{"id":7437,"date":"2026-10-29T17:46:47","date_gmt":"2026-10-29T16:46:47","guid":{"rendered":"https:\/\/balmontconseil.com\/?p=7437"},"modified":"2026-10-29T17:46:47","modified_gmt":"2026-10-29T16:46:47","slug":"lmnp-ou-scpi-chirurgien-dentiste-liberal-100000-euros-complement-retraite-carcdsf","status":"publish","type":"post","link":"https:\/\/balmontconseil.com\/en\/blog\/lmnp-ou-scpi-chirurgien-dentiste-liberal-100000-euros-complement-retraite-carcdsf\/","title":{"rendered":"Dentist with \u20ac100,000 profit: LMNP or SCPI to supplement his CARCDSF pension?"},"content":{"rendered":"
\n

In summary\u2026<\/h2>\n

For a single dentist in \u20ac100,000<\/b> profit, \u20ac200,000<\/b> placed 20 years report \u20ac74,063 net<\/b> of tax and expenses in LMNP (non-professional furnished rental) under the actual regime, i.e. 2.03 % per year, compared \u20ac70,737<\/b> in SCPI (real estate investment trust) units, i.e., 1.83 % per year. LMNP (furnished rental property) takes the lead from the 9th year of ownership, but the difference is only \u20ac3,326 over 20 years, and it reverses for a couple with two units (at the 30 % bracket then at the 11 % bracket): the SCPI then yields \u20ac18,618 more. LMNP under the micro-BIC regime yields \u20ac54,008, significantly less. Neither option alone bridges the retirement gap of \u20ac23,051 per year<\/b> between the pension from the Autonomous Pension Fund for Dental Surgeons and Midwives (CARCDSF), estimated at \u20ac46,949, and 70 % of the profit: \u20ac200,000 covers approximately 23 %. Answer: LMNP with actual expenses for a single person at 41 % who keeps the property for at least 9 years; SCPI for a couple with two shares, where the brackets are at 30 % then 11 %.<\/b><\/p>\n<\/div>\n

1. How much is missing from the retirement of a dentist earning \u20ac100,000?<\/strong><\/h2>\n

The CARCDSF pays three pensions that are cumulative: the basic pension scheme, the supplementary pension scheme, and supplementary old-age benefits. Each is worth number of points \u00d7 point value<\/b>. The typical case: 35 years of contributions at \u20ac100,000 of profit per year, retirement at 67, no reduction.<\/p>\n

\n\n\n\n\n\n\n\n\n
Diet<\/th>\n2026 contribution (income of \u20ac100,000)<\/th>\nPoints per year<\/th>\nPoint value 2026<\/th>\nAnnual pension<\/th>\n<\/tr>\n<\/thead>\n
base of the liberals<\/td>\n\u20ac4,196 (8.73 % up to 1 annual Social Security ceiling, or PASS, of \u20ac48,060) + \u20ac1,870 (1.87 % up to 5 PASS)<\/td>\n567.4 (557 in tranche 1, 10.4 in tranche 2)<\/td>\n\u20ac0.6599<\/td>\n\u20ac13,105<\/td>\n<\/tr>\n
Complementary<\/td>\n\u20ac3,211 flat rate + \u20ac7,804 (11.35 % of income between \u20ac31,239 and \u20ac240,300)<\/td>\n20.6 (6 fixed fee + proportional)<\/td>\n\u20ac31.82<\/td>\n\u20ac22,925<\/td>\n<\/tr>\n
Supplementary old-age benefits<\/td>\n\u20ac1,664 package + \u20ac725 (0.725 %)<\/td>\n10.82<\/td>\n\u20ac28.8321 (points acquired since 2006)<\/td>\n\u20ac10,919<\/td>\n<\/tr>\n
Total<\/b><\/td>\n<\/td>\n<\/td>\n<\/td>\n\u20ac46,949<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The points ceiling for the basic pension scheme (557 in tranche 1 and 25 in tranche 2 since 2025) comes from the National Old-Age Insurance Fund for the Liberal Professions. For the supplementary pension scheme, we were unable to find the number of points for 2026; we are using the following as an example. calculation hypothesis<\/b> The proportional points are equal to the contribution divided by the price per point of the flat-rate plan (\u20ac535 for 6 points), a rule that corresponds to the 12.22 points in the example provided in the 2025 guide by the pension fund. For supplementary old-age benefits, we use the 10 flat-rate points and the 0.82 points from the 2025 example.<\/p>\n

