In short…
Buying the bare ownership of property-fund (SCPI) units means acquiring them at a steep discount — around 20% over 5 years, 30 to 35% over 10 years — with the usufruct sold to a third party for the length of the split. During that period you receive no income: no property tax, no social levies, and the units fall outside your wealth-tax (IFI) base. At the end of the term you recover full ownership at no extra cost or tax. It is the conversion of a heavily taxed income into a built-in, untaxed capital gain.
- A discount at purchase, recovered in full and automatically at the end of the split
- Zero taxation during the period: no property income, no social levies, units outside the wealth tax
- Ideal for wealth-tax payers who do not need income now
Simulate your bare-ownership property fund
The simulator works out the full ownership recovered at term. Your data is neither stored nor transmitted.
SCPI bare-ownership simulator
Buy the bare ownership of property-fund (SCPI) units at a discount: zero taxable income, outside the wealth-tax base, with a built-in capital gain.
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 a bare-ownership split is the patient taxpayer’s tax weapon
A temporary bare-ownership split (démembrement) rests on a simple idea: separating ownership of the asset (the bare ownership) from its yield (the usufruct). You buy the former at a discount; a third party — often a company that does have an interest in collecting the rents — buys the latter for a fixed term. Each side optimises its own taxation on the leg that suits it.
For a heavily taxed individual the logic is plain. Property income received directly would be taxed at the marginal rate plus 17.2% — so it is better not to receive it at all. By buying the bare ownership you deliberately give up that income for a few years, and it is precisely that renunciation that earns you the discount. You convert a flow taxed at over 50% into a future, untaxed capital gain.
The patrimonial benefit goes beyond the tax saving. The bare ownership sits outside the wealth-tax (IFI) base, making it one of the few real-estate assets that are fiscally neutral for those liable. And the revaluation at term is automatic: it does not depend on the market, but on the scheduled extinction of the usufruct. It is a trajectory known in advance.
The 3 levers of bare ownership
The discount is not a rebate — it is a programmed return
Paying €70,000 for a bare ownership that will be worth €100,000 in full ownership in 10 years is not getting a 30% discount: it is locking in an automatic revaluation of the discount, independent of the market. The capital ‘climbs back’ by the initial discount through the mere extinction of the usufruct. Over 10 years, that represents a tax-free actuarial return hard to match with a taxed investment.
Total fiscal invisibility during the split
No income, therefore no property income tax, no social levies, and no place in the wealth-tax (IFI) base. For a company director or self-employed professional taxed at 41 or 45% and liable to wealth tax, it is one of the very few real-estate assets that cost nothing in tax each year while still building capital. Taxation only resumes at term — and even then, only on any full-ownership gain.
Accepted illiquidity and the choice of the underlying
The trade-off is real: you tie up your capital for the whole length of the split, with no income in the meantime and a bare ownership that is not very liquid to resell. And the discount does not protect you from a poor underlying: if the chosen SCPI falls durably in value, the full ownership you recover may be worth less than hoped. The quality of the SCPI and the fit between the term and your horizon matter more than the size of the discount.
Worked example — Marc, 52, director of an industrial SME in Strasbourg
Marc, taxed at 45% and liable to wealth tax (IFI), does not need extra income before retirement. He invests €70,000 in the bare ownership of SCPI units, over a 10-year split with a 30% discount. Here is the trajectory the simulator projects:
| Indicator | Bare ownership | Equivalent direct holding | Difference |
|---|---|---|---|
| Initial investment | ≈ €70,000 | ≈ €100,000 | −€30,000 |
| Full ownership at term (10 yrs) | ≈ €100,000 | ≈ €100,000 | — |
| Cumulative taxable income over 10 yrs | €0 | ≈ €55,000 | −€55,000 |
| Annual wealth tax on these units | €0 | liable | exempt |
Illustrative example — figures simplified for clarity and not contractual.
Marc turns €70,000 into €100,000 of full ownership in ten years, without declaring a single euro of property income or paying wealth tax on this asset. At 45% + 17.2%, the ≈ €55,000 of rents he would have received directly would have cost him over €34,000 in tax: he exchanged them for an immediate discount and an untaxed capital gain.
This structure only makes sense because Marc does not need that income now and has a clear horizon (his retirement). For an investor seeking immediate income, a property fund held outright or inside a life-insurance contract would suit better. It all comes down to the objective.
The right split is set to your horizon, not to the discount
This simulator projects the automatic revaluation of your capital. The value of advice lies elsewhere: choosing a solid SCPI as the underlying, matching the length of the split to your real horizon (retirement, transmission), and articulating the operation with your wealth tax and the rest of your assets. An attractive discount on a poor SCPI is still a poor deal.
Balmont Conseil is an independent wealth-management firm, a member of ANACOFI, with no capital ties to any management company. We select the SCPI / term pairing across the whole market, solely in the service of your wealth strategy. Let’s arrange a meeting to check whether bare ownership fits your horizon and your tax situation.
Frequently asked questions
How does a temporary bare-ownership split work in practice?
You buy the bare ownership of the units at a discount; another investor, often a company, buys the usufruct and collects the rents for a fixed term (5, 10, sometimes 15 years). At term, the usufruct automatically extinguishes and you become full owner again, with no fees or transfer tax. The initial discount corresponds exactly to the value of the income you give up.
What discount can I expect?
It depends on the length of the split and the split-key used: around 20% over 5 years, 30 to 35% over 10 years, more over longer terms. The longer the term, the larger the discount, but the longer your capital stays tied up. The term must therefore match your real horizon, not just the search for the biggest discount.
Is the bare ownership really outside the wealth tax?
Yes. During the split it is the usufructuary who includes the value of the units in their wealth-tax (IFI) base; the bare owner declares nothing. It is one of the few real-estate assets that lets you build capital while staying neutral for wealth tax, which makes it a tool of choice for those liable.
What if I need my money before the term?
That is the main limit: the bare ownership is not very liquid and generates no interim income. An early sale is possible but at a negotiated price, which can be disappointing. This strategy therefore means tying up funds you do not need for the whole length of the split. It must never use your emergency savings.
How does an independent firm change things on this structure?
A bare-ownership SCPI split is often sold on the promise of the discount alone. Balmont Conseil, an independent firm and member of ANACOFI, looks first at the solidity of the underlying and the fit between the term and your horizon, without being tied to any management company. We receive no commission that would push us toward a particular fund: the selection is made solely on 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.