SCPI: Useful Savings in Search of Tax Coherence
The debate on "unproductive wealth," which emerged and was then withdrawn during the review of the 2026 finance bill, highlighted a key question: how can we steer households' long-term savings towards the needs of the real economy? Real estate investment trusts (SCPI), already central to this type of funding, paradoxically find themselves being driven out of the national territory due to a significant tax differential. This paradox raises questions about the coherence of public policies.
REITs: A Useful Savings Tool That Is Often Misunderstood
The controversy surrounding a potential tax on what are deemed « unproductive » assets has highlighted a persistent misunderstanding: contrary to a commonly oversimplified view, SCPI (French Real Estate Investment Trusts) are not passive savings tied up in real estate. Instead, they serve as an active financing tool for the real economy. By their very nature, they transform private savings into operational buildings—such as offices, healthcare facilities, educational infrastructures, logistics centers, and business services. They generate income, support local employment, and provide sustainable, collective investments that invigorate regions.
Amid economic and geopolitical uncertainties, 2025 marks a gradual return of confidence. Data from ASPIM and IEIF confirms a market stabilization after two years of strain: €1.1 billion in net inflows in the third quarter (+38% compared to 2024) and €4 billion over the first ten months of the year (+18%), resulting in a total capitalization of €87.97 billion. This recovery remains selective, but it demonstrates that SCPIs with disciplined, diversified management attentive to asset quality can navigate economic cycles without significant disruptions.
The resilience of these vehicles raises further questions about classifying them among less useful savings instruments. Their economic role is, in fact, structural: they meet part of the substantial long-term financing needs, whether it's modernizing real estate assets, supporting the energy transition, or developing essential infrastructure.
A tax strategy redirecting French savings away from domestic needs
While SCPIs already play an economic role, a question remains: why were nearly 80% of investments in the third quarter of 2025 made outside of France? The answer can be summed up in one word: taxation. Rental income from assets located in France is subject to both income tax and 17.2% in social charges. In contrast, income from properties located abroad often escapes these social charges, depending on the relevant tax treaties. This differential creates a systemic bias that mechanically directs funds toward foreign markets.
This situation is all the more paradoxical given that France is facing significant financing needs: energy renovation of its real estate stock, demographic aging and the need for healthcare facilities, modernization of universities, and strengthening of logistical infrastructure. These are precisely the sectors in which SCPIs are already investing. However, due to a lack of a neutral tax framework, a significant portion of French savings now contributes to financing the infrastructure and growth of its European neighbors, rather than that of its own territory.
Restoring Consistency Between Political Ambitions and Tax Incentives
The issue goes beyond the unproductive/productive debate. It is about restoring coherence between political ambitions—directing savings towards the real economy—and the tax incentives that currently have the opposite effect. Restoring this neutrality would not penalize savers; rather, it would allow allocation choices to be guided primarily by economic logic rather than by default tax arbitration. This is an essential condition for sustainably anchoring long-term savings in the service of local areas.
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
