Article updated on 26/09/2026
There are several legal structures for investing in property, including the SCI (Société Civile Immobilière) and the SAS (Société par Actions Simplifiée). Both offer a more flexible way of operating than joint ownership. So which one should you choose? It all depends on your personal situation and on how you intend to use the property you acquire.
Key takeaways
- An SCI requires at least two partners and is limited to non-trading activities, whereas an SAS can be set up by a single person and carry on a commercial activity.
- No minimum share capital is required for either structure; an SCI can have several co-managers, while an SAS has one chairman supported by managing directors.
- An SAS is subject to corporation tax, while an SCI is taxed in the hands of its partners under income tax, unless it opts for corporation tax.
- The choice is made case by case: intended holding period, resale plans, family transfer and your personal tax bracket matter as much as the structure itself.
Update of 26 September 2026
The reduced corporation tax threshold has changed since this article was published: the 15% rate now applies to profits of up to €42,500 over a twelve-month period, rather than €38,120, with the standard 25% rate applying above that. To qualify, the company must have turnover below €10 million, fully paid-up capital and at least 75% of that capital held by individuals. New in 2026: following a ruling by the Conseil d'État, the tax authorities now assess the turnover threshold at group level for companies belonging to a group, whether or not it is tax-consolidated.
Source: BOFiP-Impôts (article 219, I-b of the French tax code) and Lefebvre Dalloz, 2026.
How do you set up an SAS or an SCI?
First of all, an SCI must have at least two partners. What is more, because it is a non-trading company, an SCI cannot carry on a commercial activity: you cannot use one to acquire a property in order to let it furnished on a regular basis or to resell it immediately.
On the other hand, an SCI can be headed by several co-managers, whereas an SAS can have only one chairman alongside several managing directors. It is also worth knowing that no minimum share capital is required to set up either an SAS or an SCI. If you lean towards the first option, our guide sets out every step to set up an SCI for a property purchase.
How does taxation differ between an SAS and an SCI?
An SAS is a capital company, so it is not subject to income tax but to corporation tax. The amount due depends on the level of profit: the reduced 15% rate applies up to €42,500 of profit for eligible companies, then the standard 25% rate above that.
An SCI, on the other hand, is treated as a partnership, which means the partners pay income tax directly, at a rate that varies according to a progressive scale. An SCI can nevertheless opt for corporation tax, a far-reaching decision since it becomes irrevocable after five financial years. This difference should therefore be weighed before setting up your company: depending on the holding period and your tax bracket, one system can quickly prove more advantageous than the other. To go further, read our article on the advantages of an SCI for investing in 2026.
What if the property is intended to be let?
The choice of structure is not only about the taxation of profits: it also determines access to certain schemes. The private landlord status introduced by the 2026 Finance Act is aimed at individuals letting unfurnished homes, which may point towards direct ownership rather than a company. Before deciding, review which legal status best suits your investment project and the new private landlord status in 2026.
Conclusion
SAS or SCI: neither structure is better in absolute terms. Everything depends on the number of partners, the nature of the activity, the holding horizon and your personal tax position. Talking it through with your accountant or notaire before setting up remains the best way to avoid a choice that is hard to undo later.
Looking for a property to hold in your future company? Browse our new-build property listings near you.
FAQ
Can you set up an SCI on your own?
No. An SCI needs at least two partners, even if the second holds only a token share. An SAS, however, can have a single shareholder, in which case it is known as an SASU.
What minimum capital is needed for an SCI or an SAS?
No minimum capital is required in either case. The capital can be set freely, even at one euro, although capital that is too low can make bank financing harder to obtain.
Can an SCI let property furnished?
Letting furnished property on a regular basis is a commercial activity, incompatible with the non-trading purpose of an income-tax SCI. An SCI that does so moves to corporation tax, which changes the whole tax treatment of the operation.
What is the corporation tax rate in 2026?
The standard rate is 25%. A reduced rate of 15% applies up to €42,500 of profit for companies with turnover below €10 million, fully paid-up capital and at least 75% of that capital held by individuals.
Also worth reading on the blog
- SCI: the advantages of this status for investing in property in 2026
- How to set up an SCI for a property purchase
- Property investor: which legal status should you choose?
- Guide to the new private landlord status in 2026
- 2026 Finance Bill: the Jeanbrun scheme to revive buy-to-let
Author of the publication
Fabrice DOBROWOLSKI, Network Development Director, Optimhome
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