The dismemberment of ownership is the fact of sharing the attributes of the right of ownership between two distinct parties: the bare owner: who holds the right to dispose of the property. The usufructuary who owns the usus, that is to say the right to use the property; and the fructus, that is to say the right to draw resources from it, for example rents. For some SCPIs, there is a temporary dismemberment key, which, depending on the time scale, distributes the value of the bare ownership and the usufruct temporarily. This scale is generally between 3 years and 20 years, and differs between each SCPI.

By purchasing the bare ownership, the investor benefits from an immediate discount on the value of the SCPI share, of between 15% and 50%, depending on the period of dismemberment chosen. If you only buy the bare ownership on the one hand, it is the management company of the SCPI which will itself find the usufructuary. On the one hand, the investor capitalizes in a secure manner, thanks to the discount applied upon acquisition. In addition, the main advantage is not to increase its taxation, because we do not touch the income generated by the SCPI. These belong to the usufructuary.

At the end of the term of the dismemberment, the investor will recover the usufruct of his shares, and will therefore hold his shares in full ownership. From then on, its shares will begin to generate income. The objective of this operation is to capitalize without increasing its taxation, often with the aim of preparing for retirement.

The usufructuary will buy the counterpart of the SCPI shares, with which he will enjoy the income generated by his investment until the end of the dismemberment period. The usufruct of SCPI shares is highly coveted by legal persons who use this means in order to grow their business cash flow. Indeed, this technique makes it possible to have high returns over a determined period, thanks to a reduced unit price. In addition, the usufruct is advantageous for tax purposes, because it is depreciable by the company subject to corporate tax, which therefore reduces its corporate tax.

As you will have understood, time is the most important factor in optimizing the constitution of your assets. Contact one of our advisors who will work with you to establish a personalized strategy based on your objectives.

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