{"id":7448,"date":"2026-10-29T17:46:56","date_gmt":"2026-10-29T16:46:56","guid":{"rendered":"https:\/\/balmontconseil.com\/?p=7448"},"modified":"2026-10-29T17:46:56","modified_gmt":"2026-10-29T16:46:56","slug":"lmnp-ou-scpi-avocat-liberal-100000-euros-complement-retraite","status":"publish","type":"post","link":"https:\/\/balmontconseil.com\/en\/blog\/lmnp-ou-scpi-avocat-liberal-100000-euros-complement-retraite\/","title":{"rendered":"LMNP or SCPI for a self-employed lawyer with a 30% tax bracket: what retirement supplement with \u20ac100,000?"},"content":{"rendered":"
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In summary\u2026<\/h2>\n

For a single, self-employed lawyer \u20ac70,000<\/b> of profit, therefore in the tax bracket at 30%<\/b>, \u20ac100,000<\/b> placed 20 years report \u20ac41,850 net<\/b> of tax and fees in SCPI (real estate investment company) units, i.e. 2.19 % per year, compared \u20ac39,091<\/b> In LMNP (furnished rental of non-professional status) under the actual expense regime, the tax rate is 2.15 times % per year. The difference is \u20ac2,758: at 30 times %, the two options are equivalent, and LMNP only takes the lead after 26 years of ownership. At 41 times % (\u20ac100,000 profit), the order is reversed: LMNP under the actual expense regime wins from the 7th year onwards, with \u20ac37,473 compared to \u20ac33,748 over 20 years. The micro-BIC regime yields \u20ac29,256, significantly less. Neither option alone closes the retirement gap. \u20ac15,738 per year<\/b> between the pension from the National Fund of French Bars (CNBF), estimated at \u20ac33,262, and 70 % of the profit: \u20ac100,000 covers approximately 16 %. Answer: at 30 %, the SCPI is sufficient and can be resold without capital gains tax; the LMNP under actual costs only prevails if the lawyer exceeds 41 % of tax or keeps the property for more than 26 years.<\/b><\/p>\n<\/div>\n

1. How much is missing from the retirement of a lawyer with a profit of \u20ac70,000?<\/strong><\/h2>\n

The CNBF pays two pensions which are added together: the basic scheme, calculated in quarters<\/b>, and the supplementary scheme, calculated in points<\/b>. The typical case: 35 years of contributions at \u20ac70,000 of annual benefits, retirement at age 67, the age for full pension benefits regardless of the length of insurance, class 2 for supplementary insurance. The values are those of the 2026 pension fund schedule.<\/p>\n

\n\n\n\n\n\n\n\n
Diet<\/th>\nMembership fee 2026 (profit of \u20ac70,000)<\/th>\nThis generates the rights<\/th>\nAnnual pension<\/th>\n<\/tr>\n<\/thead>\n
Base<\/td>\n\u20ac1,988 lump sum (six years of seniority or more) + \u20ac2,240 (3.20 % of net income) = \u20ac4,228<\/td>\n140 quarters: \u20ac19,154 \u00f7 172 quarters \u00d7 140<\/td>\n\u20ac15,590<\/td>\n<\/tr>\n
Complementary<\/td>\n\u20ac6,165 (7 % up to \u20ac42,507, 11.6 % above that)<\/td>\n492 points per year (membership fee \u00f7 \u20ac12.5229), i.e., 17,220 points \u00d7 \u20ac1.0262<\/td>\n\u20ac17,671<\/td>\n<\/tr>\n
Total<\/b><\/td>\n<\/td>\n<\/td>\n\u20ac33,262<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

To recover 70 % of the profit, or \u20ac49,000 per year, it is missing \u20ac15,738 per year<\/b>. The pension represents 48% of the profit. This figure is the requirement that the LMNP (furnished rental property) or SCPI (real estate investment trust) must cover. The detailed calculation is explained in our article on the... deduction from the PER in 2026<\/a>, with the same cash values for a profit of \u20ac100,000.<\/p>\n

2. Why the 30 % tranche changes the arbitration: the actual calculation<\/strong><\/h2>\n

The rate that matters is the marginal tax bracket<\/b>, This refers to the tax 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 taxable amount, not an assumed amount. For retirees, the pension is subject to a 10 % allowance (minimum \u20ac454 per pensioner, maximum \u20ac4,439 per tax household for the 2026 tax return).<\/p>\n

