Since the introduction of the flat tax at 31.4%, the net return of the same portfolio of stocks or ETFs varies greatly depending on the tax wrapper that hosts it. An investment plan in 2024 is no longer just about choosing high-performing assets: the tax applied and the structure of the portfolio weigh as heavily as the selection of the supports. What concrete differences separate the main wrappers, and how can they be balanced to maximize after-tax returns?
Flat tax at 31.4% and tax wrappers: comparison of net returns
The increase in the flat tax directly alters the profitability calculation for any investor who holds their assets in a standard securities account (CTO). In contrast, the PEA and life insurance maintain distinct tax frameworks that absorb this pressure differently.
| Wrapper | Taxation on gains | Optimization condition |
|---|---|---|
| CTO | Flat tax at 31.4% (income tax + social contributions) | No exemptions, immediate taxation on each sale |
| PEA | Social contributions only after 5 years | Exemption from income tax, contribution limit |
| Life insurance | Allowance after 8 years, reduced rate on withdrawals | Progressive optimization through planned partial withdrawals |
The PEA remains the most efficient wrapper for European stocks and eligible ETFs. Life insurance takes over for assets not eligible for the PEA or for inheritance objectives. The CTO, now taxed at 31.4%, is only justified for assets inaccessible to the other two wrappers.
Before selecting a support, it is worth learning more about Gazette Debout, which details the mechanisms of each wrapper and their concrete implications for an investment plan.
Green Industry Law and non-listed assets in managed accounts
The Green Industry Law, adopted in 2023-2024, requires insurers to integrate a minimum share of non-listed assets (private equity, private debt) into managed accounts in life insurance. Since October 24, 2024, financial institutions must plan a minimum allocation in non-listed assets in these managed accounts.
This regulatory change has a direct impact on the composition of portfolios. Investors in managed accounts find themselves exposed to less liquid asset classes, with longer holding horizons. Private equity has historically shown performance that is uncorrelated with listed markets, but it also introduces a liquidity risk that cautious profiles must assess.
What this changes for an investment plan
If you hold a life insurance contract in managed accounts, check the share of non-listed assets that will be integrated by the end of 2026. For investors in self-managed accounts, this constraint does not apply, but it signals an underlying trend: non-listed assets are becoming a regulatory pillar of diversification.
ETF allocation and rebalancing: the important adjustments
ETFs remain the preferred support for building a diversified, low-cost portfolio. The question is no longer whether to hold them, but how to structure the allocation and how often to rebalance.
- An ETF portfolio focused on two to three geographical areas (Europe, United States, emerging markets) covers the majority of the global equity market without unnecessarily multiplying positions
- Annual or semi-annual rebalancing allows you to return to the target allocation without generating excessive fees, especially in a PEA where each adjustment has no immediate tax impact
- Currency-hedged ETFs should be evaluated for pockets exposed to the dollar: the cost of hedging reduces returns but stabilizes performance in euros
A often-overlooked point: rebalancing is not about selling what is rising to buy what is falling. It is about maintaining the initial risk level of the portfolio. A 70/30 equity-bond portfolio that drifts to 80/20 after a favorable stock market year exposes the investor to higher volatility than they initially accepted.
Frequency and method of rebalancing
Two approaches coexist. Calendar rebalancing (every six months, for example) has the advantage of simplicity. Threshold rebalancing (as soon as an asset class deviates by more than five points from the target allocation) reacts more quickly to market movements but requires more regular monitoring.
In a PEA, rebalancing through new contributions (directing payments to the underweighted pocket) avoids generating sell orders and preserves the capitalization of gains.
Diversification beyond listed markets: real estate and tangible assets
Recent geopolitical tensions are pushing some institutional investors to increase their exposure to tangible assets. For individual investors, this translates into two concrete avenues.
Real estate through SCPI allows access to a diversified portfolio of properties (offices, retail, logistics) without direct management. SCPI offers regular income and partial decoupling from equity markets, but their liquidity remains limited: the resale of shares can take several weeks to several months depending on the secondary market.
Structured products, accessible via life insurance, offer mechanisms for partial capital protection with capped returns. They are suitable for profiles willing to limit their potential gain in exchange for a safety net on the invested capital.
- SCPI: pooled rental income, accessible entry ticket, real estate income taxation to anticipate
- Structured products: conditional capital protection, predefined return, liquidity regulated by the contract
- Bonds via bond ETFs: predictable return over the medium term, sensitivity to benchmark rates
Diversification among these supports reduces dependence on a single asset class. An investment plan that combines PEA in equities, life insurance in euro funds and non-listed assets, and a real estate pocket in SCPI spreads risks across different economic cycles.
The net return of an investment plan in 2024 depends less on the choice of a star asset than on the tax architecture and the discipline of rebalancing. With a flat tax of 31.4% on the CTO and the regulatory arrival of non-listed assets in managed accounts, the structure of the portfolio now weighs as much as its content.