Model the real return of an SCPI (a French real-estate investment fund) as an expat living in France: buy in cash, with a loan, through monthly contributions, or in bare ownership. Free, no sign-up.
Withdrawal value = subscription value less fees. Your income keeps being calculated on the full subscription value as long as you hold your shares.
| Year | Total invested | Gross income | Net income | Net income / month | Subscription value (income basis) |
Withdrawal value (net of fees, if resold) |
Gain if resold |
|---|
These fees are on top of the invested amount. For each: amount, then financed (added to the loan) or paid upfront (cash).
Position at the end of the loan (debt cleared). Net gain = value of your shares - cash actually out of your pocket (down payment + upfront fees + monthly efforts during the loan).
Breakdown of what you borrow and your down payment, then your payments depending on the deferral type.
Payments exclude borrower insurance. Deferral pushes back amortization: full payments start after the deferral period.
Loan interest is deductible from taxable property income, reducing your tax during the loan.
| Year | Loan payment | Gross income | Net income | Monthly cash flow | Subscription value (income basis) |
Withdrawal value (net of fees) |
Outstanding balance | Net worth if resold |
|---|
| Year | Full-ownership value (appreciated) |
Estimated value of your position | Income tax and social levies due |
|---|
*Estimate at a 5.5% distribution rate with a 30% marginal rate on a French SCPI; to be refined with your adviser based on your situation when full ownership is recovered.
You subscribe to your SCPI shares at the public price, exactly the same as going direct. The management companies pay Optimavi afterwards, so the guidance costs you nothing extra:
An SCPI (Société Civile de Placement Immobilier) is a French real-estate investment fund — often described to international investors as a French REIT (real-estate investment trust). It pools money from many investors to buy and manage a diversified portfolio of rental property — offices, retail, healthcare and logistics, in France and across Europe — and pays out the rental income to shareholders in proportion to their shares. Think of it as a way to own a slice of professionally managed European commercial real estate, from a few hundred euros, without being a landlord.
This simulator, updated with the 2026 French tax rules, projects your net return across three strategies: buying in cash, with a loan (leverage), or in bare ownership (temporary split ownership).
SCPI can be an excellent, genuinely hands-off way for an expat to invest in European real estate while living in France. But whether it's right for you depends heavily on your nationality and tax residency, because your home country may tax the same income very differently. Here is the honest picture.
…you are a French tax resident who wants regular, passive income without managing tenants; you have a medium-to-long horizon (8–10 years or more); and you are not a US person. Higher earners (30% marginal band and above) often use the loan strategy for leverage and deductible interest, while retirees or high earners preparing for the future often like bare ownership for its discount and zero taxation during the split-ownership period.
…you may leave France soon, you need your money to stay liquid (SCPI shares can take time to resell), or your home country taxes foreign funds harshly. In those cases the after-tax result can be very different from the French-only figure shown here.
If you are a US citizen or green-card holder, be careful. A French SCPI can be treated by the US IRS as a PFIC (Passive Foreign Investment Company), which triggers complex US reporting (Form 8621) and potentially punitive US taxation — on top of FATCA obligations and the fact that the US taxes you on worldwide income regardless of where you live. Many US persons in France avoid SCPI for exactly this reason.
Do not rely on the French-only numbers in this tool if you are a US person. Speak to a cross-border US/France tax accountant before subscribing.
If you are an EU/EEA national or a resident from most other countries, you can generally invest in SCPI on the same footing as a French resident. Your French taxation follows the rules below, but your home country may still tax or report the income under its own rules and under the France–your-country tax treaty. The treaty usually prevents double taxation, but the mechanics (credit vs exemption) vary.
Income from French properties is taxed as property income: the progressive income-tax scale at your marginal rate (0%, 11%, 30%, 41% or 45% in 2026) plus 17.2% social levies. Set your marginal rate with the in-tool helper to see what you actually keep.
SCPIs invested outside France (Germany, the Netherlands, Spain…) are exempt from the 17.2% French social levies. Their income is taxed in the country where the building sits, and tax treaties then avoid double taxation. On average, budget roughly 25% of gross rent in tax for the European portion — the figure this simulator applies to the "share of European SCPIs" you enter.
In practice, the residual French tax on European income is roughly your marginal rate minus your average tax rate — which is why European SCPIs are popular with higher earners.
