“Alexis, I have savings sitting idle in my account in Singapore. Is it still possible to invest in France from abroad without tax wiping everything out?”
Yes, provided you know what France takes, investment by investment. A non-resident is taxed in France only on French-source income, but without the adjustments a resident enjoys: no progressive scale on the first euros, and social charges that depend on your social security scheme.
Three rules changed in 2025 and 2026 for furnished lettings, the investment most often recommended to expatriates. And the threshold for the non-resident minimum tax rate is now €29,579 of net taxable income: 20% below, 30% above.
At Balmont Conseil, we choose the investment vehicle based on your country of residence and your social security scheme, not the other way round: the same investment does not yield the same in Geneva as in Dubai.
1. What changed in 2025 and 2026
Four new rules that change the calculation for an investment made from abroad.
- Furnished rental income bears 18.6% in social charges. The 2026 Social Security Financing Act raised the CSG on investment income to 10.6%, from 2025 income onwards. Property income, real estate capital gains and assurance-vie remain at 17.2%.
- The depreciation of the furnished property is added back upon resale. For sales since 15 February 2025, the depreciation deducted reduces the acquisition price, and so increases the taxable capital gain. Student residences and facilities for elderly or disabled people are exempt.
- Professional landlord status is determined based on your worldwide income. Since the 2026 Finance Act, your rental receipts are compared with your earned income taxed in your country of residence, and no longer with your French income alone, from 2026 income onwards.
- The minimum rate follows the progressive scale. For 2025 income, 20% up to €29,579 of net taxable income and 30% above, unless the average rate calculated on your worldwide income is more favourable.
2. What a non-resident pays, investment by investment
Here is how France treats each investment for a non-resident, checked against tax authority sources as at 1st October 2026.
| Investment | French tax | Social charges | What you need to know |
|---|---|---|---|
| Unfurnished rentals, SCPIs invested in France | Progressive scale, with a minimum rate of 20% then 30% (Article 197 A), or the average rate on election | 17.2%; 7.5% if you are covered by the social security system of a European Union or EEA country, Switzerland or the United Kingdom | An SCPI invested outside France does not generate French-source income (Article 164 B). |
| Furnished rental (LMNP) | Progressive scale and minimum rate, on profit after depreciation under the actual-expenses regime | 18.6% from 2025 income; 7.5% for those with the same affiliation | Depreciation added back into the capital gain for sales since 15 February 2025, except student residences and residences for elderly people. |
| Real estate capital gains | 19% (Article 244 bis A), surcharge of 2 to 6% above €50,000; exempt after 22 years | 17.2%, or 7.5% for those affiliated; exempt after 30 years | Tax representative if the price exceeds €150,000, except for residents of the European Union or EEA. Former home in France: €150,000 of capital gain exempt, subject to conditions. |
| Real estate owned in France | IFI if your net French real estate assets exceed €1.3 million | — | Only real estate located in France is included in the tax base; your financial investments are excluded. |
| French shares | 12.8% withholding tax on dividends (Article 187), reducible under the tax treaty | None | 75% if you live in a non-cooperative state or territory. |
| French assurance-vie | 12.8% levy on withdrawals, 7.5% after eight years for premiums up to €150,000 (Article 125-0 A), reducible under the tax treaty | None | Upon death, the levy under Article 990 I only applies if the insured, or the beneficiary for six of the last ten years, is domiciled in France. |
| Inheritance of property located in France | French inheritance tax on property located in France (Article 750 ter) | — | An heir domiciled in France for at least six of the last ten years is taxed in France on everything they receive. Tax treaties take precedence. |
Your social security system matters as much as your country. An expatriate covered by the social security system of a European country, Switzerland or the United Kingdom pays only 7.5% on French rental income and capital gains. The same investment, made from Dubai or Singapore, bears 17.2% on unfurnished lettings and 18.6% on furnished lettings.
An SCPI changes character depending on its buildings. Rents from buildings located outside France are not French-source income: a non-resident is not taxed in France on the portion of the SCPI invested abroad. They remain taxable in the State where the buildings are located and, depending on its law, in your country of residence.
