Tax reductions outside property
Groupement forestier d'investissement (forestry investment group)
Units in groups that own forests, with a tax credit on subscription and favourable treatment for IFI and on transfer.
Overview
A GFI is for estates subject to IFI or preparing a transfer, prepared to hold forests for fifteen years or more.
The forestry investment group (GFI) owns and manages forest estates. Subscribing to units gives the « investissement forestier » tax credit of 25% of the amount paid, up to €6,250 for a single person and €12,500 for a couple. The units must be held until 31 December of the eighth year. They are 75% exempt from IFI under three conditions: units held for at least two years, a sustainable management certificate and a thirty-year undertaking. They also benefit from a 75% exemption from inheritance and gift tax, under the same management conditions. Current income is low and liquidity very limited.
How it works
Subscription of units
Tax credit of 25% of the amount paid
Holding
Until 31 December of the eighth year
Favourable regime
75% exemption from IFI and on transfer, subject to conditions
Key points
Strengths
- Tax credit of 25% of the amount paid, up to €6,250 (€12,500 for a couple)
- 75% exemption from IFI and transfer duties, subject to sustainable-management conditions
- Uncorrelated with financial markets
- Tangible, low-volatility asset
Points to watch
- Almost no liquidity, with a recommended holding period of fifteen years or more
- Low current income
- Significant management fees
- Units held until 31 December of the eighth year for the tax credit
Who it is for
A GFI suits those who can lock up a fraction of their wealth for a long period, in a tangible, low-volatility asset.
Worked illustration
Example based on assumptions
Assumptions: a couple subject to IFI subscribe €12,500 of GFI units and obtain a €3,125 tax credit (25%). They hold the units until 31 December of the eighth year. After two years of holding, 75% of their value is removed from the IFI base. Current income is low and not guaranteed.
Regulatory information
This sheet is a general information document of a commercial nature. It constitutes neither personalised investment advice, nor a recommendation, nor a solicitation, and it is not a key information document. Any decision requires a prior analysis of your situation by a duly authorised professional. Investments carry a risk of capital loss. Past performance is no guide to future performance. Taxation depends on each person's situation and may change.
Risk of partial or total loss of capital: unlisted companies and SMEs carry a high risk of failure. Liquidity is almost nil for five to ten years, with exit depending on the fund's timetable or on a sale. High costs. Tax advantages are conditional on the holding period. Forestry and wine-estate groups are also exposed to climate, health and market hazards.
Complaints and mediation
Any complaint may be sent to ASTERALE, 4 allée Django Reinhardt, 94110 Arcueil, France, or to sebastien.bailly@asterale.fr. Failing a satisfactory reply within two months, you may refer the matter to the competent mediator. For financial investment advice: the AMF Ombudsman (Médiateur de l'AMF), 17 place de la Bourse, 75082 Paris Cedex 02 (www.amf-france.org/fr/le-mediateur). For insurance broking and intermediation, banking and payment services intermediation and property transactions: ANM Conso, 2 rue de Colmar, 94300 Vincennes (www.anm-conso.com, contact@anmconso.com).
Information sheet updated on 6 October 2026. Download the sheet (PDF)
Book a meeting
The first meeting, of about an hour, is used to check whether this scheme has a place in your wealth.