention SCPIs (French real estate investment trusts): the discount and duration mentioned here are therefore those of bare ownership of real estate in general, not figures specific to SCPIs. Furthermore, SCPI units carry a risk of capital loss, which economie.gouv.fr mentions at the time of resale (SCPI page, August 5, 2025). This page describes the mechanism and an example of the French wealth tax (IFI); it does not provide yield, fees, or program prices.

What each person owns

Full ownership consists of usufruct and bare ownership (service-public.gouv.fr, fact sheet F33076). The value of the bare ownership depends on the allocation key between the usufruct and the bare ownership (economie.gouv.fr, 05/08/2025).

For a French real estate investment trust (SCPI), income consists of the dividends it pays out, which economie.gouv.fr considers as property income (SCPI page, 05/08/2025). During the entire usufruct period, the bare owner receives no income (economie.gouv.fr, 21/08/2025). The investment aims for deferred full ownership.

Duration of the usufruct and end of the division of ownership

The economie.gouv.fr page on bare ownership of real estate, which does not mention SCPIs, distinguishes two cases.

• Temporary usufruct, fixed by contract: its duration is often 15 to 20 years in professional programs.
• Life usufruct, which lasts until the death of the usufructuary.

The F934 sheet from service-public.gouv.fr (verified on 03/07/2026) lists in particular the causes of termination of usufruct in general: death of the usufructuary, expiry of the agreed period (30 years, for example, for a legal person), merger of usufruct and bare ownership on the same person, non-use for 30 years, renunciation, total loss of the property, abuse of enjoyment and, for the legal usufruct of parents, the sixteenth birthday of the child holding the bare ownership.

Upon termination, full ownership—that is, bare ownership plus usufruct—is automatically reconstituted in favor of the bare owner. According to economie.gouv.fr (August 21, 2025), no additional taxation is due in this respect.

The discount: a range, not a rule

economie.gouv.fr writes, for the bare ownership of a property and without mentioning SCPIs, that a discount of around 25 to 40 % is applied to the market value of the property, and that the longer the commitment period, the larger the discount.

The price of bare ownership in a French real estate investment trust (SCPI) is not fixed by law. It depends on the allocation key chosen for the transaction and its duration. This page does not apply the tax valuation scale for usufruct and bare ownership, which is covered on a dedicated page.

IFI: the general rule of article 968

The BOFiP (BOI-PAT-IFI-20-20-30-10, in effect since June 8, 2018) establishes the rule: assets subject to a usufruct are included in the usufructuary's estate at their full ownership value. The bare owner, without income or immediate benefit, generally has nothing to declare for IFI purposes. Fact sheet F563 confirms this: as a general rule, it is the usufructuary who declares the asset for IFI purposes.

Three points of clarification frame this rule.

• Exceptions do exist. Taxation is shared in certain cases, particularly for legal usufructs, including those of the surviving spouse. These are not detailed here.
• The gift with retained usufruct. If the division of ownership results from a gift of the bare ownership with retained usufruct, the donor remains liable for the IFI on the full ownership.
• Debts. According to the instructions for the 2042-IFI 2026 declaration (page 10), debts relating to split ownership assets, included in full ownership in the taxable estate, are not deductible for the bare owner.

The sources consulted for this page state the rule for assets subject to a usufruct. They do not explicitly mention SCPI units. The following example therefore applies the general rule by assumption, and its application to your units should be confirmed before filing your tax return.

For the transfer, economie.gouv.fr indicates that in gift or inheritance the rights are calculated on the value of the bare ownership only.

Numerical example (fictitious profile): €100,000 worth of bare ownership shares

Situation. A taxpayer domiciled in France has net taxable real estate assets of €1,500,000 as of January 1, 2026, excluding SCPI units. He plans to acquire bare ownership of units representing €100,000 in full ownership, with a usufruct of 15 to 20 years.

Issue. The purchase price is reduced, but no income is received during the period of divided ownership. He also wants to know how this arrangement affects his wealth tax (IFI).

Strategy. Calculate the price using the discount range, then the IFI using the general rule of article 968 and the 2026 scale.

Result.

For the French wealth tax (IFI), the 2026 tax brackets give, on €1,500,000 of net taxable assets, a rate of 0.50 % on the portion between €800,000 and €1,300,000 (€2,500) and 0.70 % on the next €200,000 (€1,400), totaling €3,900. The tax discount, which applies between €1,300,000 and €1,400,000, does not apply here.

The difference is €700 per year under this scenario. The profile is hypothetical and the values are assumed. The calculation does not include fees, exit taxes, or any returns, and does not predict the outcome of your specific situation.

What this page does not cover

The entry costs associated with this acquisition method, early resale, and exit taxation are not addressed here. The tax scale for usufruct valuation is discussed on a separate page. Each case must be examined individually.

What changes depending on your situation

• The discount actually applied, which depends on the duration and the allocation key.
• The nature of the usufruct: temporary (contractual duration) or for life.
• The identity of the usufructuary and the exceptions to the IFI rule.
• Your real estate assets as of January 1st and your tax residence.
• The application of the rule in article 968 to your SCPI units.
• Your objective: building up assets, transferring them, or other.

No results are promised: the rule depends on your situation.