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You are not a client but would like to have more information about Societe Generale Private Banking? Please fill in the form below.

Local contacts

France : +33 (0) 1 42 14 20 00 (9am - 5pm)
Luxembourg : +352 47 93 11 1 (8:30am - 6pm)
Monaco : +377 97 97 58 00 (9/12am - 2/5pm)
Switzerland : Geneva +41 22 819 02 02
& Zurich +41 44 218 56 11 (8:30am - 5:30pm)

You would like to contact about the protection of your personal data?

Please contact the Data Protection Officer of Societe Generale Private Banking France by sending an email to the following address : protectiondesdonnees@societegenerale.fr.

Please contact Bieneke Russon, the Data Protection Officer of Societe Generale Bank & Trust Luxembourg by phone : +352-47.93.93.11.5046 or by sending an email to the following address : lux.dpooffice@socgen.com.

Please contact Julien Garnier, the Data Protection Officer of Societe Generale Private Banking Monaco by sending an email to the following address : list.mon-privmonaco-dpo@socgen.com

Please contact Omar Otmani, the Data Protection Officer of Societe Generale Private Banking Switzerland by sending an email to the following address : sgpb-gdpr.ch@socgen.com.

You need to make a claim?

 Any claim addressed to Societe Generale Private Banking France should be sent by e-mail to the following address : FR-SGPB-Relations-Clients@socgen.com or by mail to : 

Société Générale Private Banking France
Direction Commerciale
29 boulevard Haussmann CS 614
75421 Paris Cedex 9

The Bank will acknowledge your request within 10 days after receipt and provide a response to your claim within 60 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you by mail. 

In the event that the response you receive does not meet your expectations, we suggest to contact : 

 

The Societe Generale Group’s Ombudsman

The Societe Generale Group’s Ombudsman can be contacted by the following website : mediateur.societegenerale.fr  or by mail :

Le Médiateur auprès de Société Générale
17 Cours Valmy 
92987 PARIS LA DEFENSE CEDEX 7
France

In reviewing any matter, the Ombudsman undertakes the consideration of both the client’s and the bank’s point of view, evaluates arguments from each of the parties and makes a decision in all fairness.

The Group’s Ombudsman will respond to you directly within two months of receipt of the written submissions of the parties relating to the claim.

 

The Ombudsman of the AMF

The Ombudsman of the Autorité des Marchés Financiers (AMF) can be contacted at the following address :

Médiateur de l'AMF, Autorité des Marchés Financier
17 place de la Bourse
75082 PARIS CEDEX 02
FRANCE


The Insurance Ombudsman

Please contact the Insurance Ombudsman : contact details must be mentioned in your insurance contract.

To ensure that your requests are handled effectively, any claim addressed to Societe Generale Bank & Trust should be sent to:

Private banking Claims department
11, Avenue Emile Reuter
L-2420 Luxembourg

The Bank will acknowledge your request within 10 days and provide a response to your claim within 30 days of receipt. If your request requires additional processing time (e.g. if it involves complex research), the Bank will inform you of this situation within the same 30-day timeframe.

In the event that the response you receive does not meet your expectations, we suggest the following :

Initially, you may wish to contact the SGBT Division responsible for handling claims, at the following address:

Corporate Secretariat of Societe Generale Bank & Trust
11, Avenue Emile Reuter
L-2420 Luxembourg

If the response from the Division responsible for claims does not resolve the claim, you may wish to contact Societe Generale Bank & Trust's supervisory authority, the Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Commission) :

By mail: 283, Route d’Arlon L-1150 Luxembourg
By e-mail:direction@cssf.lu

 Any claim addressed to Societe Generale Private Banking Monaco should be sent by e-mail to the following address: servicequalite.privmonaco@socgen.com or by mail to our dedicated department : 

Societe Generale Private Banking Monaco
Middle Office – Service Réclamation 
11 avenue de Grande Bretagne
98000 Monaco

The Bank will acknowledge your request within 2 days after receipt and provide a response to your claim within 10 days of receipt. If your request requires additional processing time (e.g. if it involves complex researches…), the Bank will inform you of this situation within the same 30-day timeframe. 

