New in 2026: the Jeanbrun rental scheme lets landlords amortize 80% of a home, create a deductible property deficit (up to €10,700/yr) and cut income tax. Eligible: apartments.
France is launching a new rental tax incentive for 2026: the Jeanbrun scheme. Designed to encourage investment in collective housing (mainly apartments), it allows landlords to amortize up to 80% of a property’s value and generate a taxable property deficit that can be offset against overall income — a potentially powerful tool for high earners seeking to lower income tax while building real assets.
What is the Jeanbrun scheme?
Jeanbrun is a depreciation-based rental investment program available for acquisitions from the end of February 2026 through December 31, 2028. It applies to new dwellings or old apartments subject to major rehabilitation carried out by developers. Properties bought before February 2026 are not eligible.
Key tax mechanics
• Amortizable base: 80% of the purchase price (the remaining ~20% represents land value and is not amortized).
• Annual depreciation rates depend on building age and rent category (intermediate, social, very social). Example rates include 3.5%/yr for new buildings with intermediate rent and up to 5.5%/yr for new buildings with very social rent.
• Annual depreciation caps (per tax household): typically €8,000/yr for intermediate rent, €10,000/yr for social rent and €12,000/yr for very social rent.
• Property deficit: the depreciation reduces the property result and can be charged against overall taxable income up to €10,700/yr.
• Depreciation is later reintegrated when calculating capital gains on resale.Concrete example
Buying an off‑plan apartment for €300,000 with an intermediate rent option:
• Amortizable base = 300,000 × 80% = €240,000
• Depreciation at 3.5% = €8,400 but capped at €8,000/yr
• Over a 9‑year period this produces roughly €72,000 of depreciation (subject to caps and rules).Who should consider Jeanbrun?
The scheme is attractive to taxpayers in higher marginal brackets because the higher the income tax rate, the greater the tax saving from offsetting property deficits. It’s aimed at investors ready for a medium‑term commitment and able to comply with rent and tenant income rules.
Where and what you can buy
• Eligible housing: apartments in multi‑unit residential buildings — new builds, off‑plan, developer‑constructed, or old units undergoing major rehabilitation (work must result in equivalence to a new building or represent at least 30% of the purchase price and meet energy/safety standards).
• Geography: the entire French territory, mainland and overseas, is eligible. Local rental demand and market dynamics still matter — location remains crucial.Main constraints and obligations
• Minimum 9‑year rental commitment: properties must be let empty (unfurnished) as the tenant’s primary residence. Furnished or tourist rentals are excluded.
• Rent ceilings: depending on location (zones A bis, A, B1, B2, C) and chosen rent level (intermediate/social/very social), rents cannot exceed predefined per‑sqm ceilings. Example intermediate ceilings 2026: zone A bis €19.71/m², A €14.64, B1 €11.80, B2/C €10.26.
• Tenant income ceilings must be respected (intermediate ceilings are compatible with middle‑class tenants; social options have lower thresholds).
• You cannot rent to relatives within the same tax household or up to the second degree.Jeanbrun vs LMNP
Compared with the popular LMNP (furnished rental) option, Jeanbrun:
• Targets empty rental only (no furnished/tourist) and requires rent/income ceilings.
• Offers strong amortization and the ability to create a deductible property deficit (LMNP generally cannot create an attributable deficit against overall income).
• Usually suits investors prioritizing income tax reduction and long‑term lower tenant turnover; LMNP remains attractive for different strategies (higher rents, furniture allowances, different tax treatments).Bottom line
Jeanbrun reopens an attractive route for income tax optimization through depreciation, especially for buyers of new or heavily rehabled apartments and higher‑rate taxpayers prepared to accept a 9‑year commitment and social rent/income constraints. Before committing, investors should model scenarios (depreciation caps, local rents, vacancy risk) and consult a tax advisor or notary to confirm eligibility, calculation specifics and the long‑term implications for capital gains taxation.
