Wealth architecture
for discerning business leaders.

Retirement Savings Plan (PER)

The number-one tax lever for high earners. Immediate tax savings, with a lump sum or annuity at retirement.

What is it for?

Preparing for retirement while reducing your income tax. Particularly relevant for marginal tax rates of 30 %, 41 % and 45 %. Funds can be taken as a lump sum, an annuity or a combination of both.

Advantages

Drawbacks

Equity Savings Plan (PEA)

A powerful wrapper for investing in European equities with reduced taxation after 5 years.

What is it for?

Building a long-term equity portfolio. Contribution cap of 150 000 € (225 000 € with a PEA-PME). After 5 years, capital gains are exempt from income tax (17,2 % social levies only).

Advantages

Drawbacks

Capitalisation contract

The transferable cousin of life insurance. Ideal for gifting during your lifetime while retaining the long-term tax benefits.

What is it for?

Building capital like a life insurance policy, but with the ability to be gifted or split into bare ownership and usufruct while retaining the contract's tax seniority. Relevant for early wealth transfer and for legal entities (holding companies).

Advantages

Drawbacks

Madelin / PER TNS

The flagship scheme for the self-employed to prepare for retirement with a powerful tax advantage.

What is it for?

Reserved for the self-employed (majority company directors, liberal professions, artisans, retailers). Contributions are deducted from professional profits (BIC, BNC, BA categories) — hence a stronger tax effect than the individual PER for high professional incomes.

Advantages

Drawbacks

Ordinary securities account (CTO)

The wrapper with no cap and no geographic restrictions. Total freedom for informed investors.

What is it for?

Investing freely across all global markets and all instruments (equities, bonds, ETFs, derivatives). No cap, but heavier taxation: the 30 % flat tax (PFU) on dividends and capital gains.

Advantages

Drawbacks

FCPI / FIP

French venture capital with an immediate tax reduction. To be approached with a long-term view and an appetite for risk.

What is it for?

Financing innovation (FCPI) or the regional economy (FIP) through managed funds. In return, you receive an income tax reduction of 18 to 25 %, capped at 12 000 € (24 000 € for a couple).

Advantages

Drawbacks

Girardin industriel

The most profitable one-shot scheme for wiping out your income tax. An immediate reduction greater than the capital invested, in exchange for genuine risk.

What is it for?

You finance industrial equipment operated by an SME in France's overseas territories (DOM, COM). In return, the following year you receive a tax reduction greater than your outlay — typically 110 to 118 % of the amount contributed. The net gain is the difference. No capital is returned: it is an investment made "at a loss" whose profitability comes solely from the tax reduction.

Advantages

Points to watch

Non-Professional Furnished Letting (LMNP)

The flagship status of rental property investment. Virtually tax-free income thanks to accounting depreciation.

What is it for?

Let a furnished property (residential, student, senior, tourism) and benefit from the actual BIC regime. Depreciation of the property and furnishings offsets rental income for tax purposes over 15 to 25 years.

Advantages

Drawbacks

SCPI (full ownership)

Real estate without the constraints. Diversification, risk pooling, quarterly income.

What is it for?

Invest in a diversified professional property portfolio (offices, retail, healthcare, logistics) run by a management company. Accessible entry point, 100% delegated management, income distributed quarterly (average distribution rate ~4.5%).

Advantages

Drawbacks

SCPI in bare ownership

The ideal compromise for high earners: a discount at purchase, no taxable income during the ownership split.

What is it for?

Acquire the bare ownership of SCPI shares at a discount of 20 to 35% depending on the term. During the ownership split, no income (= no income tax or social levies, and no IFI, which falls on the usufruct holder). At the end, you recover full ownership and the income.

Advantages

Drawbacks

Loi Malraux

A powerful tax reduction for high earners, in return for a restoration project in a heritage district.

What is it for?

Reduce your income tax by restoring a property in a remarkable heritage site. Reduction of 22% (SPR with PVAP) or 30% (SPR with PSMV or QAD) of the works, capped at €400,000 over 4 years.

Advantages

Drawbacks

Property deficit

The preferred tax-reduction tool for taxpayers in high marginal brackets who already have property income.

What is it for?

