Cession de SCI et sociétés à prépondérance immobilière : une réforme qui impose une nouvelle vigilance
The law strengthening the fight against social security and tax fraud introduces a major change concerning the sale of shares in companies with a preponderance of real estate ( SPI). While this reform is mainly aimed at strengthening legal certainty and anti-money laundering mechanisms, it is also changing the habits of many managers, investors and partners.
Deciphering.
A new formalisation obligation
Until now, some transfers of shares or shares could be carried out by a simple private deed.
This is no longer possible when the company is qualified as a company with a preponderance of real estate.
The deed must be drawn up according to a precise formalism involving an authorised professional.
This development represents a significant change in the practice of wealth transfers.
What is a company with a preponderance of real estate?
A company is considered to be predominantly real estate when the real value of its real estate assets represents more than 50% of the total value of its assets.
Regardless of its legal form:
- SCI
- LLC
- SAS
- Civil Society
- Patrimonial holding company
All of them can be affected.
The classification depends above all on the actual composition of the company's assets.
A valuation that requires more rigour
One of the most sensitive points of this reform lies in the evaluation method.
The calculation is not based on the book values on the balance sheet but on the real market value of the assets.
This distinction can significantly modify the result.
A company that did not appear to be a real estate company in terms of its accounting can finally fall within the scope of this new regulation after revaluation of its assets.
Impacts for operational companies
Industrial or commercial companies are also likely to be affected.
A company operating in a building it owns could exceed the 50% threshold if real estate represents the majority of its assets.
This situation prompts many managers to think about the organisation of their professional assets, especially when the operating premises are owned directly by the operating company.
Patrimonial holding companies also concerned
Holding companies holding stakes in real estate companies will also have to be particularly vigilant.
The classification of SPI may result indirectly from the composition of the portfolio of shareholdings.
The analysis then becomes more complex since it sometimes requires studying the assets held by the underlying companies.
A particularly severe sanction
Failure to comply with the new formalism is not a simple administrative irregularity.
The law provides for a particularly heavy penalty: thenullity of the transfer.
In addition, the tax authorities may refuse to register a deed that does not comply with the new requirements.
In other words, an insufficiently prepared operation can have significant legal and tax consequences.
Anticipation becomes essential
- Is the company really predominantly real estate?
- How to properly value assets?
- What is the most suitable detention structure?
- Which professionals should be involved in the operation?
This analysis phase becomes essential in order to avoid any risk of the transaction being called into question.
Notre conseil
Au-delà de la fiscalité, la sécurité juridique devient un élément essentiel de la réussite d'une opération.
Chez Activ Patrimonia, nous accompagnons les chefs d'entreprise, investisseurs et familles dans l'analyse de leurs structures patrimoniales afin d'anticiper les conséquences juridiques, fiscales et financières des opérations de transmission.
Une préparation réalisée suffisamment tôt permet souvent d'éviter des difficultés coûteuses et de sécuriser l'ensemble du projet.
Posted on 23/07/2026 by
Eric SAVARD
Professionnel de l’immobilier et du conseil patrimonial depuis 2007, j’accompagne vendeurs et acquéreurs dans la réussite de leurs projets immobiliers avec une approche rigoureuse, transparente et personnalisée.
Dirigeant du cabinet Activ Patrimonia, j’apporte à mes clients une double expertise : immobilière et patrimoniale. Cette vision globale permet de sécuriser les décisions, d’optimiser les stratégies de vente ou d’acquisition, et d’intégrer chaque projet immobilier dans une logique cohérente à long terme.
Disponible et impliqué à chaque étape, je m’attache à construire une relation de confiance durable, fondée sur l’écoute, le conseil et l’efficacité.
Eric SAVARD