To recover 70 % of the profit, i.e. \u20ac70,000 per year, it is missing \u20ac23,051 per year<\/b>. This figure represents the need that LMNP and SCPI must cover.<\/p>\n

2. Which tax bracket: 41 % or 30 %? The actual calculation<\/strong><\/h2>\n

The rate that matters is the marginal tax bracket<\/b>, That is to say, the rate applied to the last euro of income. The 2026 tax brackets (for 2025 income) apply, per share of the family quotient, 11 % from \u20ac11,600 to \u20ac29,579, 30 % up to \u20ac84,577, and 41 % up to \u20ac181,917 (Law No. 2026-103, Article 4). We calculate the tax with and without rental income: the tax bracket is based on the actual additional tax due, not an assumed amount.<\/p>\n

\n\n\n\n\n\n\n\n\n
Situation (single income of \u20ac100,000 while employed, pension in retirement)<\/th>\nTaxable income<\/th>\nIncome tax<\/th>\nMarginal tax rate on rents or distributions<\/th>\n<\/tr>\n<\/thead>\n
Single, 1 share, employed<\/td>\n\u20ac100,000<\/td>\n\u20ac24,801<\/td>\n41%<\/b><\/td>\n<\/tr>\n
Married couple, 2 shares, employed<\/td>\n\u20ac100,000<\/td>\n\u20ac16,208<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Retired single<\/td>\n\u20ac46,949<\/td>\n\u20ac7,189<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Retired married couple<\/td>\n\u20ac46,949<\/td>\n\u20ac2,612<\/td>\n11%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

A single dentist is therefore taxed at 41 % while practicing, then at 30 % as soon as their pension replaces their earnings. A couple with two tax units drops from 30 % to 11 %. The deductible portion of the generalized social contribution, the 10 % allowance on pensions and other household income are ignored: they do not change the above brackets. The following calculation uses these brackets year by year, with 12 years of activity (from age 55 to 67) followed by 8 years of retirement.<\/p>\n

3. The rules for furnished rental properties (LMNP) in 2026<\/strong><\/h2>\n

LMNP refers to the rental of furnished accommodation by an individual who does not use it as their professional activity. The status and tax regime of the rental income are just as important as the rent itself. Details of the scheme can be found on our page. non-professional furnished rental provider<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Point<\/th>\nRule in 2026<\/th>\n<\/tr>\n<\/thead>\n
Micro-BIC (industrial and commercial profits)<\/td>\nRevenue ceiling \u20ac83,600<\/b> for 2026 (\u20ac77,700 for 2025), standard deduction of 50%<\/b>. The expenses are not deductible.<\/td>\n<\/tr>\n
Actual regime<\/td>\nActual deductible expenses and charges, plus\u2019depreciation<\/b> of the purchase price of the property and furniture. The option must be taken before the declaration deadline and is tacitly renewed.<\/td>\n<\/tr>\n
Depreciation limit<\/td>\nThe deductible depreciation cannot exceed the rents less expenses for the year (Article 39 C of the French General Tax Code; BOFiP BOI-BIC-AMT-20-40-10-20, paragraph 80). The excess can be carried forward and deducted from the profits of subsequent years (paragraph 90).<\/td>\n<\/tr>\n
LMNP or professional furnished rental<\/td>\nThe rental is considered professional if the annual income of the tax household exceed \u20ac23,000<\/b> and<\/b> exceed the other earned income of the household (BOFiP BOI-BIC-CHAMP-40-10, paragraph 40). A dentist whose profit reaches \u20ac100,000 never meets the second condition with rents of \u20ac9,600: he remains LMNP.<\/td>\n<\/tr>\n
Social security contributions on furnished rentals<\/td>\n18.6%<\/b> : generalized social contribution of 10.6 %, contribution for the repayment of the social debt of 0.5 %, solidarity levy of 7.5 %.<\/td>\n<\/tr>\n
Resale: reintegration of depreciation<\/td>\nFor the transfers carried out effective February 15, 2025<\/b>, The purchase price is reduced by all depreciation deducted during the rental period, regardless of the rental start date (Article 84 of Law No. 2025-127 of the 2025 Finance Act; ministerial response published in the Official Journal of March 24, 2026). Exception: certain managed residences (students, seniors). The capital gain is then subject to the rules applicable to individuals: 19% of income tax and 17.2% of social security contributions, after allowances for the holding period.<\/td>\n<\/tr>\n
Finance Law for 2026<\/td>\nNone of the provisions reviewed modify the reinstatement process: the administration's FAQ from March 2026 and the 2048-IMM 2026 notice describe it as it was in 2025. Article 53 concerns only non-residents. Article 47 establishes a depreciation allowance for rental properties. naked<\/b>, without effect on the furnished accommodation.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