\n\n\n\n\n\n\n\n\n
Situation (sole income of the lawyer)<\/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\u20ac70,000<\/td>\n\u20ac14,104<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Married couple, 2 shares, employed<\/td>\n\u20ac70,000<\/td>\n\u20ac7,208<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Retired single<\/td>\n\u20ac29,935 (pension of \u20ac33,262 minus \u20ac3,326)<\/td>\n\u20ac2,085<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Retired married couple<\/td>\n\u20ac29,935<\/td>\n\u20ac741<\/td>\n11%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

A single lawyer remains at 30 % throughout their working life and retirement, where their taxable pension of \u20ac29,935 exceeds the threshold of \u20ac29,579 by only \u20ac356. A couple with two tax units drops from 30 % to 11 %. The deductible portion of the generalized social contribution and other household income are disregarded. The following calculation uses these tax brackets year by year, with 15 years of working life (from age 52 to 67) followed by 5 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\n
Point<\/th>\nRule in 2026<\/th>\n<\/tr>\n<\/thead>\n
Micro-BIC (industrial and commercial profits)<\/td>\nFor long-term furnished rentals: revenue ceiling \u20ac83,600<\/b> and a standard deduction of 50%<\/b>. The charges are not deductible. For an unclassified furnished tourist accommodation: \u20ac15,000 and 30 %.<\/td>\n<\/tr>\n
Actual regime<\/td>\nActual deductible expenses and charges, plus\u2019depreciation<\/b> of the purchase price of the property and furnishings. The option must be exercised before the filing deadline and is tacitly renewed. A deficit can only be deducted from non-professional furnished rental income over the following ten years.<\/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 lawyer with \u20ac70,000 in profit never meets the second condition with rents of \u20ac5,400: he remains LMNP.<\/td>\n<\/tr>\n
Business property tax<\/td>\nFurnished rentals are a commercial activity: business property tax is due, unless the revenue is \u20ac5,000 or less<\/b> (impots.gouv.fr). With \u20ac5,400 in rent, the threshold is exceeded: the contribution falls under the standard case expenses.<\/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 under the actual expense method (Article 84 of Law No. 2025-127 of the 2025 Finance Act; ministerial response published in the Official Journal of March 24, 2026, which specifies that this rule applies regardless of the rental date). An exception cited by the tax authorities is certain managed residences (student and senior residences). The capital gain is then subject to the same tax regime as for individuals: 19% of income tax and 17.2% of social security contributions, after allowances for the holding period.<\/td>\n<\/tr>\n
Micro-BIC and resale<\/td>\nUnder the micro-BIC regime, no depreciation is deducted: therefore, none needs to be added back. Capital gains are calculated on the purchase price plus expenses.<\/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 %. The micro-property tax regime does not apply if the household only receives property income from SCPI units.<\/b> This regime is open if the lawyer also declares the rental income from a property they own directly (see the 2026 Income Tax Guide, page 158). A lawyer who only owns SCPIs (real estate investment trusts) is therefore subject to the actual tax regime: the entire distribution is taxable.<\/td>\n<\/tr>\n
Distribution rate<\/td>\nAverage of 4.91%<\/b> for 2025, weighted by capitalization and compared to reference prices; the average weighted share price fell by 3.45 % over the year (French Association of Real Estate Investment Companies and Institute for Real Estate and Land Savings, 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 (\u20ac90,000), which is less than the price paid (\u20ac100,000): no capital gains tax is withheld.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

5. Assumptions and calculation based on \u20ac100,000 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 52-year-old single lawyer, with a constant taxable income of \u20ac70,000 and an estimated pension of \u20ac33,262 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\u20ac100,000 cash in each option, no credit<\/td>\n<\/tr>\n
SCPI<\/td>\nDistribution of 4.91 % of the capital, or \u20ac4,910 per year, entirely in French rental income. Subscription fees of 10 % of the price (assummary): upon exit, the shares are worth \u20ac90,000, share price unchanged.<\/td>\n<\/tr>\n
LMNP: acquisition<\/td>\nStudio or one-bedroom apartment at \u20ac87,500 in the deed, acquisition costs of \u20ac6,562 (7.5 %), furniture of \u20ac5,938: \u20ac100,000 total<\/td>\n<\/tr>\n
LMNP: operation<\/td>\nAnnual rental income of \u20ac5,400 (vacancy deducted), expenses of \u20ac2,000 (property tax, co-ownership, insurance, business property tax, accountant)<\/td>\n<\/tr>\n
LMNP: depreciation<\/td>\nLand 15 % of the price, building and costs over 40 years (\u20ac2,023 per year), furniture over 7 years (\u20ac848 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 72 years); variations at 15 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 52-year-old single lawyer, practicing in Lyon, earns \u20ac70,000 in profit annually and will retire at 67 after 35 years of contributions to the CNBF (French National Bar Association Pension Fund). He has \u20ac100,000 in savings and is considering either a furnished apartment or shares in a real estate investment trust (REIT).<\/p>\n