In the event that the response you receive does not meet your expectations, we suggest to contact the Societe Generale Private Banking Direction that handles the claims by mail at the following address : 

Secrétariat Général de Societe Generale Private Banking Monaco 
11 avenue de Grande Bretagne 
98000 Monaco

Any claim addressed to the Bank can be sent by email to: sgpb-reclamations.ch@socgen.com
Clients may also contact the Swiss Banking Ombudsman : www.bankingombudsman.ch

French Real Estate companies ("Sociétés Civiles Immobilières"): is it better to pay personal income tax or corporate tax?

by our expert Julie Boussin, Head of Wealth Engineering at SGPB France.

Article up to date at 1st December 2021, drafted in accordance with French legislation in force, and applicable to individuals whose tax residence is in France.

 

A French real estate company (société civile immobilière – SCI) is a legal entity that owns and manages property. It is an effective means of holding, administering and transferring assets.

Its biggest advantages include:

  • Avoiding co-ownership ("indivision")(1), as the shareholders own shares in the SCI, which is the sole owner of the entire property;

  • Separating, or even protecting, real estate assets (such as business property);

  • Planning ahead for the transfer of property. SCIs offer great flexibility (gradual gifting of SCI shares with rights to full ownership(2) or bare ownership(3) if the giver wants to retain the income from the property). Furthermore, the tax base for transfer duties on shares in an SCI is based on the net value of said shares. Consequently, when an SCI has a liability such as a real estate loan, that liability must be subtracted from the value of the SCI’s shares.

Pay close attention to the procedures for establishing the SCI, ideally with assistance from your usual advisor (notary, lawyer, chartered accountant). The SCI's bylaws must be carefully drafted to set out its powers and establish specific provisions for contingencies such as the incapacity or death of one of its shareholders. In addition, you must decide which form of taxation is most appropriate: personal income tax or corporate tax.(4)

How do you know which one you should choose?

To analyse these issues, we must distinguish between two stages:

1) During ownership: the “income collection phase”

  • Under the personal income tax option, the asset is taxed the same way as a directly held asset. SCI partners declare net real estate income, prorated according to their share of ownership, that amounts to the rent collected, minus eligible expenses (primarily loan interest and the cost of maintenance and repair work). This income is taxed in accordance with the progressive income tax scale, up to a maximum of 45%, to which social charges of 17.2% are added. Households subject to the exceptional contribution on high income (contribution exceptionnelle sur les hauts revenus – CEHR) must pay an additional 3% or 4%. Consequently, they may be taxed as much as 66.2%. If the asset has been financed by debt, rent is often not enough to cover the cost of loan repayment and income tax. This means having to make a cash contribution, which in some cases is too high to make the personal income tax option worthwhile.

  • Under the corporate tax option, rent is not taxed as heavily. First, the tax base is smaller: in addition to eligible expenses, the SCI will be able to factor in depreciation, thereby reducing its tax base. Second, companies are taxed less than individuals (25% as of 2022). But keep in mind that any income generated belongs to the SCI: if the shareholder wants cash for personal reasons, the company must distribute dividends (if its accounting position allows), to which a 30% flat tax (prélèvement forfaitaire unique – PFU) and possibly the CEHR (3% or 4%) are applied. It's much better to capitalise income within the SCI.

At this stage, you could assume that paying corporate tax on an SCI is the better option. But let’s look further.

2) Upon selling the property: the “exit phase”

  • Under the personal income tax option, the SCI's owners must pay tax on real estate capital gains as individuals. The maximum charge for this tax is 36.2% (19% income tax + 17.2% for social charges). In addition to this, they may have to pay up to 6% additional tax on large capital gains and 4% for the CEHR. But being taxed as individuals also gives shareholders the right to tax reductions that increase based on the length of ownership. They are fully exempt from income tax if the property has been owned for at least 22 years, and from social charges after at least 30 years of ownership. In practice, shareholders do not have to wait that long for taxes to go down: after 15 years, the income tax on capital gains drops to 25% and after 20 years it falls to 15%.

  •  The corporate tax option is less appealing. In fact, the capital gain is calculated based on the difference between the asset's sale price and its net book value: this means that past depreciation increases the realised capital gain. As a result, the more a company benefits from tax reductions due to depreciation while it owns the asset, the more tax it will owe once the asset is sold. And that will be corporate tax (25%), with no reductions. Finally, for shareholders to access the cash, the company must distribute dividends, if its accounting position allows, which are taxed at a rate of 30% to 34%. This could make selling the property a very expensive proposition!

