As of January 1, 2026, Belgium has introduced a general capital gains tax on financial assets for the first time. The new regulation introduced by the De Wever government—also referred to in the corridors of power as the “solidarity contribution”—affects just about everyone who invests in stocks, bonds, ETFs, cryptocurrency, or investment insurance policies. We’ve outlined what’s changing, who pays what, and how you can best manage your paperwork.
• 10% standard rate on capital gains realized on or after January 1, 2026.
• Annual exemption of 10,000 euros per person, which can be increased to 15,000 euros by saving unused tax brackets.
• Three tax regimes: standard (10%), internal capital gains (33%), and significant interest (1.25%–10%).
• The “snapshot date” of December 31, 2025, protects your historical gains.
• Pension savings, group insurance, and long-term savings remain completely exempt.
The tax primarily targets individuals subject to personal income tax in Belgium, as well as certain legal entities subject to corporate income tax (such as foundations and some non-profit organizations). Companies that pay corporate income tax and non-residents are exempt. Both full owners and bare owners are considered taxpayers. In a split-ownership arrangement—where the parent holds the usufruct and the child holds the bare ownership—it is, in principle, the bare owner who reports the capital gain.
The legislature’s basic principle is that you will not be taxed retroactively. For assets you owned before January 1, 2026, the market value as of December 31, 2025, serves as the reference value (the so-called “snapshot date”).
• Was that snapshot value higher than your original purchase price? Then you’ll use that higher value as your starting point—all gains through the end of 2025 remain untaxed.
• Was it lower? Then you may use the original purchase price, so that historical losses don’t end up causing you problems.
For unlisted shares, you have until the end of 2027 to have a formal valuation prepared. Anyone who fails to do so risks a lower reference value and thus a higher taxable basis.
The base rate of 10% applies to capital gains on financial assets in the broad sense: stocks, bonds, investment fund shares and ETFs, cryptocurrency, investment gold, derivatives, and savings and investment insurance policies under Branches 21 and 23.
Each taxpayer receives an annual exemption of 10,000 euros (indexed). If you do not use the full amount, you can carry over up to 1,000 euros per year, with a cap of 15,000 euros after five years.
Example — You sell ETFs with a capital gain of 12,000 euros. The first 10,000 euros are exempt; on the remaining 2,000 euros, you pay 10%, or 200 euros.
Anyone who sells shares to a company that they control—whether or not jointly with their spouse, children, parents, brothers, or sisters—is subject to the strict 33% tax rate, with no exemption.
Example — You sell the shares of your private limited company to a holding company that you control together with your partner. The entire capital gain is taxed at 33%.
If parents sell shares to a holding company owned by their children over which they no longer have control, the transaction falls outside this regime—depending on the ownership interest, it falls under either the standard regime or the significant interest regime.
If you personally hold at least 20% of a company’s shares, you fall under a more favorable regime—intended to prevent entrepreneurs from being disproportionately affected when selling their business.
• The first 1 million euros of capital gains is fully exempt, available once every five years.
• Above that threshold, progressive tax brackets apply, starting at 1.25% and reaching the full rate of 10% only at approximately 10 million euros.
• The 20% threshold is assessed strictly on a per-person basis: shares held by family members or through a holding company are not aggregated.
If you realize both gains and losses in the same tax year, you may offset them against each other.
Example — You realize a 10,000-euro gain on the sale of Stock A and a 15,000-euro loss on Stock B. Your net result is a 5,000-euro loss, so you do not pay capital gains tax.
Important: Carrying losses forward to subsequent years is not permitted. For those with multiple investment insurance policies at different institutions, it’s worth keeping a centralized record of your transactions—otherwise, you risk losing track of your returns in the paperwork.
• Split ownership: In principle, the capital gain is fully taxable in the name of the bare owner.
• Minors: They, too, may be liable for tax and eligible for the exemption. If a tax file does not yet exist, the tax authorities will open one.
• De facto associations (investment clubs, cultural circles, youth movements): if a proxy has been appointed, the capital gain may be taxed in his or her name, by analogy with the rules for income from movable property.
There are two collection models:
| System | How does it work? |
| Withholding tax (opt-in, default) | Your financial institution withholds the 10% immediately and remits it to the tax authorities. You receive the net amount. If you remain below the 10,000-euro exemption threshold, you can claim a refund for the overpayment on your tax return. |
| Opt-out | Nothing is withheld. You receive a tax statement and settle the account yourself through your tax return. The institution does, however, report to the tax authorities. |
1. Have your unlisted shares appraised before the end of 2027 to secure your historical capital gains.
2. Check your ownership percentage—being just above or below the 20% threshold can make a world of difference in the tax rate.
3. Keep track of all your transactions, including crypto, because the burden of proof is on you.
4. Time larger sales around the calendar year to make the most of the annual exemption.
5. Seek advice as soon as holdings, split ownership, or cross-border elements come into play—that’s where the costliest pitfalls lie.
The capital gains tax makes Belgium more like other countries in terms of taxation: capital gains are now taxed here as well. For those who remain within the annual exemption, little will change in practice. For those planning larger transactions or controlling a corporation, thorough preparation—and especially a correct valuation before the end of 2027—can save thousands of euros.