The former-home exemption is restricted. It applies to nationals of a European Union or EEA State who were tax resident in France for at least two years, for a sale completed no later than 31 December of the tenth year following their departure (Article 150 U II 2°).
3. Our services: 360° support for expatriates and investors
Three workstreams, depending on where you stand.
Choosing the investment vehicle for your country of residence
We start with your country, your social security system and the applicable tax treaty, then we compare the net return of each investment vehicle: unfurnished rental, furnished rental, SCPIs invested in France or abroad, assurance-vie, shares.
- Minimum rate or average rate: the more favourable of the two.
- Social charges: full rate or 7.5% depending on your affiliation.
- Withholding taxes reduced under the tax treaty.
Buying furnished property after the reform
Depreciation remains deductible each year, but it reappears in the capital gain on resale. We model the transaction through to exit, and we look at properties that escape the add-back: student residences, facilities for elderly or disabled people.
Preparing for resale and inheritance
Holding period, tax representative, former-home exemption: resale is prepared several years ahead. So is passing assets on, depending on where each of your heirs is domiciled. A Luxembourg assurance-vie contract is assessed at that stage, case by case.
4. Methodology: our way of working
We work in four stages, and at each stage you know where you stand.
- The initial review. We establish your actual situation: the make-up of your wealth, the project timeline, the situation of each member of the household, and the tax domicile of your heirs — because it is theirs that counts, not yours.
- The applicable framework. We set out, source by source and with its date, the framework that applies to you. What we do not know, we mark “to be confirmed” — never anything else.
- The choices. We present the options with figures and their respective consequences, and you decide. Wealth structuring comes after the decision, not before.
- Ongoing monitoring. An annual review, free of charge, to check that the framework has not moved — treaties are amended, incentive regimes are abolished, thresholds change.
5. What the firm offers you
What concretely sets our work apart.
- Sources, not claims. Every item in your file carries its reference and its date. You can check. It is the only way to work on a subject where most of the information available online is out of date.
- A single point of contact in France. We coordinate your local advisers; we do not replace them: the host country's domestic tax rules are handled with a qualified professional on the ground. Our role is to keep the whole picture consistent and to defend the French side of the file.
- Fees that are easy to understand. Fees disclosed before any commitment: fixed-price reviews, tailor-made engagements at €500 incl. VAT per hour, insurers' commissions on contracts taken out. The annual review is free of charge.
Frequently asked questions about investing in France from abroad
How much does a non-resident pay on furnished rental income in 2026?
Income tax, at the minimum rate of 20% up to €29,579 of net taxable income and 30% above, or at the average rate if more favourable. On top of this come social charges of 18.6% from 2025 income, or 7.5% if you are covered by the social security system of a European country, Switzerland or the United Kingdom.
Are LMNP depreciation deductions still worthwhile?
They remain deductible each year. But for sales since 15 February 2025, they are added back into the capital gain calculation (Finance Act for 2025), except for student residences and facilities for elderly or disabled people. The benefit must now be calculated through to resale.
Is an SCPI taxed in France if I live abroad?
For the portion invested in France, yes: it is French-source property income, with 17.2% social charges. For the portion invested outside France, no: those rents are not French-source within the meaning of Article 164 B of the French Tax Code.
Is my French assurance-vie taxed if I live abroad?
No social charges. Withdrawals are subject to a 12.8% levy, or 7.5% after eight years for premiums up to €150,000 (Article 125-0 A of the French Tax Code), which the tax treaty with your country may reduce or eliminate.
Do I need to appoint a tax representative to sell my property?
Yes if the price exceeds €150,000, unless you live in a European Union or EEA State bound to France by an assistance agreement, or if the capital gain is fully exempt through the holding period (22 years for income tax, 30 years for social charges).
In summary
Investing in France from abroad remains possible and often worthwhile, but the calculation has changed: 18.6% social charges on furnished lettings, depreciation added back on resale, a minimum rate of 20% then 30%.
The right investment depends on your country of residence and your social security scheme: that is where we start.
Firm's fees: €500 incl. VAT per hour. Annual follow-up is free of charge.
Let's review your situation
A thirty-minute conversation is enough to compare investment vehicles from your country of residence. You can also start with a free contract X-ray.
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