Complete guide to SAS Immobilière: Advantages, Taxation and SCI Comparison 2026

This guide is written for expats and foreign founders by a French CPA, an English-speaking accountant in Paris, with practical focus on accounting in France, French corporate tax, business setup in France and French payroll.

Traditionally, the SCI is the queen of real estate. However, in 2026, SAS Immobilière is gaining ground, particularly for investors seeking maximum flexibility in management and tax optimization via Corporate Tax (IS).

What are the impacts of PLF 2026 on this structure? How does it compare to the SCI this year?

By nature, the SAS is subject to Corporate Tax (IS). In 2026, following the Finance Act 2026:

• 15% on the first €100,000 of profits (SME rate — threshold raised from €42,500 to €100,000 since 19 February 2026, subject to conditions: paid-up capital, 75% held by individuals, turnover < €10M).
• 25% beyond that.

Depreciation, the major lever: In SAS, you can amortize the acquisition price of the building (excluding land). This creates a fictitious charge which reduces your taxable profit, often allowing you to pay no tax on rentals for 15 to 20 years.

This is the flagship measure of PLF 2026: holding companies (often used to hold real estate SAS) owning luxury assets (yachts, aircraft, luxury vehicles, horses, etc.) are now subject to an annual tax of 20% on the value of these assets. The taxable base is strictly limited to these luxury goods and formally excludes excess cash, financial securities and works of art.

Expert advice: It is crucial to check whether your asset holding structure falls within the scope of this tax before closing on December 31, 2026.

Apart from the luxury asset tax, no specific "Housing Recovery" scheme with accelerated depreciation was introduced by the 2026 Finance Act for real estate SAS. The central tax advantage remains standard accounting depreciation:

• Structure component: 2% to 4% per year depending on the type of building (commercial premises, residential, etc.).
• Fixtures/equipment component: depreciable over shorter periods (5 to 10 years).
• This depreciation reduces taxable income without cash outflow, often resulting in zero tax on rental income for 15 to 25 years.

Expert advice: The IS real regime of the SAS remains the best capitalisation tool for a rental real estate portfolio. However, for short-term disposal projects, the IR SCI remains preferable (no reinstatement of depreciation).

Opt for the real estate SAS if:

• You wish to reinvest 100% of your profits without personal tax "friction".
• You manage your real estate like a real commercial activity (purchase-resale, para-hotel business).
• You wish to integrate the company into a group with a holding company (mother-daughter regime).

The real estate SAS is a tool of rare power, but it requires rigorous accounting (mandatory) and a detailed tax vision, particularly with the arrival of the 20% tax on luxury assets (yachts, aircraft, luxury vehicles, horses, etc.) — which formally excludes excess cash, financial securities and works of art.