The tax exemption thriving on the credulity of taxpayers are obsessed with reducing their taxes, even if that means losing a lot more. For them, the economy envisaged a greater influence on the choice of investment that the risk and the profitability of the investments sold with a carrot tax. Pay less taxes feeds their feeling of doing a good deal.

“The tax exemption is a way to invest individuals in areas where the State cannot or will not finance investments that society needs,” said Emmanuel Narrat, president of the Haussmann Heritage. This is particularly the case for boosting construction, renewable energy, or funding start-ups and SMES.

OUR case >> How to pay less taxes?

This mechanism could be a win-win. As with philanthropy, one might expect that private funding supported by a boost in tax to have a leverage effect, a virtuous in the areas and subsidized. One could even imagine that the projects that benefit from it are better managed and more profitable. This is rarely the case.

investments sold too dear

The operations of tax-exemption often prove to be risky and unprofitable. First, the investments with fiscal bonus are sold too dear -whether it is rental or new shares of a start-up in lack of capital, which is undermining their profitability. As the tax benefit reduces their cost to taxpayers, these are less looking on what they are buying.

a Lot of fund tax exemption for start-ups and SMES are the inability to repay investors without loss. The underwriters of many investment funds proximity (FIP) and mutual funds in innovation (FCIC) see their hopes of recovering their money away, as many of those who subscribed to shares in start-up and overstated on the Alternext market, or in “holding ISF”.

Worse, even before the disappointment on their resale, 2000 underwriters of such holdings ISF managed by the company Finaréa have received a tax adjustment on the grounds that their installation bypasses the regulation. A double penalty, in addition to the trial to get by.

The sharp reduction in taxes of the Tepa law, combined with the explosion of crowdfunding (crowdfunding), is a ticking time bomb. With the deregulation of public offerings, interested parties are offered to invest in everything and anything, whether it be by selling on the Internet, or through intermediaries as well commissioned as unsavory. Some fail to do so by the Authority of the financial markets.

In 2015, the company Ocean Fresh Water and the crowdfunding platform Raizers wanted to collect 25 million euros to build a factory ship which would bottle the desalinated water from the bottom of the oceans. The AMF has refused his visa, the company, renamed OFW Ships, is still looking for capital. But others pass through, as the hotel group Maranatha, which was selling the units to hotels to 100000 euros for the ‘ benefit of reduced taxes […] with a yield of 7% per year, capitalized or 8% per year.” The company is in trouble now.

The disappointments of the real estate tax

The devices of tax exemption in the real estate can also expose them to disappointment, particularly in the area of accommodation facilities for dependent elderly people (Ehpad). Has the approach of the end of the year, one of their sponsors is actively seeking “sellers of lots, long-term care facilities block or cutting”, while another “housing specialist senior” motivates the sellers of its program Village of gold, to Olonne-sur-mer (Vendée), with bonuses rising to the challenge: a trip for two to the Maldives as early as five lots sold, an Audi A1 for the ten lots…

Even in new housing, buyers are rarely a good deal. “Middle managers have been intermediated to buy 2 and 3-bedroom apartment located in the countryside, or almost, and who have never leased because the promoters have seized devices tax exemption for the sale and not to stay, explain to Me Hélène Feron-Poloni, who has defended several victims of such operations. Many of these goods have been bought in the case by social landlords, and families continue to repay the balance of their loan for the property acquired in 2007, and that they no longer own.”

railway Station to fantasy projects!

The carrot of tax is also an argument effective way to sell to investors of the fantasy projects, or even pure scams. For the past ten years, the victims of the scandal Apollonia are fighting in court to get out of their nightmare.

The exotic destinations and renewable energy are also examined with caution. Since the adoption of the law Pons tax overseas, in 1986, thousands of investors in search of tax savings lose their. In the 1990s, nearly 800 investors were fleeced by the fraudulent bankruptcy of the lessor of Jet boat-Sea.

More recently, thousands of taxpayers have lost their investment and received income tax adjustments to Dom-Tom Défisc (DTD), FSB Holding company or Revel Group, relayed by the financial networks. In order to sell his scam to the solar panels DTD, Jacques Sordes relied on the consulting firm heritage Hedios, to whom he was paying a 15% commission on the money that is taken from customers.

if FSB Holding, pretty comparable, started in 2011 with Stéphanot Jacob, when he was under court supervision for his complicity in the case of DTD. The company Revel Group continued to sell its scams to investors then that his brain, Julien Serandrei-Revel, was indicted for fraud. With the tax exemption, train station to the ruins.

Three scams that have headlines


From 1997 to 2009, the company aix Apollonia has sold more than 4500 homes, tourist homes or student accommodation, thanks to the system of tax exemption “owner-furnished professional (LMP), and the prices are overvalued. More than 1000 clients cheated for a prejudice of more than 1 billion euros. Banks and notaries are involved in this scam still on trial.


For more than ten years, until a police raid in 2014, this company, a former merchant of stamps doubtful, Gérard Lhéritier, sold so-called investment letters and old manuscripts, exempt from wealth tax, with high yields. The prejudice approach $ 850 million of losses for 18000 victims.

Dom-Tom Défisc/ FSB Holding

Read our complete file

From the ISF to the IFIS: what changes, what remains Investments: how to pay less tax in 2018 Taxation of life insurance: the precautions to be taken

Jacques Sordes and his accomplice Stéphane Jacob sold photovoltaic plants défiscalisantes in the west Indies, which have never existed. The first, who was sentenced in 2017, has diverted 57 million euros, and the second, in preventive detention, 65 million. In addition to these losses, their “customers” shall pay to the tax authorities the tax cuts on their investment “fictitious” losses yet very real.


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