Expert Guide Comparison
08 Jan 2026 ·
International
Popular investment vehicles in France
3 min read · Comparable
jurisdiction
Updated on January 2026
Investment vehicle
- (OPCI) Fonds de placement Immobiliier (FPI)
- (OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
1. Form
(OPCI) Fonds de placement Immobiliier (FPI)
- Contractual (FCP)
- No legal personality
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Corporate Usually
- Usually SA or SAS
2. Tax Treatment
(OPCI) Fonds de placement Immobiliier (FPI)
- Pass-through entity subject to distribution requirements
- Tax at investor level
- No access to double tax treaties or EU Directives
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Opaque
- Exempt at fund level but subject to distribution requirements
- Tax at investor level
- No access to double tax treaties or EU Directives
3. Transfer Tax
(OPCI) Fonds de placement Immobiliier (FPI)
- Acquisition of interest in an OPCI is exempt from RETT where the acquirer holds less than 10% (individual) or 20% (corporate) of the OPCI following the acquisition
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Acquisition of interest in an OPCI is exempt from RETT where the acquirer holds less than 10% (individual) or 20% (corporate) of the OPCI following the acquisition
4. Listable
(OPCI) Fonds de placement Immobiliier (FPI)
- No
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- No
5. Open- or closed-ended
(OPCI) Fonds de placement Immobiliier (FPI)
- Open- or closed-ended
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Open- or closed-ended
6. Regulatory Supervision
(OPCI) Fonds de placement Immobiliier (FPI)
- Requires regulatory approval and supervision by the AMF and a regulated manager (AIFM licensed to manage real estate funds)
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Requires regulatory approval and supervision by the AMF and a regulated manager (AIFM licensed to manage real estate funds)
7. Investor Restrictions
(OPCI) Fonds de placement Immobiliier (FPI)
- No
- However, professional OPCIs (OPPCIs) are open to professional or sophisticated clients only
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- No
- However, professional OPCIs (OPPCIs) are open to professional or sophisticated clients only
8. Pros
(OPCI) Fonds de placement Immobiliier (FPI)
- Pass-through tax status at fund level
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Corporate vehicle
- Tax exempt status at fund level
- One of the most popular French real estate funds
9. Cons
(OPCI) Fonds de placement Immobiliier (FPI)
- Regulatory approvals
- Minimum real estate requirement (60%)
- Minimum capital and liquid asset requirements
- Professional OPCIs (OPPCIs) are more flexible in terms of liquid asset requirements
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Regulatory approvals
- Minimum real estate requirement (60%)
- Minimum capital and liquid asset requirements
- Professional OPCIs (OPPCIs) are more flexible in terms of liquid asset requirements
- Dividend distribution requirements (rental income 85% and gains 50%)
10. Best Used For
(OPCI) Fonds de placement Immobiliier (FPI)
- Long-term real estate investments
(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)
- Long-term real estate investments
Disclaimer: “Information in this guide for any particular country or topic may have been subject to change since the date to which it was prepared”
