Property tax reductions
Monuments historiques (historic monuments)
Deduction from overall income of restoration works on a listed or registered historic building.
Overview
The historic monuments regime allows restoration works on a protected building, kept for fifteen years, to be deducted from overall income without a ceiling.
The owner of a building listed or registered as a historic monument deducts restoration and maintenance works, and loan interest, from overall income without a ceiling. The deduction depends on conditions relating to public access or the use of the building. The owner undertakes to keep the building for fifteen years. Works are authorised and monitored by the historic monuments administration.
How it works
Purchase
Listed or registered building
Authorised works
Deduction from overall income, without a ceiling
Holding
At least fifteen years
Key points
Strengths
- Full deduction of works, unlike the Pinel or Malraux reductions
- Outside the overall cap on tax advantages
- Exceptional heritage property
Points to watch
- Fifteen-year holding commitment
- Works authorised and supervised by the historic monuments administration (DRAC)
- Heavy, ongoing maintenance costs
- Very low liquidity
Who it is for
The regime is for very high earners who want to restore, live in or let an exceptional building, and who accept lasting maintenance costs and very low liquidity. Unlike the Malraux scheme, which gives a tax reduction, it works through a deduction from overall income.
Worked illustration
Example based on assumptions
Assumptions: a taxpayer with a 45% marginal rate buys a listed monument for €1 million and carries out €800,000 of authorised restoration works over four years. That is €200,000 a year deducted from overall income, saving about €90,000 in tax a year at the marginal rate. The holding commitment lasts fifteen years and maintenance costs are ongoing.
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.
The tax advantage depends on strict compliance with the legal conditions (duration, ceilings, zoning, tenants, use). Failure to comply leads to its recovery, with late-payment interest. Except where stated, it falls within the overall cap on tax advantages. Risk of capital loss on the underlying asset, limited liquidity during the commitment and exposure to changes in tax law. An operation should be assessed on all its features, including the tax reduction.
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.