 

In closing, when deciding between the personal income tax or corporate tax options for an SCI, there's no clear choice. That’s why it's important to base your decision on an examination of the asset's revaluation potential, projections over the period of ownership, and an analysis of cash flows. All of these parameters must be considered to make an informed decision that suits your individual circumstances.

Our experts at Societe Generale Private Banking work alongside your wealth advisors to assist you in making these decisions.

 


(1)A legal situation in which two or more persons own property together.

(2)In full ownership, the owner of the property may sell the property, occupy it or rent it out in order to receive rent.

(3)In bare ownership, the owner of the property does not have the use of it.

(4) For fiscal years ended before December 31, 2018, the corporate tax option was irrevocable. It's now possible to waive this option up to the fifth fiscal year after the last year that the option was used. Once that period is over, the option becomes irrevocable. Waiving the option will have tax impacts if the business is dissolved, which may be mitigated under certain conditions. When the SCI waives the option, it will no longer be able to opt for corporate tax at a later date.

Would you like to discuss this subject further with us?

GENERAL WARNING:

Societe Generale Private Banking is the business line of the Societe Generale Group operating through its headquarters within Societe Generale S.A. and through departments, branches or subsidiaries, located in the territories mentioned below, acting under the brand name "Societe Generale Private Banking" and distributing this document.

This document, of an advertising nature, has no contractual value. Its content is not intended to provide an investment service, it does not constitute investment advice or a personalised recommendation on a financial product, nor does it constitute insurance advice or a personalised recommendation, nor does it constitute a solicitation of any kind, nor does it constitute legal, accounting or tax advice from any entity under the authority of Société Générale Private Banking.

The information contained herein is provided for information purposes only, is subject to change without notice, and is intended to provide information that may be useful in making a decision. Past performance information that may be reproduced is not a guarantee of future performance.

The price and value of investments and the income derived from them may go down as well as up. Changes in inflation, interest rates and exchange rates may adversely affect the value, price and income of investments denominated in a currency other than that of the investor. Any simulations and examples contained in this publication are provided for illustrative purposes only. This information is subject to change as a result of market fluctuations, and the information and opinions contained in this publication may change. No Societe Generale Private Banking entity undertakes to update or amend this publication, which may become obsolete after consultation, and will not assume any responsibility in this respect.

The offers related to wealth and financial activities and information mentioned in this document depend on the personal situation of each client, on the legislation applicable to him and on his tax residence. It is the responsibility of the potential investor to ensure that he or she complies with the legal and regulatory requirements of the relevant jurisdiction, in consultation with his or her legal and tax advisors. This publication is not intended for distribution in the United States, to any US tax resident, or to any person or jurisdiction where such distribution would be restricted or illegal.

The offers related to the activities and the wealth and financial information presented may not be adapted or authorised within all Société Générale Private Banking entities. In addition, access to some of these offers is subject to conditions of eligibility.

Certain offers related to the above-mentioned activities and financial information may present various risks, imply a potential loss of the entire amount invested or even an unlimited potential loss, and therefore be reserved for a certain category of investors only, and/or be suitable only for informed investors who are eligible for these types of solutions.

Consequently, before subscribing to any investment service, financial product or insurance product, depending on the case and the applicable legislation, the potential investor will be questioned by his private banker within the Societe Generale Private Banking entity of which he is a client on his knowledge, his experience in investment matters, as well as on his financial situation including his capacity to bear losses, and his investment objectives, including his risk tolerance, in order to determine with him whether he is eligible to subscribe to the financial product(s) and/or investment service(s) envisaged and whether the product(s) or investment service(s) is/are compatible with his investment profile.

The potential investor should also (i) take note of all the information contained in the detailed documentation of the service or product envisaged (prospectus, regulations, articles of association, document entitled "key information for the investor", term sheet, information notice, contractual terms and conditions, etc.), in particular those relating to the associated risks; and (ii) consult his legal and tax advisors to assess the legal consequences and tax treatment of the product or service being considered. His or her private banker will also be available to provide further information, to determine with him or her whether he or she is eligible for the product or service under consideration, which may be subject to conditions, and whether it meets his or her needs.

Accordingly, no entity within Société Générale Private Banking can be held responsible for any decision taken by an investor solely on the basis of the information contained in this document.

