Dismemberment of SCPI : rather bare owner or usufructuary ?
Stripping SCPI shares between a bare owner and a usufructuary meets several patrimonial objectives: preparing your retirement, helping your children or anticipating your transmission...
As this arrangement involves two people, the price of the share is divided between the bare owner and the usufructuary. The dismemberment can be temporary (usually 5 to 10 years) or life. An advisor will be able to suggest the solution best suited to your situation.
The full ownership of a real estate property, and thus of SCPI shares, can be divided between a usufructuary who has the right to use the property (the usus) and to draw the fruits of it (the fructus, the incomes) and a bare owner who has the right to dispose of it (the abusus).
The SCPI as a bare owner
As a bare owner of SCPI units, you own the units but do not receive the potential income. During the dismemberment period, you are not subject to income tax (IR) since only the beneficial owner receives income and your units are not included in the taxable base for the Impôt sur la Fortune Immobilière (IFI) if you are subject to it.
At the end of the dismemberment, you recover the full ownership of your shares, tax-free, and you start to receive potential income. Bare ownership of SCPI units is particularly suitable for anticipating the financing of a future project without increasing your tax burden in the immediate future: real estate purchase, children's education, retirement...
The SCPI as a usufructuary
As a usufructuary of SCPI units, you benefit from any income during the term of the dismemberment. This allows you to potentially increase your income to carry out a specific project: for example, financing your children's education. At the end of the dismemberment, the bare owner recovers full ownership of the shares and you no longer receive any income. Please note that if you are liable for the IFI, the SCPI units will be included in the taxable base for this tax at their full ownership value.
The life dismemberment in an objective of transmission
Giving the bare ownership of SCPI units facilitates the transmission of your assets while optimizing the deductions on gift taxes. Easily divisible, the donation of shares allows you to reach, almost to the nearest euro, the deduction of 100,000 euros (between parents and children) or 31,865 euros (between grandparents and grandchildren). At the time of the succession, the bare owners will automatically recover the full ownership of the shares, without expenses or inheritance tax.
To know: The values of the usufruct and bare ownership are determined according to a legal scale depending on the age of the usufructuary.
It is advisable to contact an advisor who will propose the solution best suited to your situation and your financial objectives. Before subscribing to any SCPI, you should consult the key information document, the prospectus, the articles of association, the subscription form, the latest quarterly information bulletin and the latest annual report of the SCPI concerned. For Primonial REIM France SCPIs, these documents are available on the website www.primonialreim.fr
As a reminder, investment in SCPI units carries a risk of capital loss due to changes in the real estate markets in particular. Income is not guaranteed and may vary both upwards and downwards depending on the performance of the fund. The SCPI is a long-term investment with a recommended investment horizon of 10 years. Liquidity is limited, the management company does not guarantee the resale of units. And as with any investment, past performance is no guarantee of future performance.