{"id":7646,"date":"2026-10-29T17:46:35","date_gmt":"2026-10-29T16:46:35","guid":{"rendered":"https:\/\/balmontconseil.com\/?p=7646"},"modified":"2026-10-29T17:46:35","modified_gmt":"2026-10-29T16:46:35","slug":"lmnp-ou-scpi-kinesitherapeute-liberal-80000-euros-complement-retraite","status":"publish","type":"post","link":"https:\/\/balmontconseil.com\/en\/blog\/lmnp-ou-scpi-kinesitherapeute-liberal-80000-euros-complement-retraite\/","title":{"rendered":"LMNP or SCPI for a self-employed physiotherapist: which to choose with \u20ac80,000 to invest?"},"content":{"rendered":"
\n

In summary\u2026<\/h2>\n

For a single, self-employed physiotherapist in \u20ac55,000<\/b> of professional income, in the tax bracket at 30%<\/b>, \u20ac80,000<\/b> placed 15 years report \u20ac23,110 net<\/b> of tax and fees in SCPI (real estate investment company) units, i.e. 2.01 % per year, compared \u20ac19,703<\/b> In LMNP (furnished rental of non-professional status) under the actual expense regime, the tax rate is 1.81 % per year. The difference is \u20ac3,406: at this rent, LMNP does not outperform SCPI for any holding period of 5 to 35 years. The micro-BIC regime yields \u20ac14,462, significantly less. Neither option alone bridges the retirement gap. \u20ac19,855 per year<\/b> between the pension from the Autonomous Retirement and Provident Fund for Nurses, Physiotherapists, Pedicurists-Podiatrists, Speech Therapists and Orthoptists (CARPIMKO), estimated at \u20ac18,645, and 70 % of the income. Answer: the SCPI at 30 % as at 11 %; the LMNP with actual costs only wins if the rent reaches approximately \u20ac4,842 per year (6.9 % of the price), or if the taxable income exceeds \u20ac84,577 (bracket at 41 %), where it yields \u20ac18,442 against \u20ac16,629.<\/b><\/p>\n<\/div>\n

1. How much is missing from the retirement of a physiotherapist earning \u20ac55,000?<\/strong><\/h2>\n

CARPIMKO pays three pensions that are cumulative: the basic pension, the supplementary pension, and the old-age social benefit (ASV), reserved for practitioners under contract with the national health insurance system. A typical example: 35 years of contributions at \u20ac55,000 of professional income per year, before deduction of social security contributions, retirement at age 67, no reduction in benefits. Since the 2026 reform of the social security contribution base, contributions are calculated on this income less a 26% allowance: the contribution base is \u20ac40,700.<\/p>\n

\n\n\n\n\n\n\n\n\n
Diet<\/th>\n2026 contribution (based on \u20ac40,700)<\/th>\nThis generates the rights<\/th>\nAnnual pension<\/th>\n<\/tr>\n<\/thead>\n
Base<\/td>\n\u20ac3,553 (8.73 % up to \u20ac48,060, an annual Social Security ceiling, or PASS) + \u20ac761 (1.87 % up to \u20ac240,300)<\/td>\n475.9 points per year, pro rata to the contribution (maximum 557 in bracket 1, 25 in bracket 2), i.e. 16,658 points \u00d7 \u20ac0.6599<\/td>\n\u20ac10,992<\/td>\n<\/tr>\n
Complementary<\/td>\n\u20ac3,541 (8.70 % of the base, between \u20ac24,030 and \u20ac144,180)<\/td>\n8.5 points per year (assumption: points proportional to the contribution, 30 maximum), i.e. 296 points \u00d7 \u20ac21.48<\/td>\n\u20ac6,367<\/td>\n<\/tr>\n
ASV<\/td>\n\u20ac289 payable by the physiotherapist (\u20ac224 + 0.16 % of the assessment base); Health Insurance covers the remainder<\/td>\n24.5 points per year (flat-rate portion only), i.e., 857.5 points \u00d7 \u20ac1.50<\/td>\n\u20ac1,286<\/td>\n<\/tr>\n
Total<\/b><\/td>\n<\/td>\n<\/td>\n\u20ac18,645<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

To recover 70 % of the income, or \u20ac38,500 per year, there is a shortfall \u20ac19,855 per year<\/b> The pension replaces 34% of the income. This figure represents the need that the furnished rental property (LMNP) or real estate investment trust (SCPI) must cover. In total, the physiotherapist pays \u20ac9,166 to their pension fund in 2026, including a \u20ac1,022 disability-death lump sum; the additional URSSAF contributions are not included here.<\/p>\n

