Belgium Introduces Updated Capital Gains Tax Rules
If you are living in Belgium as an expat, the tax landscape for your investments is changing. Starting January 1, 2026, Belgium introduced a capital gains tax on financial assets for the first time. This guide explains who will be affected, how the tax works, and what you can do to prepare.
Belgium has long been one of the few European countries that did not tax most capital gains for individual investors. That changed in 2026. Under the new rules, a 10% tax will apply to most capital gains from financial assets, with exemptions designed to protect smaller investors. For expats, being a Belgian tax resident means the tax applies even to assets held abroad, as long as they are considered part of your private wealth in Belgium. More details on expat-specific implications are available from EY Belgium.
Who Will Be Taxed?
Belgian tax residents are subject to the new capital gains tax if they hold financial assets, including shares, ETFs, bonds, cryptocurrencies, and certain insurance or investment contracts. Only gains realized from January 1, 2026, onward will be taxable.
Non-residents generally will not be taxed, though international tax treaties may affect this. For newcomers arriving in Belgium in 2026 or later, the cost basis of your assets will be set at the value on your arrival date, meaning prior gains will not be taxed.
Key Rules and Tax Rates
The main capital gains tax is 10%. Gains are only taxed if net gains exceed €10,000 per year, and unused exemptions can roll over €1,000 per year up to a maximum of €15,000. For example, if you sell an ETF in 2026 with a gain of €9,000, no tax is due. If the gain is €20,000, you would pay 10% on €10,000, which amounts to €1,000.
Special regimes apply for large shareholders who own 20% or more of a company. Gains up to €1,000,000 over a five-year period are taxed at 0%, with higher brackets taxed progressively up to 10%. This regime is aimed at active entrepreneurs rather than passive investors. More information is available in Fieldfisher’s explanation.
How Belgium Calculates Gains
Belgium will use the value of assets as of December 31, 2025, as the new cost basis for calculating taxable gains. This ensures that historical gains are not taxed retroactively. Only appreciation after this date will be subject to tax.
Reporting and Withholding
Belgian brokers will generally withhold the 10% tax at the time of sale unless you choose to opt out. For foreign brokers, no withholding may occur, and you will need to report gains in your Belgian tax return, providing accurate valuations. Losses can offset gains in the same year but cannot generally be carried forward indefinitely
Leaving Belgium
Belgium has introduced an exit tax for unrealized gains if you transfer your tax residence abroad. Payment may be required immediately, unless you qualify for a deferral under EU or treaty rules. Moving to another EU/EEA country or a treaty partner may allow you to delay the tax until the gain is actually realized.
Practical Tips for Expats
Document acquisition prices, valuation dates, sale dates, and account details. Planning before the end of 2025 is important because the valuations at that date will form the baseline for future tax calculations. Consider filing timing carefully, particularly if you sell early in 2026 through a foreign broker, as you will need supporting records.
