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

An SAS is subject to French corporate income tax as of right: 15% on the first €42,500 of taxable profit where the capital is fully paid up and held continuously, as to at least 75%, by individuals, and turnover does not exceed €10M, then 25% above that (art. 219, I of the French Tax Code). An SCI is taxed by default in its partners' hands under income tax, and may elect corporate tax (art. 206, 3).

Under corporate tax the building is depreciated excluding land, but the gain on resale is computed on net book value, which increases the taxable gain by the depreciation already deducted. Under income tax there is no depreciation, and an individual's gain is exempt from income tax after 22 years of ownership (art. 150 VC), then from social levies after 30 years (art. L. 136-7 of the Social Security Code).

In both forms, selling the shares bears 5% registration duty once the company is property-rich (art. 726, I, 2°), and no company subject to corporate tax can qualify as LMNP or LMP, those statuses being assessed at the level of an individual's tax household (art. 155, IV).

The SCI is the vehicle traditionally used to hold property jointly. 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 the 2026 Finance Act on this structure? How does it compare to the SCI this year?

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

• 15% on the first €42,500 of profits (SME rate, subject to conditions: capital fully paid up and held continuously, as to at least 75%, by individuals or by a company itself meeting those conditions, and turnover not exceeding €10M).
• 25% beyond that.

Depreciation, the major lever: In SAS, you can amortize the acquisition price of the building (excluding land). Depreciation is a non-cash charge: it reduces taxable profit without any cash outflow. Depending on the purchase price, the land share, the component lives retained and the level of rents and interest, taxable profit may stay low or nil for several years. The counterpart is deferred: depreciation lowers the net book value and increases the taxable gain on resale by the same amount.

Introduced by the 2026 Finance Act (Law no. 2026-103 of 19 February 2026 (Finance Act for 2026), art. 7, codified at art. 235 ter C of the French Tax Code), the tax on patrimonial holding companies applies a 20% rate to the market value, at the balance-sheet date, of a closed list of seven categories of non-business assets held by certain companies subject to corporate income tax. It applies only where three cumulative conditions are met: the market value of all assets held is €5M or more (market value, not the balance-sheet total), an individual and their family group hold at least 50% of the voting or financial rights, or an individual in fact exercises decision-making power, and passive income exceeds 50% of combined operating and financial income, excluding reversals of provisions and depreciation. Covered assets include yachts, aircraft, non-professional vehicles, jewellery and precious metals, racehorses, wines and spirits, and homes whose enjoyment is reserved to the individual controlling the company and their family group, meaning homes occupied free of charge or for a rent below market price, whether as a main residence or not, and homes let on a sham basis (art. 235 ter C, II-A-7°). By contrast, rental real estate and assets used in the business are outside the base: a purely rental SAS owes nothing on that account. The exposure lies elsewhere: rents are expressly listed as passive income, so the third condition is met automatically, and it takes only €5M of assets at market value plus one home occupied, free of charge or below market rent, by the individual controlling the company or a member of their family group, for the 20% tax to bite on the market value of that home at the balance-sheet date, under the conditions of II of art. 235 ter C. The tax is due for fiscal years closed on or after 31 December 2026; assets actually subject to that tax are exempt from wealth tax (IFI), limited to the property-representative fraction referred to in art. 965, 2°, from the 1 January following the taxed year end (art. 975, VII): the exemption only applies where the company fell within the scope of the tax, and it first bites on 1 January 2027.

Expert advice: The tax is due for financial years ending on or after 31 December 2026: the first charge falls at the 31 December 2026 year end for a calendar year, and later for an offset year end (30 June 2027 for a 30 June closing). Each company must therefore test the scope against its own year end, the matching IFI exemption first taking effect on 1 January 2027.

The central tax advantage of holding property through a company subject to corporate income tax is depreciation of the building, excluding land, broken down by component:

• Structure component: depreciated over its actual useful life, assessed building by building. No statute sets a rate: art. 39, 1, 2° only allows depreciation actually recorded, within the limits customary for each type of business, and the tax administration publishes no schedule for buildings. The component breakdown must be set at acquisition, on a documented allocation of the price.
• Fixtures and equipment component: depreciated over a shorter useful life than the structure, determined component by component at acquisition.
• This depreciation reduces taxable income without cash outflow. In return, it lowers the building's net book value and increases the taxable gain on resale by the same amount.

Expert advice: depreciating the building reduces taxable profit each year, but it increases the gain on resale by the same amount, since that gain is computed on net book value. For a short-term disposal, an SCI under income tax has no such reinstatement.

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 want the company held under a holding company: dividends then flow up under the parent-subsidiary regime, provided the holding owns at least 5% of the capital and keeps the shares for two years, a 5% share of costs remaining taxable (arts. 145 and 216). This is not specific to the SAS: an SCI that has elected for corporate tax gives the same access.

The real estate SAS answers a narrow set of situations, but it requires rigorous accounting (mandatory) and a detailed tax vision, particularly with the arrival of the tax on patrimonial holding companies (20% on enjoyment assets not used in the business, subject to asset and ownership conditions).