Issue.<\/b> His CNBF pension is estimated at \u20ac33,262, representing 48 % of his earnings: he is short \u20ac15,738 per year to reach 70 %. Every euro of rent or distribution falls within the 30 % bracket, both while working and in retirement.<\/p>\n

Strategy.<\/b> Under the actual expenses regime for furnished rental properties (LMNP): \u20ac5,400 in rent minus \u20ac2,000 in expenses leaves \u20ac3,400. Depreciation of \u20ac2,872 per year for 7 years, then \u20ac2,023, reduces taxable income to \u20ac528 in the first year: this results in \u20ac159 in income tax and \u20ac98 in social security contributions. Under the actual expenses regime for real estate investment trusts (SCPI): \u20ac4,910 in distributions, fully taxable: \u20ac1,473 in income tax and \u20ac845 in social security contributions in the first year. Upon resale in 2046 (Article 84 of Law No. 2025-127), the LMNP includes \u20ac46,406 in depreciation: a capital gain of \u20ac39,844, reduced by allowances to \u20ac757 in income tax and \u20ac5,157 in social security contributions.<\/p>\n

Result.<\/b> After 20 years, the SCPI leaves him \u20ac41,850<\/b> of net gain (2.19 % per year), the LMNP under the actual regime \u20ac39,091<\/b> (2.15 % per year): \u20ac2,758 difference. LMNP brings in more each year (\u20ac2,923 vs. \u20ac2,592 in operation) but recovers less capital (\u20ac81,586 vs. \u20ac90,000), 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 (15 years)<\/th>\nAverage net income during retirement (5 years)<\/th>\nNet of retirement capital<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac2,923<\/td>\n\u20ac2,731<\/td>\n2.73%<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac2,088<\/td>\n\u20ac2,088<\/td>\n2.09%<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac2,592<\/td>\n\u20ac2,592<\/td>\n2.59%<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac3,288<\/td>\n\u20ac3,288<\/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 initial \u20ac100,000 investment. In parentheses: the average annual net return, i.e., the internal rate of return (IRR) of the cash flow (excluding inflation).<\/p>\n

\n\n\n\n\n\n\n\n\n
Option<\/th>\nResale at 15 years (age 67)<\/th>\nResale at 20 years (age 72)<\/th>\nResale at 25 years old (77 years old)<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac24,822 (1.82%)<\/td>\n\u20ac39,091 (2.15%)<\/td>\n\u20ac54,793 (2.39%)<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac18,817 (1.33%)<\/td>\n\u20ac29,256 (1.55%)<\/td>\n\u20ac39,695 (1.68%)<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac28,887 (2.01%)<\/td>\n\u20ac41,850 (2.19%)<\/td>\n\u20ac54,812 (2.29%)<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac39,316 (2.74%)<\/td>\n\u20ac55,755 (2.91%)<\/td>\n\u20ac72,193 (3.01%)<\/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\u20ac46,406<\/td>\n<\/tr>\n
Gross capital gain (selling price \u2212 purchase price less depreciation, plus expenses)<\/td>\n\u20ac39,844<\/td>\n<\/tr>\n
Capital gain subject to income tax (90% allowance %)<\/td>\n\u20ac3,984<\/td>\n<\/tr>\n
Capital gain subject to social security contributions (allowance of 24.75% %)<\/td>\n\u20ac29,982<\/td>\n<\/tr>\n
Income tax at 19 %<\/td>\n\u20ac757<\/td>\n<\/tr>\n
Social security contributions at 17.2 %<\/td>\n\u20ac5,157<\/td>\n<\/tr>\n
Exit tax<\/b><\/td>\n\u20ac5,914<\/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 real estate capital gains does not apply. If the furniture were not included in the taxable income, the exit tax would decrease by \u20ac881.<\/p>\n

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