4. The rules of the SCPI in 2026<\/strong><\/h2>\n

A SCPI (Soci\u00e9t\u00e9 Civile de Placement Immobilier) collects savings from its shareholders, buys properties, and distributes the net rental income to them. For a French shareholder, these distributions are... rental income<\/b>, taxed according to the same scale as other income. Our page SCPI<\/a> describes how the shares work.<\/p>\n

\n\n\n\n\n\n\n\n\n
Point<\/th>\nRule in 2026<\/th>\n<\/tr>\n<\/thead>\n
Social security contributions on property income<\/td>\n17.2%<\/b> : 9.2 % of generalized social contribution, 0.5 % and 7.5 %.<\/td>\n<\/tr>\n
Micro-land<\/td>\nUp to \u20ac15,000 of gross property income per year for the household, allowance of 30 %. For SCPI units, the micro-property tax regime is only available if the household also declares the rent from an unfurnished rental property that it owns directly.<\/b> (Practical guide to income tax 2026, page 158). A dentist who only holds SCPIs is therefore under the actual regime: the entire distribution is taxable.<\/td>\n<\/tr>\n
Distribution rate<\/td>\nAverage of 4.91%<\/b> for 2025, relative to the reference price of the share; the average price of the share fell by 3.45 % over the year (French Association of Real Estate Investment Companies, press release of February 10, 2026).<\/td>\n<\/tr>\n
Resale of shares<\/td>\nIn the calculation, the shares are taken back at their redemption value (\u20ac180,000), which is less than the price paid (\u20ac200,000): no capital gains tax is withheld.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

5. Assumptions and calculation based on \u20ac200,000 over 20 years<\/strong><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation assumption<\/th>\nValue retained<\/th>\n<\/tr>\n<\/thead>\n
Profile<\/td>\nA 55-year-old single dentist with a constant profit of \u20ac100,000 and an estimated pension of \u20ac46,949 at age 67. These figures are constant euros: no inflation, no rent increases, and no reinvestment of income.<\/td>\n<\/tr>\n
Capital<\/td>\n\u20ac200,000 cash in each option, no credit<\/td>\n<\/tr>\n
SCPI<\/td>\nDistribution of 4.91 % of the capital, or \u20ac9,820 per year, entirely in French rental income. Subscription fees of 10 % of the price (assummary): upon exit, the shares are worth \u20ac180,000, share price unchanged.<\/td>\n<\/tr>\n
LMNP: acquisition<\/td>\nProperty valued at \u20ac175,000 in the deed, acquisition costs of \u20ac13,125 (7.5 %), furniture valued at \u20ac11,875: total of \u20ac200,000<\/td>\n<\/tr>\n
LMNP: operation<\/td>\nAnnual rental income of \u20ac9,600, expenses of \u20ac3,000 (property tax, condominium fees, insurance, accountant)<\/td>\n<\/tr>\n
LMNP: depreciation<\/td>\nLand 15 % of the price, building and costs over 40 years (\u20ac4,047 per year), furniture over 7 years (\u20ac1,696 per year): to be determined with the accountant<\/td>\n<\/tr>\n
LMNP: resale<\/td>\nProperty resold at the original purchase price, without sales costs. All depreciation deducted, including furniture, is reinstated (conservative assumption). No flat-rate 15 % for renovations.<\/td>\n<\/tr>\n
Detention<\/td>\n20 years (retirement at 75 years); variations at 12 and 25 years<\/td>\n<\/tr>\n
Simplifications<\/td>\nThe deductible portion of the generalized social contribution is ignored; the discount and cap on the family quotient have no effect at these levels.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
\n

Typical case<\/strong><\/h3>\n

Situation.<\/b> A 55-year-old single dentist, practicing in Lyon, earns \u20ac100,000 in profit per year and will retire at 67 after 35 years of contributions. He has \u20ac200,000 in savings and is hesitating between a furnished apartment and shares in a real estate investment trust (REIT).<\/p>\n

Issue.<\/b> His CARCDSF pension is estimated at \u20ac46,949, representing 47 % of his earnings: he is short \u20ac23,051 per year to reach 70 %. Every euro of rent or distribution falls into the 41 % bracket while he is working, then into the 30 % bracket.<\/p>\n

