Belgium Introduces Capital Gains Tax. A major tax shift from 2026

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From 1 January 2026, Belgium will implement a comprehensive reform of its capital gains taxation, introducing for the first time a structured capital gains tax on financial assets held within the normal management of a private estate. The new rules cover securities, insurance products, crypto assets and cash holdings, marking a fundamental change in Belgium’s approach to investment income taxation.

The legislation, expected to be formally published by the end of December 2025, applies only to capital gains accrued from 1 January 2026 onwards, ensuring that historical gains remain outside the tax base.

How capital gains will be taxed

Capital gains on financial assets will generally be taxed at 10% once they exceed an annual exemption of €10,000, with a limited carry-forward mechanism available for unused allowances. Capital gains realised outside the scope of normal private asset management will continue to be taxed as miscellaneous income at 33%, plus local surcharges.

Special regimes apply to share disposals. Internal capital gains arising from sales to entities controlled by the seller or close relatives will be taxed at 33%. For individuals holding a substantial shareholding of at least 20%, capital gains will be exempt up to €1 million, with the excess taxed at progressive rates ranging from 1.25% to 10%. A higher rate of 16.5% applies where a substantial shareholding in a Belgian company is sold to a non-EEA entity.

Valuation rules and grandfathering mechanisms

For assets acquired before 1 January 2026, the taxable base will be their market value as at 31 December 2025. Listed assets will rely on their final 2025 closing price, while unlisted assets may be valued using transaction prices, contractual valuation formulas or financial metrics derived from company accounts.

A notable development is the expanded option to rely on independent auditors or chartered accountants for valuation, not only for shares but also for other financial assets where market values are difficult to determine. In addition, until the end of 2030, taxpayers may opt to use the actual acquisition cost, provided it can be properly documented.

Exit tax and cross-border implications

The reform introduces an exit tax for Belgian tax residents relocating abroad. Capital gains accrued up to the date of departure will become taxable if the assets are disposed of within two years after the change of residence.

An automatic payment deferral applies when relocating within the EU, EEA or to treaty countries with exchange of information and recovery assistance provisions. For other destinations, a deferral remains possible subject to the provision of adequate security. Conversely, individuals moving into Belgium will benefit from a step-up in basis, with imported assets valued at market value upon arrival.

Withholding tax and reporting duties

Capital gains tax is expected to be levied at source by Belgian intermediaries for certain financial instruments, although the application of withholding is deferred in 2026 until shortly after the law enters into force. Transactions without Belgian intermediaries must be reported directly in the individual tax return, with refund mechanisms available where excess tax is withheld.

The law also introduces a DAC 6–style reporting obligation for transactions involving substantial shareholdings or internal capital gains, requiring notification by the end of February following the year of the transaction.

Expert conclusion

As reported by International Investment experts, Belgium’s capital gains tax reform represents a structural shift for investors, entrepreneurs and family-owned businesses. While the new regime increases compliance and planning requirements, it also brings greater clarity and alignment with international tax standards, reinforcing Belgium’s credibility as a transparent and predictable investment jurisdiction.