This is why OPTIMAVI recommends European SCPIs to most of its clients. Beyond the lighter taxation, these funds invest in some of Europe's most dynamic markets — Germany, the Netherlands, Spain, Ireland — often in recent buildings let to solid corporate tenants on long leases, and they spread risk across several economies rather than France alone. For an internationally minded investor living in France, they are frequently the most efficient and resilient way to hold European real estate. OPTIMAVI selects them across geographies and sectors so that no single market or tenant drives your return.
The bottom line: SCPI is a great tool, but the tax result is personal. Always confirm the treatment with a qualified adviser, accountant or notaire in France and in your home country before you subscribe. This page and simulator are educational, not investment or tax advice.
No data required. This simulator runs entirely in your browser: no email, no phone number, no form to fill in to see your results or download the PDF.
Access a diversified property portfolio (offices, healthcare, retail, logistics, across Europe) with a low entry ticket — from a few hundred euros, or about €50/month with scheduled contributions.
SCPIs distribute income quarterly or monthly, historically attractive versus many other assets — though income and capital are never guaranteed.
No landlord duties: finding tenants, works and administration are handled entirely by the management company. You just hold the shares.
Yes. Any resident of France — regardless of nationality — can generally subscribe to SCPI shares. What differs is your taxation, which depends on your tax residency and the tax treaty between France and your home country. US citizens and green-card holders are a notable exception and should get specialist cross-border advice before subscribing.
Be careful. A French SCPI can be treated as a PFIC by the US IRS, which creates heavy US reporting (Form 8621) and potentially punitive US taxation for US citizens and green-card holders, on top of FATCA and worldwide-income taxation. Many US persons avoid SCPI for this reason. Always consult a US/France cross-border tax accountant before investing — the French-only figures in this tool won't reflect your US tax.
Yes — this is important. SCPI is taxed in France, but your home country may also tax or require reporting of the income, and the France–your-country tax treaty determines how double taxation is avoided. Before subscribing, confirm the treatment with your own country's accountant, tax adviser or notary as well as a French adviser.
As a rough guide: €100,000 at a 5.5% distribution rate generates about €5,500 gross per year (≈ €458/month). Net of French tax (French SCPI, social levies included), budget ≈ €330/month at an 11% marginal rate and ≈ €240/month at 30% — European SCPIs reduce this. Run the simulator above with your own figures for a precise, year-by-year result.
An SCPI pools money from investors to buy and manage a rental-property portfolio. The rental income it generates is redistributed to shareholders as dividends, in proportion to the number of shares each holds.
But not all SCPIs are equal: there are more than 200 SCPIs on the market. OPTIMAVI's job is to select, among them, the best-managed and most diversified funds — diversified both by geography (France and several European countries) and by sector (offices, healthcare, retail, logistics). This spread gives your investment a resilience to market swings that a single SCPI could never offer, and it is at the heart of how we build a portfolio for each client.
SCPI subscription fees are included in the share price — you don't pay them on top. While you hold your shares, your income is calculated on the full subscription value. Only when you sell does the lower withdrawal value (net of fees) apply. That's why SCPI is a long-term investment: over time, accumulated income and appreciation more than offset that gap.
Buying SCPI with a loan creates leverage: you build wealth with a limited monthly savings effort, and the loan interest is deductible from taxable property income — particularly useful at a 30%+ marginal rate. But the risk is higher: the rent is not guaranteed while the loan payments are. As a non-French borrower, note that getting a French mortgage can be harder; a broker or adviser helps.
Temporary "split ownership" separates the shares between a usufructuary (who receives the income) and a bare owner (who holds the capital). Buying the bare ownership gets you a discount — commonly 15–20% over 5 years up to 40%+ over 15–20 years. During the split period: no income, so no income tax or social levies, and the shares are outside the French wealth-tax (IFI) base. At term, full ownership rebuilds automatically, with no fees or tax.
Like any real-estate investment, SCPI carries risk: capital and income are not guaranteed, the value of shares can fall, and liquidity is limited (reselling can take time). The recommended holding period is generally 8–10 years minimum. Personalised advice helps check that it fits your situation, goals and horizon before you subscribe.
Optimavi has access to the whole SCPI market and to partner banks. We review your situation as an expat and, if you invest with a loan, help you obtain a suitable loan offer. Personalised, free and quick, with no commitment — and in English.