Strategy.<\/b> Under the actual expenses regime for furnished rental properties (LMNP): \u20ac9,600 in rent minus \u20ac3,000 in expenses leaves \u20ac6,600. Depreciation of \u20ac5,743 per year for 7 years, then \u20ac4,047, reduces taxable income to \u20ac857 in the first year: this results in \u20ac351 in income tax and \u20ac159 in social security contributions. Under the actual expenses regime for real estate investment trusts (SCPI): \u20ac9,820 in distributions, fully taxable: \u20ac4,026 in income tax and \u20ac1,689 in social security contributions in the first year. Upon resale in 2046 (Article 84 of Law No. 2025-127), the LMNP regime includes \u20ac92,812 in depreciation: a capital gain of \u20ac79,688, reduced by allowances to \u20ac1,514 in income tax and \u20ac10,314 in social security contributions.<\/p>\n

Result.<\/b> After 20 years, the LMNP (furnished rental property) under the actual expenses regime leaves him... \u20ac74,063<\/b> of net gain (2.03 % per year), the SCPI \u20ac70,737<\/b> (1.83 % per year): \u20ac3,326 difference. LMNP brings in more each year (\u20ac5,668 vs. \u20ac4,105 in operation) but recovers less capital (\u20ac163,172 vs. \u20ac180,000), due to expenses, furniture and exit tax.<\/p>\n<\/div>\n

Average annual net income, before resale<\/strong><\/h3>\n
\n\n\n\n\n\n\n\n\n
Option<\/th>\nAverage net income during the activity (12 years)<\/th>\nAverage net income during retirement (8 years)<\/th>\nNet of retirement capital<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac5,668<\/td>\n\u20ac5,359<\/td>\n2.68%<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac3,739<\/td>\n\u20ac4,267<\/td>\n2.13%<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac4,105<\/td>\n\u20ac5,185<\/td>\n2.59%<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac5,819<\/td>\n\u20ac6,575<\/td>\n3.29%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Net gain after tax and social security contributions, depending on the holding period<\/strong><\/h3>\n

The net gain is the sum of each year's net income and the net exit value, minus the \u20ac200,000 invested. In parentheses: the average annual net return, i.e., the internal rate of return of the cash flow (excluding inflation).<\/p>\n

\n\n\n\n\n\n\n\n\n
Option<\/th>\nResale at 12 years (age 67)<\/th>\nResale at 20 years (75 years)<\/th>\nResale at 25 years (80 years old)<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac30,606 (1.40%)<\/td>\n\u20ac74,063 (2.03%)<\/td>\n\u20ac104,953 (2.28%)<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac19,870 (0.88%)<\/td>\n\u20ac54,008 (1.42%)<\/td>\n\u20ac75,344 (1.58%)<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac29,257 (1.28%)<\/td>\n\u20ac70,737 (1.83%)<\/td>\n\u20ac96,662 (1.99%)<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac49,832 (2.17%)<\/td>\n\u20ac102,436 (2.65%)<\/td>\n\u20ac135,313 (2.79%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The transition from furnished rental property tax (LMNP) to actual expenses after 20 years<\/strong><\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n
Item<\/th>\nAmount<\/th>\n<\/tr>\n<\/thead>\n
Depreciation deducted over 20 years, then added back<\/td>\n\u20ac92,812<\/td>\n<\/tr>\n
Gross capital gain (selling price \u2212 purchase price less depreciation, plus expenses)<\/td>\n\u20ac79,688<\/td>\n<\/tr>\n
Capital gain subject to income tax (90% allowance %)<\/td>\n\u20ac7,969<\/td>\n<\/tr>\n
Capital gain subject to social security contributions (allowance of 24.75% %)<\/td>\n\u20ac59,965<\/td>\n<\/tr>\n
Income tax at 19 %<\/td>\n\u20ac1,514<\/td>\n<\/tr>\n
Social security contributions at 17.2 %<\/td>\n\u20ac10,314<\/td>\n<\/tr>\n
Exit tax<\/b><\/td>\n\u20ac11,828<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The capital gain subject to income tax remains below \u20ac50,000: the tax on high capital gains does not apply. If the furniture were not included in the taxable income, the exit tax would decrease by \u20ac1,763.<\/p>\n

6. How to read the result<\/strong><\/h2>\n