If you receive high incomes, or if you already have real estate assets, acquiring shares in real estate investment companies (SCPI) can be expensive in terms of income tax and/or real estate wealth tax (IFI) . Unless you buy them in dismemberment.
The principle : “Full ownership is split between, on the one hand, bare ownership, which corresponds to the right to own, and, on the other, usufruct, which is the right of enjoyment, therefore that of receiving the income of SCPI”, decrypts Jérémy Schorr, commercial director of Primaliance. Please note that not all management companies allow this operation.
Your objective here will be to buy the bare ownership of your shares for a certain period, generally between three and twenty years. At the end of this period, the usufruct will automatically end and you will obtain full ownership without any additional fees or taxes.
The advantage of the acquisition in dismemberment is twofold. First, it allows you to build up a heritage at a lower cost: as it is the usufructuary who receives the income, the value of the bare ownership alone is lower. “The longer the dismemberment lasts, the higher the discount. It often fluctuates between 25% and 35% for a ten-year dismemberment”says Schorr.
No income, no tax
However, the discount rates are quite variable from one management company to another, because an SCPI that has been paying significant income for a long time will be more sought after by usufructuaries. However, if the value of the usufruct increases, that of the bare ownership decreases, the two evolving in opposite directions. For heavily taxed taxpayers, the purchase of temporary bare ownership of SCPI shares has a second advantage, this time fiscal.
In effect, “as it is the usufructuary who collects the income during the period of the dismemberment, this investment has no impact on the marginal tax rate of the bare owner”emphasizes Marc Bertrand, CEO of Amundi Immobilier.
In addition, for IFI taxpayers, a purchase of this type has no impact, since the payment of this tax is the responsibility of the usufructuary. Finally, by opting for the dismemberment, you will save on subscription costs, these being shared between usufructuary and bare owner.
Buying shares in bare ownership is however far from being a suitable solution for all savers. In the event of an unforeseen concern, it will be very difficult for you to quickly resell the bare ownership of your SCPI shares before the end of the term, unless you accept significant price reductions to find a buyer. You should therefore only invest funds that you are sure you will not need in the medium and long term.
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