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CategorSCPI with variable capital
Company registrationJanuary 2020
Recommended investment termminimum 10 years
Independent property expertCushman & Wakefield
Regulations for the management, protection and development of the French coastline were established to reconcile the development of human activities with the preservation of the landscape and marine ecosystems.
The law regulates the possibilities and conditions for construction and development of land in coastal districts. Investments are scarce due to construction restrictions imposed by the urbanism code.
Real-estate investment trusts (SCPI) are unlisted collective real estate funds invested exclusively in property.
All types of investors wanting to invest long-term in the property market are eligible.
Investment begins at several thousand euros, in exchange for a risk of capital loss and reduced liquidity and provide the following benefits:
– indirect access to property markets traditionally reserved for professional investors;
– full delegation of management to a property specialist;
– potential additional revenue;
– a diverse approach to property risk.
The recommended investment term is 10 years. The SCPI bears the costs for investment and property management.
In compliance with section 8 of the CGI (Generlal Tax Code), the SCPI is tax-transparent and is not subject to French corporate tax.
A progressive income tax rate is applied to individual shareholders and corporate taxes to legal entities. Individual shareholders can declare their property income in the “micro-foncier” plan (under certain conditions) or the “régime réel d’imposition”. For individual French residents, revenue from cash investments are taxable in the capital investment income category.
General principle of French income tax
Revenue generated by the company, such as capital gains realised on sale or withdrawal of shares, is directly taxable on the basis of shareholders’ individual circumstances and proportionate to their shares in the SCPI.
French property revenues and capital gains are subject to social security levies of 17.20%.
General principle of foreign income tax
– Foreign property revenue is subject to taxation in the country where the property is located. Tax is paid at the source. Foreign revenues are not subject to French social security levies.
– SCPI revenue is declared and taxable in the investor’s property income category. Depending on tax treaties between France and the countries where the SCPI invests, rebalancing mechanisms can be provided to avoid double taxation, such as a tax credit.
For more information: see the SCPI Atream Hôtels information sheet that can be downloaded in the documentation section.
The SCPI bears a risk of capital loss: capital invested is not guaranteed.
The profitability of SCPI investment is generally determined by:
(1) potential or possible dividend payments. This depends on property lease terms and may change randomly over the duration of the investment;
(2) the amount of capital you will receive, either on the resale of your shares or, if applicable, on SCPI liquidation. This amount is not guaranteed and depends mainly on the development of the real estate market concerned over the total investment duration.
The withdrawal or sale of shares is subject to a prearranged purchase agreement. As a result, the time frame for share resale varies with purchase requests in the market.
We draw investors’ attention to the fact that SCPI Atream Hôtels is legally authorised to use direct and indirect debt, from banks or other lending bodies, up to 40% of the value of the assets to finance investments. This is in compliance with the decision of the constituent general assembly of 14/9/2016 that property investment can be financed with debt up to 100% of its acquisition value.
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