France 法国
深折价、法定分派的欧元收入袖套 — 直投住宅是封顶租金的保值资产
法国是欧元区的深折价、高法定派付现金流袖套：SIIC 制度以法律强制把租金利润的 95% 以股息分出，2026 年 11 月市场对这条收入流的定价是相对 EPRA NTA 四至五成的折价，核实毛收益率约 5–10%，税务泄漏固定在 12.8%（非居民股息，与条约无关）。它不带任何居留权、不带身份期权、也没有增长故事：国内经济停滞（2026 Q3 −0.1%）、财政承压；法国直投住宅是受封顶租金管制的保值资产（巴黎全成本净约 1.3%），不是现金流资产。本页的分工写死：上市 SIIC 是收入引擎，直投只作不达标讲解。
Four grades
Identity & tax (in one line)
Identity & tax: France has no property-purchase residence or golden visa (confirmed non-existent); the talent routes are all active-business channels, and neither buying property nor shares confers status. Tax: non-resident dividends are withheld at 12.8% (below the France–Singapore treaty cap of 15%, so the domestic rate governs for individuals); direct landlords pay the 20%/30% minimum income-tax rates plus the full 17.2% social charges (no relief for non-EEA residents); SIIC exemption is bought with the three-leg distribution obligation.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
The SIIC distribution obligation is codified in three legs — 95% of exempt rental profits, 70% of capital gains, 100% of subsidiary dividends — France's listed channel is institutionally designed to force the money out, the hardest setting among European REIT regimes.
The non-resident tax collapse is genuinely cheap: what residents see as a 30% flat tax shrinks for a non-resident individual to a 12.8% dividend withholding (no social charges on dividends), below the treaty cap — no filing, no claim, in-hand by default.
The discounts' depth and dispersion sit on one screen: inside the core four's 41–71% discount range to NTA live Icade (NAV in free fall) and Gecina (NAV broadly stable) — the France page teaches telling the real from the fake inside a deep-discount basket.
Entry routes
Listed route (this site's main line): buy the SIIC core basket (entry No. 91) through a broker with Euronext Paris access — non-residents need no French account and no French tax filing (source withholding is final).
Direct route (explainer grade): foreigners buy without restriction, but a notary is compulsory, local management is near-mandatory and an annual SIPNR filing is required, with rents under both a level cap and an increase cap — a full-cost net of about 1.3% (entry No. 92), readable only as capital parking or own use.
Risks
- The rent level cap's legislative moment is moving as this page is written: the experiment expires on 24 Nov 2026, the Senate has passed a two-year extension and the Assembly vote is pending — every sentence about the cap on the France pages has a shelf life; check the update date when citing.
- Rising appraisal yields are the discount's first killer: SIIC NTAs are appraised at exit yields of about 5.7–6.1%, and if yields keep rising the NTA falls toward the price (Icade has demonstrated it) — "discount convergence" can run backwards.
- Fiscal politics: France is fiscally strained with an unstable parliament, and proposals to raise the residents' flat tax or levy SIICs return every budget cycle — the 12.8% is a statutory rate, not a treaty lock.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 91 | France's SIIC core basket: a statutory 95% payout inside 41–71% NAV discounts — after removing two fake yields | 5.16–9.96% | Do |
| 92 | Paris buy-to-let, costed: a EUR 9,590/sqm flat, a capped rent and 37.2% of non-resident tax — net about 1.3% | 1.2–1.5% |