Buy shares of SCPIcollect rent, without managing a tenant: the promise is well known. But once the income is collected, the question tax becomes central, and can significantly vary the real profitability.
“Many investors focus on the displayed return, but taxation is a determining lever of net return”underlines Arnaud Koyt, asset manager at UFF. THE microland is one of the options often put forward. But its interest is far from automatic.
A simple diet, but under strict conditions
THE microland allows you to benefit from a flat rate reduction of 30% on land income, without having to detail your charges.
This regime is, however, regulated. It is only accessible if:
- THE gross land income do not exceed 15,000 euros per year
- and if the investor holds at least one real estate livein addition to its SCPI
In this context, it can constitute an interesting option for investors lightly charged. “It’s a simple, quick and suitable regime when there are few expenses to deduct,” summarizes the asset manager.
Micro-real estate or real: a decisive decision
It is precisely on this point that the essential thing is at stake. Because in the face of microlandTHE real regime allows all charges to be deducted: loan interestcosts, works. “The micro-land management is relevant when there are really few charges. Otherwise, the real regime can further reduce the tax base”, insists Arnaud Koyt.
For example, an investor receiving 10,000 euros of property income will be taxed on 7,000 euros with the micro-land estate (after 30% reduction). But if he bears 4,000 euros of charges, the real regime becomes more advantageous, because the tax base falls to 6,000 euros.
In fact, the most frequent situation concerns investors using credit. “As soon as an investor has significant charges, particularly linked to credit, the real regime often turns out to be more relevant,” he explains.
A concrete example: a client who financed his shares on credit opted for microland for simplicity. “It didn’t make sense. With its charges, the real thing was much more advantageous,” says the asset manager.
The choice of the SCPI, a lever often underestimated
Beyond the tax regime, another parameter plays a key role: the very nature of the SCPI chosen.
All SCPI do not generate the same level of expenses or income. Some, invested abroad, can for example benefit from different taxation, while others, financed on credit, will automatically increase the deductible expenses.
Result: the choice of investment vehicle directly influences the tax strategy. “The challenge is not to choose a default regime, but to integrate it into an overall wealth strategy”insists Arnaud Koyt.
An often misunderstood “tax tip”
On the ground, the microland is far from being marginal. But it is sometimes used wrongly. “It’s an option that is rather poorly understood. Many investors use it without real analysis,” he observes.
Contrary to its image, it is not a universal optimization. The gain depends entirely on the profile of the investor, their method of financing and their charges. In practice, the simplicity of microland works in its favor, but can also be misleading. Result: some investors favor administrative ease to the detriment of their net return.
An interesting lever, in very specific cases
For an investor without credit, with few charges, micro-real estate can improve tax clarity and immediately reduce taxation. Conversely, as soon as the charges exceed the30% reductionTHE real regime regains the advantage.
A rule is therefore essential: systematically compare the two options. Because in terms of SCPIperformance is not only played out in purchasing… but also in the way in which the income is taxed.