2. Which tax bracket: 30 % or 11 %? The actual calculation<\/strong><\/h2>\n

The rate that matters is the marginal tax bracket<\/b>, That is, the rate applied to the last euro of income. The 2026 tax brackets (for 2025 income) apply, per share of the family quotient, 11 tax brackets (%) from \u20ac11,600 to \u20ac29,579, 30 tax brackets (%) up to \u20ac84,577, and 41 tax brackets (%) 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. The benchmark taxable income is \u20ac55,000 less social security contributions, i.e., \u20ac45,834. In retirement, the pension is subject to a 10% reduction (minimum \u20ac454, maximum \u20ac4,439 per household for the 2026 declaration).<\/p>\n

\n\n\n\n\n\n\n\n\n
Situation (sole income of the physiotherapist)<\/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\u20ac45,834<\/td>\n\u20ac6,854<\/td>\n30%<\/b><\/td>\n<\/tr>\n
Married or civil union couple, 2 shares, employed<\/td>\n\u20ac45,834<\/td>\n\u20ac2,490<\/td>\n11%<\/b><\/td>\n<\/tr>\n
Retired single<\/td>\n\u20ac16,781 (pension of \u20ac18,645 minus \u20ac1,865)<\/td>\n\u20ac570<\/td>\n11%<\/b><\/td>\n<\/tr>\n
Retired couple<\/td>\n\u20ac16,781<\/td>\n\u20ac0<\/td>\n0%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

A single physiotherapist is in the 30 % bracket while practicing: their reference taxable income exceeds the \u20ac29,579 threshold by \u20ac16,255, and the unquantified URSSAF contributions would have to exceed this amount to bring them down to 11 %. Upon retirement, their taxable pension of \u20ac16,781 places them in the 11 % bracket. A couple with two tax units is in the 11 % bracket from the start of their working life, then in the 0 % bracket on their retirement income. The deductible portion of the generalized social contribution and other household income are ignored. The following calculation applies these brackets year by year, with 15 years of activity (from age 52 to 67); the 20-year variant adds 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 furniture. The option is tacitly renewed each year. A deficit can only be offset against non-professional furnished rental income for the current year and 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). With \u20ac4,400 in rent, the physiotherapist remains a non-professional furnished rental (LMNP).<\/td>\n<\/tr>\n
Business property tax<\/td>\nIt is due for furnished rentals, unless the income is \u20ac5,000 or less<\/b> (Article 1647 D of the French General Tax Code, impots.gouv.fr). With \u20ac4,400 in rent, the typical case is exempt: it falls \u20ac600 short of reaching the threshold. Above \u20ac5,000 in revenue, the contribution is added to the expenses.<\/td>\n<\/tr>\n
Social security contributions on furnished rentals<\/td>\n18.6%<\/b> : general social contribution of 10.6 %, contribution for the repayment of the social debt of 0.5 %, solidarity levy of 7.5 %. Below \u20ac23,000 of revenue, there are no social contributions, only these levies.<\/td>\n<\/tr>\n
Resale: reintegration of depreciation<\/td>\nFor the transfers carried out effective February 15, 2025<\/b>, Under the actual expense method, the purchase price is reduced by all depreciation deductions (Article 84 of Law No. 2025-127 of the 2025 Finance Act; Frequently Asked Questions from the tax authorities, March 2026). An exception cited by the tax authorities is certain managed residences (student and senior housing). 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 rental income from shares in real estate companies.<\/b> (2026 Income Tax Guide, page 158). A physiotherapist who only holds SCPI (real estate investment trust) shares is therefore subject to the actual expense regime: the entire distribution is taxable. This regime is also available if they also declare the rental income from a property they own directly.<\/td>\n<\/tr>\n
Distribution rate<\/td>\nAverage of 4.91%<\/b> For 2025, weighted by market capitalization; the average share price fell by 3.45% over the year (French Association of Real Estate Investment Companies, press release of February 10, 2026). This rate is a past result: the calculation uses it as an assumption.<\/td>\n<\/tr>\n
Resale of shares<\/td>\nIn the calculation, the shares are taken back at their redemption value (\u20ac72,000), which is less than the price paid (\u20ac80,000): no capital gains tax is withheld.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