This document is confidential, intended exclusively for the person consulting it, and may not be communicated or brought to the attention of third parties, nor may it be reproduced in whole or in part, without the prior written consent of the Société Générale Private Banking entity concerned.

Societe Generale Group maintains an effective administrative organisation that takes all necessary measures to identify, control and manage conflicts of interest. To this end, Societe Generale Private Banking entities have put in place a conflict of interest management policy to manage and prevent conflicts of interest. For more details, Société Générale Private Banking clients can refer to the Conflict of Interest Policy available on request from their private banker.

S ociété Générale Private Banking has also put in place a policy d he processing of claimsmade pa available on request from their private banker or on the Société Générale Private Banking website.

SPECIFIC WARNINGS BY JURISDICTION

France : Unless expressly stated otherwise, this document is published and distributed by Societe Generale, a French bank authorised and supervised by the Autorité de Contrôle Prudentiel et de Résolution, located at 4, place de Budapest, CS 92459, 75436 Paris Cedex 09, under the prudential supervision of the European Central Bank ("ECB") and registered with the ORIAS as an insurance intermediary under the number 07 022 493 orias.fr Societe Generale is a French public limited company with a capital of EUR 1 066 714 367,50 as at 1 August 2019, whose registered office is located at 29, boulevard Haussmann, 75009 Paris, and whose unique identification number is 552 120 222 R.C.S. Paris. Further details are available on request or at www.privatebanking.societegenerale.com.

Luxembourg : This document is distributed in Luxembourg by Société Générale Luxembourg, a public limited company (société anonyme) registered with the Luxembourg Trade and Companies Registry under number B 6061 and a credit institution authorised and regulated by the Luxembourg Financial Sector Supervisory Commission ("CSSF"), under the prudential supervision of the European Central Bank ("ECB"), whose registered office is located at 11, avenue Emile Reuter - L 2420 Luxembourg Further details are available on request or at www.societegenerale.lu. No investment decision of any kind should be made on the basis of this document alone. Société Générale Luxembourg accepts no responsibility for the accuracy or otherwise of the information contained in this document. Societe Generale Luxembourg accepts no responsibility for any actions taken by the recipient of this document solely on the basis of this document, and Societe Generale Luxembourg does not represent itself as providing any advice, in particular with respect to investment services. The opinions, views and forecasts expressed in this document (including its annexes) reflect the personal opinions of the author(s) and do not reflect the opinions of any other person or of Société Générale Luxembourg, unless otherwise indicated. This document has been prepared by Societe Generale. The CSSF has not carried out any analysis, verification or control on the content of this document.

Monaco: This document is distributed in Monaco by Société Générale Private Banking (Monaco) S.A.M., located at 11 avenue de Grande Bretagne, 98000 Monaco, Principality of Monaco, regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Commission de Contrôle des Activités Financières. Financial products marketed in Monaco may be reserved for qualified investors in accordance with the provisions of Law n° 1.339 of 07/09/2007 and Sovereign Order n° 1. 285 of 10/09/2007. Further details are available on request or at www.privatebanking.societegenerale.com.

Switzerland : This document is distributed in Switzerland by SOCIETE GENERALE Private Banking (Suisse) SA ("SGPBS"), whose registered office is at rue du Rhône 8, CH-1204 Geneva. SGPBS is a bank authorised by the Swiss Financial Market Supervisory Authority ("FINMA"). Collective investments and structured products may only be offered in accordance with the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act, CISA) of 23 June 2006 and the Guidelines of the Swiss Bankers Association (SBA) on Information for Investors in Structured Products. Further details are available on request from SGPBS or at www.privatebanking.societegenerale.com.

This document is not distributed by the entities of the Kleinwort Hambros Group that operate under the brand name "Kleinwort Hambros" in the United Kingdom (SG Kleinwort Hambros Bank Limited), Jersey and Guernsey (SG Kleinwort Hambros Bank (CI) Limited) and Gibraltar (SG Kleinwort Hambros Bank (Gibraltar) Limited) Consequently, the information communicated and any offers, activities and financial and asset information presented do not concern these entities and may not be authorised by these entities or suitable for use in these territories. Further information on the activities of Societe Generale's private banking entities in the United Kingdom, Channel Islands and Gibraltar, including additional legal and regulatory information, is available at www.kleinworthambros.com.