Popular investment vehicles in France

Updated on May 2022

• (OPCI) Fonds de placement Immobiliier (FPI)
• (OPCI) Société de placement à prépondérance Immobilière (SPPICAV)

(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

(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

(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

(OPCI) Fonds de placement Immobiliier (FPI)

• No

(OPCI) Société de placement à prépondérance Immobilière (SPPICAV)

• No

(OPCI) Fonds de placement Immobiliier (FPI)

• Open- or closed-ended

(OPCI) Société de placement à prépondérance Immobilière (SPPICAV) 

• Open- or closed-ended

(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)

(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

(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

(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%)

(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”