OPCI (Collective Real Estate Investment Scheme)

The OPCI is presented as the natural successor to the SCPI, retaining its advantages (risk pooling, access to real estate with limited capital contributions, management by professionals approved by the Financial Markets Authority, etc.) and benefiting from enhanced strengths:

• Liquidity: the OPCI is more liquid than the SCPI,
• Taxation: OPCIs offer a choice between two types of taxation, real estate income or securities taxation; furthermore, the transfer of shares is not subject to registration fees;
• A favorable distribution regime for shareholders: OPCIs must distribute at least 85% of their income and net capital gains realized on properties.

The legal framework of OPCIs is inspired by that of OPCs: OPCIs can take the form of Real Estate Investment Funds (FPI) or Real Estate Predominant Variable Capital Investment Companies (SPPICAV). FPIs are subject to real estate taxation (taxation of income under the category of real estate income with the possibility to deduct loan interest and taxation of capital gains under the category of real estate capital gains (on the portion distributed to each shareholder with application notably of the holding period allowance)). SPPICAVs are subject to securities taxation.