When works on a property let unfurnished exceed the rents, the deficit is set against property income (without limit), then against overall income up to €10,700 per year (€21,400 for energy renovation until 2025). Any surplus can be carried forward for 10 years.

Advantages

Drawbacks

Historic Monuments

The most powerful scheme for taxpayers in the 41 and 45% brackets. Uncapped deduction, outside the cap on tax breaks.

What is it for?

Invest in a property classified or listed on the Historic Monuments register. Works and expenses are 100% deductible from overall income, with no cap and outside the tax-break ceiling. Reserved for substantial taxpayers.

Advantages

Drawbacks

Bare ownership of real estate

Buy today at a discounted price a property whose full ownership you will recover tomorrow. No taxation during the ownership split.

What is it for?

Acquire a property at a discount of 30 to 45% on its full-ownership value, with the usufruct holder (often a social housing provider) collecting the rents for 15 to 20 years. When the ownership split ends, you recover full ownership free of fees and taxation.

Advantages

Drawbacks

Loc'Avantages

The successor to the loi Pinel for landlords committed to intermediate or social housing. Tax reduction of up to 65%.

What is it for?

Let a property at a discounted rent (relative to the local market price) in exchange for an income-tax reduction on the rental income. Three levels: Loc1 (15 %), Loc2 (35 %), Loc3 (65 %). An Anah agreement is required.

Advantages

Drawbacks

Amortising mortgage loan

Monthly payment, total cost and amortisation schedule. Credit remains the most powerful wealth-building lever.

Why borrow when you already have wealth?

For substantial estates, credit has three virtues: loan interest is deductible on rental investments, it preserves the liquidity of your savings, and it lets you generate leverage in excess of borrowing rates.

Key takeaways

In fine loan

The loan of choice for seasoned investors: interest only over the term, capital repaid at maturity.

What is it for?

In a rental investment, all of the interest (high, as it is calculated on the full capital) is deductible from property income, maximising the tax effect. The capital is repaid in one instalment at maturity, generally via a pledged savings contract (life insurance).

Advantages

Drawbacks

Real Estate Wealth Tax (IFI)

The IFI applies to net property wealth above 1,3 M€. Estimate your exposure and identify the optimisation levers.

What is it for?

Calculate the IFI you owe under the progressive scale (from 0 % to 1,5 % per bracket). Note: the main residence benefits from a 30 % allowance. Business assets and certain SCPI units may be exempt.

Optimisation levers

Calculating your marginal tax rate (TMI) & income tax

Knowing your marginal tax bracket precisely is the prerequisite for any tax-reduction strategy.

The 2025 scale (2026 income tax)

0 % bracket up to 11 497 € · 11 % from 11 498 to 29 315 € · 30 % from 29 316 to 83 823 € · 41 % from 83 824 to 180 294 € · 45 % above.

Why it is central

Gifting

Plan the transfer during your lifetime to clear the tax slate every 15 years.

What is it for?

Giving during your lifetime lets you use the direct-line allowances (100 000 € per parent / per child) every 15 years. Giving early = passing on more while paying less, especially through split ownership (the bare-ownership value is discounted according to age).

Allowances (renewable every 15 years)

Life insurance & inheritance

The most efficient transfer vehicle in France: 152 500 € per named beneficiary, outside the estate.

How it works

For premiums paid before age 70: an allowance of 152 500 € per beneficiary, then 20 % up to 700 000 € above the allowance, 31,25 % thereafter. Premiums paid after age 70: a single 30 500 € allowance across all beneficiaries, but gains are exempt.

Strategy

Pacte Dutreil

The essential tool for business owners to pass on the family company with tax reduced by up to 88 %.

What is it for?

The Pacte Dutreil allows the shares of an operating company to be transferred by gift or inheritance with a 75 % allowance on their value, in return for holding commitments (2 years collective + 4 years individual). Can be combined with a bare-ownership gift, and with an additional 50 % reduction for a full-ownership gift before age 70.

Advantages

Drawbacks

TNS compensation (majority managing partner)

For majority managing partners of SARL and EURL companies and liberal professions: TNS social contributions of ~40 %, with dividends above 10 % of share capital subject to social contributions.

What is it for?

Quickly assess the total employer cost of TNS compensation and the net amount in your pocket after social contributions and income tax. A TNS specificity: dividends paid to the majority managing partner beyond 10 % of share capital + shareholder current accounts are also subject to social contributions.

