In short…
The Malraux Law (loi Malraux) rewards the complete restoration of old buildings located in protected sectors with a tax reduction of 22% or 30% of the works, retained up to €400,000 over 4 years (€100,000/year). Its decisive asset for high earners: this reduction escapes the global cap on tax breaks of €10,000. In return: a 9-year unfurnished-letting commitment, works supervised by the Architects of the Buildings of France, and a real-estate operation whose quality must stand up independently of the tax benefit.
- 22% or 30% reduction on the works, depending on the protected zone
- Outside the cap on tax breaks of €10,000 — decisive for high earners
- Works retained up to €400,000 over 4 years, 9-year unfurnished letting
Simulate your Malraux reduction
The simulator applies the rate and the works cap. Your data is neither stored nor transmitted.
Malraux Law simulator
Restore an old building in a protected sector and obtain 22 to 30% tax reduction on the works.
Results are provided for purely illustrative and educational purposes, based on the parameters you enter and simplified assumptions (2026 taxation, constant return, excluding inflation). They constitute neither personalised investment advice, nor tax advice, nor an offer to subscribe. Some investments carry a risk of capital loss. Before any decision, speak with an advisor.
Why Malraux combines exceptional heritage and heavy tax efficiency
The Malraux Law is not a tax-efficient product like the others: it is a scheme in the service of safeguarding French architectural heritage. It targets the complete restoration of old buildings located in Remarkable Heritage Sites or degraded old quarters, under the supervision of the Architects of the Buildings of France. The investor takes part in preserving an exceptional building and obtains in return a tax reduction based on the restoration works.
Its fiscal power rests on two features. On one hand, a high rate — 22% or 30% depending on the zone — applied to a works base that can reach €400,000 over four years. On the other, and this is decisive, that reduction escapes the global cap on tax breaks of €10,000 per year. For a heavily taxed individual who has already exhausted that cap, it is a first-rate lever.
The patrimonial interest goes beyond the tax gain alone. At the end of the restoration, the investor holds a real property asset, in a location that is by definition rare and protected, which they let and then keep or resell. But this dual nature — fiscal and real-estate — imposes an absolute requirement: the operation must stand up as a real-estate investment, independently of the tax benefit.
The 3 levers of the Malraux Law
Outside the cap on tax breaks: the real privilege
This is the asset that sets Malraux apart from almost every scheme: the reduction does not count towards the global cap on tax breaks of €10,000 per year. A heavily taxed individual can therefore combine Malraux with other already-saturating benefits. Combined with a rate of 22% or 30% on a works base that can reach €400,000, the effect on the tax bill is massive and hard to reproduce elsewhere.
A real-estate operation that must stand on its own
The fatal mistake would be to subscribe to a Malraux for the reduction alone. At the end of the restoration, you hold a real property: if the location is poor, the developer unreliable or the market rent overestimated, the tax saving will not buy back a bad real-estate deal. Due diligence on the quality of the location, the seriousness of the operator and the reality of the rental market is non-negotiable.
Strict constraints to factor in from the outset
The benefit requires a 9-year commitment to let the property unfurnished as the tenant’s main residence, and works carried out under the supervision of the Architects of the Buildings of France — therefore longer, more demanding and sometimes costlier than a conventional renovation. The entry ticket is high. These constraints are not details: they determine the real profitability and must be costed before committing.
Worked example — Philippe, 57, surgeon in Toulouse
Philippe, taxed at 45% and having already saturated his €10,000 cap on tax breaks, buys an apartment to restore in a Remarkable Heritage Site (30% zone). He commits €150,000 of works over 2 years. Here is what the simulator calculates:
| Indicator | Amount | Comment |
|---|---|---|
| Restoration works | ≈ €150,000 | under the €400,000 / 4-year cap |
| Reduction rate (Heritage Site) | 30% | zone with safeguarding plan / degraded quarter |
| Total tax reduction | ≈ €45,000 | outside the cap on tax breaks |
| Unfurnished-letting commitment | 9 yrs | tenant’s main residence |
Illustrative example — figures simplified for clarity and not contractual.
The €150,000 of works opens Philippe a tax reduction of ≈ €45,000, entirely outside the global cap on tax breaks he had already exhausted. No other common scheme would have allowed him this saving in his situation: that is the whole point of Malraux for very high earners.
But Philippe commits only after validating the location, the seriousness of the developer and the reality of the market rent. At the end, he holds a real property asset whose patrimonial value must justify itself on its own: the reduction is an accelerator, not a safety net against a bad operation.
Malraux: a property first, a reduction second
This simulator quantifies the reduction on your works. But a successful Malraux is judged first as a real-estate investment: location, seriousness of the developer, reality of the rental market, calibration of the works and compliance with the Buildings of France constraints. The uncapped reduction is exceptional — it does not save a poorly selected operation.
Balmont Conseil is an independent wealth-management firm, a member of ANACOFI, with no capital ties to any developer. That independence lets us select operations on their real-estate and fiscal quality alone, with no commercial pressure. Let’s arrange a meeting to examine a Malraux operation matched to your tax situation and your wealth.
Frequently asked questions
What is the reduction rate of the Malraux Law?
The reduction is 30% of the works for buildings located in a Remarkable Heritage Site covered by a safeguarding and enhancement plan (or in a degraded old quarter), and 22% in the other Heritage Sites. The works are retained up to €400,000 over four years, i.e. €100,000 per year.
Does the Malraux reduction count towards the cap on tax breaks?
No, and that is its major asset. The Malraux tax reduction escapes the global cap on tax breaks of €10,000 per year. It is therefore particularly suited to heavily taxed individuals who have already exhausted that cap with other schemes and are seeking an additional tax-efficiency lever.
What are the constraints of the Malraux Law?
The investor commits to letting the property unfurnished, as a main residence, for 9 years. The restoration works must be complete and carried out under the supervision of the Architects of the Buildings of France, which makes them longer and more demanding than a conventional renovation. The entry ticket is high and the operation must be of quality independently of the tax benefit.
What is the main risk of a Malraux investment?
The risk is not fiscal but real-estate: a poor location, an unreliable developer or an overestimated market rent can turn the tax saving into a bad patrimonial deal. At the end of the restoration, you hold a real property whose value must justify itself on its own. Due diligence on the operation is therefore essential.
Why use Balmont Conseil rather than a Malraux developer?
A developer sells its own programmes; its interest is to market them. Balmont Conseil, an independent ANACOFI member, is tied to no developer: we assess Malraux operations on their real-estate and fiscal quality alone, check the location, the seriousness of the operator and the reality of the rental market, and retain only those that genuinely serve your interest.
Results are provided for purely illustrative and educational purposes, based on the parameters you enter and simplified assumptions (2026 taxation, constant return, excluding inflation). They constitute neither personalised investment advice, nor tax advice, nor an offer to subscribe. Some investments carry a risk of capital loss. Before any decision, speak with an advisor.