New Capital Gains Tax on Financial Assets: What Changes from 2026 Onward?

The Belgian federal government has confirmed the introduction of a general tax on capital gains realized on financial assets, effective January 1st, 2026. This measure is part of a broader fiscal reform aimed at diversifying tax revenues and addressing the under-taxation of investment income. Here’s what investors and legal entities need to know.

A Significant Shift in Belgian Tax Policy

Until now, capital gains on financial assets were taxed in Belgium only in cases of speculation or abnormal management. With this reform, the government moves toward a systematic taxation of capital gains, marking a fundamental shift in Belgium’s fiscal landscape.

Who Is Affected?

The new tax will apply to:

• Individual residents of Belgium,
• Legal entities such as non-profit organizations (vzw/asbl), foundations, and other similar structures (excluding pension funds and pension-linked insurance products),
• A wide range of financial assets, including listed and unlisted shares, bonds, ETFs, mutual funds, cryptocurrencies, precious metals (like gold), and investment insurance contracts.

How Are Capital Gains Calculated?

The key reference point is December 31, 2025. The value of each asset on that date will serve as the baseline for future capital gains:

• If an asset is sold after January 1, 2026, the gain is calculated based on the difference between the sale price and the December 2025 value.
• A transitional regime allows taxpayers to use the original purchase price if it’s higher than the 2025 reference value, provided they can supply sufficient documentation (valid until the end of 2030).

Capital losses can be offset against capital gains within the same tax year, but they cannot be carried forward.

What Are the Tax Rates?

Situation	Tax Rate
Standard capital gains	10%
Speculative or abnormally managed gains	33%
Participations ≥ 20%	Exemption up to €1,000,000 over 5 years; reduced rates up to €10 million

Annual Tax Exemption

A tax-free allowance of €10,000 per year (indexed) is granted. Unused portions can be carried forward up to €1,000 per year, with a maximum of €15,000.

Practical Aspects

• Belgian financial institutions will withhold the tax at source.
• For accounts held abroad or in special cases (e.g., significant shareholdings), a manual declaration will likely be required.
• The exit tax remains applicable: capital gains may still be taxed if the investor relocates and sells assets within two years.

What Should Investors Do Now?

This reform calls for proactive wealth and portfolio planning:

• Consider how assets are held (directly or through insurance structures),
• Review and document acquisition prices ahead of the 2025 reference date,
• Assess the impact of large shareholdings,
• Plan accordingly if considering emigration or succession arrangements.

For investors, high-net-worth individuals, and wealth planners, this reform represents a major turning point in Belgium’s taxation of capital. Early preparation and professional guidance are highly recommended to minimize impact and seize planning opportunities.