Advantages

Points to watch

Wealth holding company

The essential tool for business owners. Move dividends up to the holding company almost tax-free thanks to the parent-subsidiary regime (95 % exemption).

What is it for?

A holding company (SAS, SARL) owning ≥ 5 % of an operating subsidiary benefits from the parent-subsidiary regime: dividends paid up are 95 % exempt (only 5 % is added back to the holding company's result and taxed at corporate income tax). This allows you to build personal wealth within the holding company without suffering the 30 % flat tax (PFU) as an executive receiving dividends directly would.

Advantages

Points to watch

Apport-cession (Article 150-0 B ter)

The most powerful exit tool: defer capital-gains tax by contributing your shares to a holding company before the sale.

What is it for?

Before selling your operating company, you contribute your shares to a personal holding company. The capital gain is recognised but its taxation is deferred. The holding company then sells the shares: if it keeps the proceeds for 3 years (or reinvests ≥ 60 % in an economic activity within 2 years), the deferral is maintained. You keep the full sale price to reinvest.

Advantages

Points to watch

SCI: income tax (IR) vs corporate tax (IS)

The structuring choice for any real-estate investment through a company. IR for transparency, IS for compounding.

What is it for?

An SCI taxed under IR makes the partners tax-transparent: rental income is taxed at their marginal rate + 17.2 % social levies. An SCI taxed under IS depreciates the property (very powerful) and pays corporate tax on its result, but the exit (resale, distribution) is taxed more heavily. Under IS, the capital gain is calculated on the depreciated value.

Typical use case: SCI under IR for family transparency + gradual transfer of shares. SCI under IS to compound over 15-20 years with depreciation, accepting heavier taxation on exit.

SCI under IR: who is it for?

SCI under IS: who is it for?

Investing corporate cash

Move surplus cash out of unproductive current accounts. Corporate capitalisation contracts, corporate securities accounts, SCPI held through the company.

What is it for?

Cash sitting idle at the bank erodes (inflation, fees). An SAS or holding company can invest its surplus via: a corporate capitalisation contract (tax deferred as long as no withdrawal is made), a securities account or investment funds, SCPI, or dedicated funds. Taxation is limited to corporate tax (15 % or 25 %) on the compounded income.

Preferred solutions

Points to watch

OBO — Owner Buy Out

Sell your company to yourself through a leveraged holding company. A partial cash-out financed by the business itself.

What is it for?

You create a holding company that buys all or part of your operating company, financed by a bank loan. The holding company's debt is repaid by dividends moved up almost tax-free (parent-subsidiary regime). The result: you receive part of your company's value in cash while remaining at the helm, and the transaction pays for itself over 7-10 years.

Advantages

Points to watch

SCPI held as temporary usufruct (5 or 10 years)

The most effective weapon for investing corporate cash: immediate income, accounting depreciation of the acquired right, outside the scope of corporate tax on the capital and of your personal IFI base.

What is it for?

Your company (SAS, SARL, holding company) acquires only the usufruct of SCPI shares for a fixed term (typically 5 or 10 years), at a substantial discount to full ownership. During the term, it receives all of the rental income. At maturity, the usufruct lapses without compensation. The acquisition cost of the usufruct is depreciated for accounting purposes over the term of the split ownership, which almost entirely neutralises corporate tax on the rents received.

Advantages

Points to watch

Typical use case: Application: corporate cash (5-10 years) or planning a parent-to-child transfer through split ownership.

SCPI through an SCI under IS (full ownership)

A powerful structure for compounding SCPI income almost tax-free thanks to depreciation, with or without bank leverage.

What is it for?

You create an SCI taxed under IS that holds SCPI shares in full ownership. The SCI can acquire the shares for cash or through a loan. Under the corporate-tax regime, you depreciate the shares (~ 2 to 3 % per year on the real-estate portion, i.e. ~ 85 % of the price), which neutralises a large part of the rental income. Corporate tax applies to the result (15 % up to €42,500, then 25 %). As long as the cash remains within the SCI, you compound with no personal taxation (vs the IR regime at your marginal rate + 17.2 % social levies).

Advantages

Points to watch

Typical use case: A combination for depreciating SCPI shares within an IS structure at 15-25 %.