Belgium's capital gains tax, explained

Belgium was one of the last countries in Western Europe not to tax an individual's capital gains on securities. That ended on 1 January 2026.

1. A 10 % rate. It applies to realised gains on financial assets: shares, funds, ETFs, bonds, gold and cryptocurrencies. That is markedly lower than most neighbouring countries — 30 % in France, 26 % in Italy, 28 % in Portugal.

2. A €10,000 allowance per person per year. Below that level of annual gain, nothing is due. For a couple, each spouse has their own allowance. The unused portion carries forward at up to €1,000 a year, with the cap reaching €15,000 after five years of carry-forward.

3. Only post-2026 gains count. This is the most important point, and the most reassuring for anyone who has been investing for years: the portfolio's value on 31 December 2025 is the reference point. Everything gained before that date escapes the tax.

Take an investor who sells in one go, after several years, with a post-2026 gain of €40,000.

The effective rate sits below the headline rate, and the more modest the gain, the further below. On a €10,000 gain it drops to zero.

Notice also what the annual allowance implies: four sales of €10,000 spread over four years cost less than a single €40,000 sale. The structure of the tax rewards spreading withdrawals out.

The new tax adds to levies that already existed. A Belgian investor bears three of them, at three different moments.

On purchase and sale: the stock exchange transaction tax (TOB). It applies to every transaction, and its rate depends on the type of fund and its registration in Belgium — the gap between categories is significant. Your broker collects it automatically; the fund's key information document and your broker's fee schedule state the applicable rate.

Every year: withholding tax on distributed dividends. 30 % on the dividends a distributing ETF pays its holders. An accumulating ETF distributes nothing: it reinvests dividends inside the fund, and no withholding is levied in passing. This difference, long the central argument in Belgium, has lost none of its weight. We cover it in accumulating or distributing.

At exit: the 10 % capital gains tax. That is the 2026 novelty.

The natural reflex is to wonder whether to sell, switch or move your savings. Three observations, without personalised advice.

First, 10 % remains a low rate by European standards. After tax, a Belgian investor keeps more than a French, Italian, Portuguese or Irish one in the same situation. The full comparison is here: ETF taxation, ten countries compared.

Second, the tax only bites on realisation. As long as you do not sell, the whole capital keeps compounding — unlike the Dutch regime, which levies every year regardless.

Third, earlier gains are protected. A portfolio built before 2026 keeps intact the gain accumulated up to 31 December 2025. Selling pre-emptively to "escape" the tax therefore protects nothing that is not already protected — while triggering very real fees and time out of the market.

Simulate under the Belgian regime

What is the Belgian capital gains tax rate in 2026?

10 % on realised gains from financial assets: shares, funds, ETFs, bonds, gold and cryptocurrencies. A €10,000 allowance per person per year applies before that rate, which makes the effective rate lower than 10 % for most portfolios.

Are gains made before 2026 taxed?

No. Only the gain built up from 1 January 2026 enters the taxable base. The portfolio's value on 31 December 2025 serves as the reference point: everything gained before that date escapes the tax.

How does the €10,000 allowance work?

It applies per person and per calendar year: below €10,000 of gain realised in the year, nothing is due. The unused portion carries forward at up to €1,000 a year, with the cap reaching €15,000 after five years. For a couple, each spouse has their own allowance.

Do accumulating ETFs escape the Belgian tax?

No: the capital gain is taxed on sale whatever the type of ETF. However, an accumulating ETF pays no dividend and therefore avoids the 30 % withholding tax that hits every distribution from a distributing ETF. The advantage concerns the withholding tax, not the capital gains tax.

Should I sell before the tax applies?

The tax has been in force since 1 January 2026, and earlier gains are protected: they are not covered. Selling pre-emptively therefore does not protect a gain that is already safe, while incurring very real transaction costs and time out of the market.