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SCPI Explained: French Real Estate Investment Trusts
What SCPI shares are, key metrics (yield, occupancy, price vs NAV), real returns after fees, and how to track them in your wealth portfolio.
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Free calculator
SCPI: the income left after tax
Monthly net income, what a sale would actually return, and the tax really due — social levies, entitlement delay and subscription commission included.
Detailed assumptions
Zero is the prudent assumption: a unit price can also fall
The gap between the price paid and what a sale returns — usually 8 to 12%
The months during which a new unit pays nothing
Net rent that buys new units instead of being cashed in
On that share only — 15 to 25% depending on the country
Your figures are never transmitted: the calculation runs on your device. Only anonymous audience measurement (page view, click) is recorded, with no figures at all.
Enter a payment, a period and a distribution rate to run the simulation.
Monthly income net of tax
—per month
Monthly income net of tax, and what a sale would return at the end.
Withdrawal value at the endThe price at which the management company buys your units back: the subscription price less the subscription commission, so 8 to 12% lower. That is the real amount of a sale.
—
Gross value of units
—
What a sale would return, subscription commission deducted.
The year the withdrawal value catches up with your payments.
A calculation, not advice — the assumptions are set out in the FAQ.
Free, no card required, no connection to your bank accounts.
The guide
What an SCPI simulator owes you
An SCPI buys offices, shops or warehouses, rents them out, and pays you your share of the rent in proportion to your units. The distribution rate on display — 4 to 6% in recent years — is a GROSS yield, before any tax, calculated on the subscription price. Three things stand between that figure and your bank account.
First, tax. A French SCPI's rent is property income: it bears your marginal rate AND 17.2% of social levies. At a 30% bracket, 5% of distribution becomes 2.6% net. That is the point most distributor simulators pass over in silence, and it halves the income.
Then the subscription commission, 8 to 12%, which is not a classic entry fee but the gap between the price you pay and the withdrawal value at which you are bought out. Finally the entitlement delay: a unit bought in March only pays from August. On a regular savings plan, that is a quarter of rent missing every year.
- distribution rate
- Rent paid out during the year against the subscription price on 1 January. It is a past figure, never a guarantee: it varies from year to year and from one SCPI to another.
- withdrawal value
- The price at which the management company buys your units back: the subscription price less the subscription commission, so 8 to 12% lower. That is the real amount of a sale.
- entitlement delay
- The time between buying a unit and its first rent payment — three to six months depending on the SCPI. It applies to every payment, regular savings plans included.
- social levies
- 17.2% on French property income, on top of your marginal tax rate. At a 30% bracket, rent is therefore taxed at 47.2%.
- rent from foreign property
- Rent from buildings located outside France. It is taxed in the country of the building and neutralised in France by the tax treaty, with no social levies.
How to read the result
Net income, not gross
The headline figure is what is left after income tax and social levies. Compare it with what the brochure advertises: the gap is your tax, and it depends entirely on your bracket.
Withdrawal value, not gross value
This is what a sale would return today. As long as it sits below your payments, revaluation has not yet offset the subscription commission — and selling would cost you.
The break-even point
The year the withdrawal value catches up with what you paid in. It is the minimum holding period below which an SCPI makes no sense, and it often exceeds five years.
The European gap
If you enter a share of foreign rent, the tool puts a number on the tax saved against a French SCPI. It is the asset class's only real tax lever: no social levies on that rent.
An SCPI is not a savings account: units resell in a few weeks in a buoyant market, in several months when it is not, and the unit price can fall — several office SCPIs showed that in 2023 and 2024. This simulator assumes a constant distribution rate and revaluation: that is a working assumption, not a forecast. See also how to track your units and wealth taxation.
Your real SCPI units, next to the rest of your wealth
A simulation says nothing about your situation. Patrice tracks your units, their value and their distributions, alongside your direct property, investments and loans — and works out the tax on the whole. The account is free; the demo shows the app with sample data.
Free, no card required, no connection to your bank accounts.
Read more
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The other tools
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The official, free registries to find what is lying dormant in your name.
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Four fields, your net worth, and where you stand against the median for your age.
Open the toolRental yield
Gross yield, net of charges and net of tax for a rented property, loan included.
Open the tool
Frequently asked questions
No. The calculation runs entirely in your browser, on your device: no figure is sent to a server, and nothing is kept once you close the tab — except, on this device only, the values you typed, so that switching language does not empty the form.
Because a French SCPI's rent is property income, taxed at your marginal rate PLUS 17.2% of social levies. At a 30% bracket, the total rate is 47.2%: a 5% distribution rate leaves 2.6% net. It is arithmetic, and it is what most distributor simulators leave out.
You subscribe at the subscription price, which includes the management company's subscription commission (8 to 12%). You sell at the withdrawal value, that price less that commission. Investing €10,000 therefore gives you around €9,000 of immediately resellable value: it takes several years of revaluation to break even.
Yes, and that is its main appeal. Rent from buildings outside France is taxed in the country of the building — often 15 to 25% — then neutralised in France by the tax treaty (effective rate or tax credit depending on the country), with NO social levies. The gap with a French SCPI is around twenty points of tax at a 30% bracket.
On a single payment it delays the first rent by three to six months, once. On a regular savings plan it applies to EVERY payment: each month, the unit bought waits its turn. Over ten years of monthly payments, that is several months of rent less than a naive calculation announces.
Neither is modelled here. On credit, interest is deductible from property income, which completely changes the tax of the early years. In bare ownership, you receive nothing during the split but buy at a discount. Two strategies that deserve their own calculation, and professional advice.
Yes, in proportion to the property share of their assets, which the management company publishes each year. An office SCPI therefore counts almost in full. This simulator does not compute that tax: it assumes you are below the €1.3 million threshold of net property wealth.