Whilst property remains the cornerstone of wealth accumulation for many French people, the real estate investment company (SCI) remains a highly sought-after solution today. Whether for holding, managing or passing on a property portfolio, the SCI meets certain objectives. On the flip side, the authorities are amending certain provisions and considering changes to the tax regime. Is it a miracle solution?

New formal requirements for the transfer of shares

A reform introduced a significant change in June 2026 through Article 1865-1 of the Civil Code, which has been in force since 27 June 2026. C In addition to SCIs, these new formal requirements apply to the transfer of shares or stock in legal entities with a predominantly property-based portfolio within the meaning of Article 726 of the General Tax Code. Consequently, companies whose assets consist mainly of properties or property rights situated in France must comply with these requirements.

What has changed

In theory, prior to this change, transfers of shares could be carried out by means of a simple deed signed between the parties. It was possible for an adviser to restructure the capital with a view to preparing for the transfer of assets. Although the tax authorities recognised such deeds, they carried a risk of nullity and, above all, of being unenforceable. From now on, for companies falling within this scope, the transfer must be recorded by:

• a notarised deed,

• a deed countersigned by a solicitor,

• a private deed drawn up by a chartered accountant, solely in cases where they are legally authorised to do so.

What next?

This development forms part of a broader context in which SCIs are the subject of particular scrutiny from a tax perspective. Since the publication of the parliamentary inquiry report – known as the Courson Report – and following on from the taxation of holding companies under the 2026 Finance Act, certain tax provisions have come under scrutiny from the authorities. Between the possibility of depreciation, the corporation tax rate and split gifts, some consider that SCIs benefit from too many favourable provisions.

In light of these developments, forward planning is essential, particularly when it comes to asset transfers or wealth reorganisation. Finankap’s wealth management advisers are here to help you adapt your property strategy, secure your rental income and optimise the transfer of your assets – please contact us!

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