CAPITAL GAINS (NON-PEA)
INTERNATIONAL SAVINGS EXTRACTION REPORT
Data 2025
Investing in the S&P 500 from France means navigating between the Flat Tax (31.4% in 2026), the France-US tax treaty, and the strategic CTO vs PEA choice. The fiscal gap is substantial: over 10 years, the PEA saves ~€1,500 on €10,000 invested.
CTO — BROKERAGE ACCOUNT
The CTO allows investing in anything (US stocks, global ETFs, crypto). No tax advantage: everything is taxed at the Flat Tax rate.
| Component | 2025 rate | 2026 rate |
|---|---|---|
| IR | 12.8% | 12.8% |
| PS | 17.2% | 18.6% |
| Total | 30% | 31.4% |
PEA — EQUITY SAVINGS PLAN
The PEA exempts from income tax after 5 years. Only social levies apply. But limited to EU/EEA stocks.
- ► IR : 0% (5 ans+)
- ► PS 2025 : 17.2%
- ► PS 2026 : 18.6%
Ceiling: €150,000 in contributions
THE TRICK: SYNTHETIC ETFs
Swap-based ETFs domiciled in Europe replicate the S&P 500 while being PEA-eligible. Amundi PEA S&P 500, BNP Paribas Easy S&P 500…
10-YEAR COMPARISON
€10,000 invested, +8%/year, 10 years
| Account | Gross capital | Capital gain | Taxes | Net capital |
|---|---|---|---|---|
| CTO (2026) | 21,589 € | 11,589 € | 3,639 € | 17,950 € |
| PEA (2026) | 21,589 € | 11,589 € | 2,156 € | 19,433 € |
| PEA savings | +1,483 € | |||
US DIVIDENDS: DOUBLE TAXATION
France-US treaty: the US withholds 15% on dividends. France grants a 12.8% tax credit. Leakage: 2.2% of gross dividend.
- ► US withholding: 15%
- ► FR credit: 12.8%
- ► Leakage: 2.2%
In PEA with synthetic ETFs, no withholding tax → additional advantage.