As of 1 January 2026, the following rules apply to investments falling within the normal management of a private estate:
Capital gains on financial assets (financial instruments, certain insurance contracts, crypto assets and cash holdings) will be taxed at a rate of 10%, to the extent they exceed EUR 10,000. An unused exemption amount of up to EUR 1,000 per year may be carried forward for a maximum period of five years.
Capital gains realised on the sale of shares by an individual who, alone or together with close relatives, controls the acquiring company will be subject to tax at a rate of 33% (so-called internal capital gains).
Capital gains realised on the sale of shares by an individual holding 20% of the shares in a company (substantial shareholding) are exempt up to EUR 1,000,000. Any excess is taxed at progressive rates ranging from 1.25% to 10%. Where a substantial shareholding in a Belgian tax resident company is transferred to a non-EEA company, a capital gains tax rate of 16.5% applies.
Capital gains realised outside the scope of the normal management of a private estate remain taxable as miscellaneous income at a rate of 33% (plus local surcharges), pursuant to Article 90, 1° of the Belgian Income Tax Code 1992 (ITC 92).
Acquisition value of financial assets acquired prior to 1 January 2026
The new capital gains tax applies only to capital gains accrued as of 1 January 2026. Accordingly, for financial assets acquired before that date, the acquisition value is deemed to be their value as at 31 December 2025.
For listed financial assets, this corresponds to the last closing price of 2025.
For unlisted financial assets, the acquisition value is the highest of the following:
By way of exception, the taxpayer may opt to use the value of the shares as at 31 December 2025, as determined by an independent statutory auditor or certified accountant (not being the usual professional adviser), no later than 31 December 2027 (instead of 31 December 2026).
A new feature is that the appointment of an independent statutory auditor or certified accountant is also permitted for financial assets other than shares, where their value cannot be determined using the other valuation methods.
For disposals occurring up to 31 December 2030, the taxpayer may still elect to use the actual acquisition cost, provided this can be duly documented.
Exit tax
Where an individual who is a Belgian tax resident transfers their tax residence abroad, an exit tax will apply. This tax relates to the capital gains accrued up to the date of departure, provided that the assets are disposed of within two years of the transfer.
An automatic deferral of payment applies where the individual transfers their tax residence to:
an EU Member State,
an EEA country, or
a country with which Belgium has concluded a double tax treaty providing for exchange of information and mutual assistance in tax recovery.
Where the transfer is to another country, a deferral of payment may still be granted, subject to the provision of adequate security or collateral.
In the same spirit, where a non-resident taxpayer moves to Belgium, the acquisition value of the financial assets “imported” into Belgium will be their value at the time the taxpayer becomes Belgian tax resident.
Capital gains tax withholding
The capital gains tax is in principle expected to be withheld at source by Belgian intermediaries on certain financial instruments and insurance contracts (excluding, inter alia, substantial shareholdings and internal share transfers), unless the taxpayer has opted out.
For transactions not involving Belgian intermediaries, the capital gain must be reported in the individual income tax return. Where the capital gains tax withheld at source exceeds the final amount due, the excess may be reclaimed via the individual tax return.
