CSG increase: what is the real impact on your investments?

The Social Security budget for 2026 has been definitively adopted, marking an important milestone in the financing strategy for the French social protection system. This text, which sets out the main guidelines for social revenue and expenditure, includes several structural measures. Among these, the increase in the General Social Contribution (CSG) rate on a portion of capital income is a key measure and is attracting particular attention from savers and investors.

An increase in the CSG now in effect

The CSG, a tax allocated to the financing of Social Security, has been applied for many years to income from employment, replacement income, and capital income. With the adoption of the budget, the CSG rate applicable to certain capital income will be raised from 9.2% to 10.6% as of January¹, 2026, representing an increase of 1.4 percentage points. This decision comes amid persistent imbalances in social security accounts, marked by rising healthcare costs, an aging population, and increasing social benefits.

A direct impact on social security contributions

The increase in the CSG rate automatically leads to an increase in the overall social security contribution rate, which rises from 17.2% to 18.6% on the income concerned. This change has an immediate impact on the taxation of savings, since social security contributions constitute a significant portion of the taxation of capital income.

Under this new framework, the Single Flat-Rate Levy (PFU), which applies by default to investment income for individuals, incorporates this increase. The overall tax rate on capital income subject to the PFU is thus increased to 31.4% ( 12.8% income tax and 18.6% social security contributions), compared with 30% previously. Although this increase appears limited, it results in a decrease in the net return received by investors. This new rate applies to interest paid on or after January 1, 2026.

Real estate crowdfunding: an investment that retains solid advantages despite tax changes

Despite the effective increase in the CSG rate resulting from the adoption of the Social Security budget, real estate crowdfunding remains a particularly attractive investment solution for many savers. This change in the tax framework does not call into question the fundamentals or the interest generated by this form of participatory financing.

Real estate crowdfunding allows investors to participate in the financing of concrete real estate projects led by industry professionals, while benefiting from clear visibility on the investment term, the expected return, and the nature of the operations being financed. Interest paid to investors is classified as investment income and is subject to the Single Flat-Rate Levy, which now includes the new CSG rate. This tax system, which is well known and stable in its structure, offers a simple and transparent view of net profitability.

In reality, the impact of the CSG increase on the net return on real estate crowdfunding operations remains moderate. The gross returns offered on this type of investment, which are generally higher than those of many traditional savings products, make it possible to absorb this change without compromising the overall attractiveness of the investment. For a large number of investors, real estate crowdfunding therefore continues to offer a very competitive combination of return, duration, and transparency.

Furthermore, real estate crowdfunding is part of a particularly sought-after approach to asset diversification. As a complement to traditional rental real estate or financial investments, it allows investors to spread their risk, access real estate projects previously reserved for institutional investors , and deploy their savings in a targeted manner on specific transactions.

Finally, in an economic climate marked by the search for returns and meaning, real estate crowdfunding retains one major advantage: it gives savings a concrete purpose by contributing to the financing of real estate projects, regional development, and the production of housing or tertiary programs.

In a nutshell

The increase in the CSG is a change in the tax framework that investors must take into account, but it does not call into question the relevance of real estate crowdfunding as an asset class. Thanks to attractive returns, a controlled investment period, and increased transparency, real estate crowdfunding continues to establish itself as an effective tool for diversifying and boosting savings, fully adapted to the expectations of today's investors.