5. Assumptions and calculation based on \u20ac80,000 over 15 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, registered physiotherapist with a fixed professional income of \u20ac55,000, resulting in \u20ac45,834 taxable income after social security contributions. His estimated pension at age 67 is \u20ac18,645. These figures are constant euros, reflecting neither inflation, rent increases, nor reinvestment of income.<\/td>\n<\/tr>\n
Capital<\/td>\n\u20ac80,000 cash in each option, no credit<\/td>\n<\/tr>\n
SCPI<\/td>\nDistribution of 4.91 % of the capital, or \u20ac3,928 per year, entirely in French rental income. Subscription fees of 10 % of the price (assummary): upon exit, the shares are worth \u20ac72,000, share price unchanged.<\/td>\n<\/tr>\n
LMNP: acquisition<\/td>\nStudio apartment priced at \u20ac70,000 (as stated in the deed), acquisition costs of \u20ac5,250 (7.5 %), furniture valued at \u20ac4,750: total of \u20ac80,000<\/td>\n<\/tr>\n
LMNP: operation<\/td>\nAnnual rental income of \u20ac4,400 (after deduction of vacancy periods), representing 6.3 times the purchase price, with expenses of \u20ac1,700 (property tax, condominium fees, insurance, accountant fees), excluding property tax assessment.<\/td>\n<\/tr>\n
LMNP: depreciation<\/td>\nLand 15 % of the price, building and costs over 40 years (\u20ac1,619 per year), furniture over 7 years (\u20ac679 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>\n15 years (retirement at age 67); variations at 10 and 20 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, registered physiotherapist living in Lyon earns \u20ac55,000 in professional income per year and will retire at 67 after 35 years of contributions to CARPIMKO. He has \u20ac80,000 in savings and is hesitating between a furnished studio apartment and shares in a real estate investment trust (REIT).<\/p>\n

Issue.<\/b> His CARPIMKO pension is estimated at \u20ac18,645, representing 34 % of his income: he is short \u20ac19,855 per year to reach 70 %. Every euro of rent or distribution falls within the 30 % bracket as long as he practices.<\/p>\n

Strategy.<\/b> Under the actual expenses regime for furnished rental properties (LMNP): \u20ac4,400 in rent minus \u20ac1,700 in expenses leaves \u20ac2,700. Depreciation of \u20ac2,297 per year for 7 years, then \u20ac1,619, reduces taxable income to \u20ac403 in the first year: this results in \u20ac121 in income tax and \u20ac75 in social security contributions. Under the actual expenses regime for real estate investment trusts (SCPI): \u20ac3,928 in distributions, fully taxable: \u20ac1,178 in income tax and \u20ac676 in social security contributions in the first year. Upon resale in 2041 (Article 84 of Law No. 2025-127), the LMNP includes \u20ac29,031 in depreciation: a capital gain of \u20ac23,781, reduced by allowances to \u20ac1,807 in income tax and \u20ac3,415 in social security contributions.<\/p>\n

Result.<\/b> After 15 years, the SCPI leaves him \u20ac23,110<\/b> of net gain (2.01 % per year), the LMNP under the actual regime \u20ac19,703<\/b> (1.81 % per year): \u20ac3,406 difference. LMNP generates more income each year (\u20ac2,328 vs. \u20ac2,074) but recovers less capital (\u20ac64,777 vs. \u20ac72,000), due to expenses, furniture, and exit tax.<\/p>\n<\/div>\n

Average net annual income during ownership, 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>\nNet on capital<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac2,328<\/td>\n2.91%<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac1,631<\/td>\n2.04%<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac2,074<\/td>\n2.59%<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac2,630<\/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 \u20ac80,000 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 after 10 years (age 62)<\/th>\nResale at 15 years (age 67)<\/th>\nResale at 20 years (age 72)<\/th>\n<\/tr>\n<\/thead>\n
LMNP under the actual regime<\/td>\n\u20ac9,492 (1.30%)<\/td>\n\u20ac19,703 (1.81%)<\/td>\n\u20ac32,095 (2.19%)<\/td>\n<\/tr>\n
LMNP in micro-BIC<\/td>\n\u20ac6,308 (0.83%)<\/td>\n\u20ac14,462 (1.28%)<\/td>\n\u20ac24,706 (1.62%)<\/td>\n<\/tr>\n
SCPI, actual rental income<\/td>\n\u20ac12,740 (1.67%)<\/td>\n\u20ac23,110 (2.01%)<\/td>\n\u20ac37,211 (2.39%)<\/td>\n<\/tr>\n
SCPI in micro-landlord scheme (conditions below)<\/td>\n\u20ac18,302 (2.39%)<\/td>\n\u20ac31,453 (2.74%)<\/td>\n\u20ac47,216 (3.05%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The transition from furnished rental property (LMNP) to actual expenses after 15 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 15 years, then added back<\/td>\n\u20ac29,031<\/td>\n<\/tr>\n
Gross capital gain (selling price \u2212 purchase price less depreciation, plus expenses)<\/td>\n\u20ac23,781<\/td>\n<\/tr>\n
Capital gain subject to income tax (60% allowance)<\/td>\n\u20ac9,512<\/td>\n<\/tr>\n
Capital gain subject to social security contributions (allowance of 16.5% %)<\/td>\n\u20ac19,857<\/td>\n<\/tr>\n
Income tax at 19 %<\/td>\n\u20ac1,807<\/td>\n<\/tr>\n
Social security contributions at 17.2 %<\/td>\n\u20ac3,415<\/td>\n<\/tr>\n
Exit tax<\/b><\/td>\n\u20ac5,223<\/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 \u20ac1,043.<\/p>\n

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