Camille Van Vyve

13 Jan 2026

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Capital gains tax in Belgium (2026): a complete guide for investors

The capital gains tax is one of the most important tax reforms for Belgian investors. This new tax, which came into force on 1 January 2026, profoundly changes the tax landscape and the management of private wealth in Belgium. With the help of tax lawyer Jacques Malherbe (Simont Braun), we take a detailed look at the key features of this new tax framework.

Summary

• Who is affected by the capital gains tax?
• Which products are covered by the capital gains tax?
• Capital gain arises from a disposal for valuable consideration
• Capital gains on financial assets taxed at 10%
• Exemptions and special regimes
• Elimination of historical capital gains
• Deductibility of capital losses
• Collection mechanisms
• Conclusion

Who is affected by the capital gains tax?

The capital gains tax applies to natural persons, in other words private individuals, when a capital gain is realised on the occasion of a disposal for valuable consideration of financial assets in the context of the normal management of their private wealth.

The capital gains tax does not apply to for profit legal entities (SRL, SA, SC) subject to corporate income tax, for which realized capital gains are considered taxable financial income. It does however apply to entities subject to the legal entities tax, which mainly includes associations (ASBL) and foundations, with a few exceptions.

Which products are covered by the capital gains tax?

The tax applies to 4 categories of assets.

1. Financial instruments
   • ETFs (Exchange Traded Funds)
   • Listed shares
   • Unlisted shares
   • Bonds
   • Government bonds
   • Savings certificates
   • Units in Undertakings for Collective Investment (funds)
   • Derivative products (options, futures, swaps, etc.)
   • Carbon emission allowances
2. Currencies
   • Traditional currencies
   • Investment gold
   • Central bank digital currency
3. Crypto assets
   • Cryptocurrencies
   • Tokens
   • Stablecoins
   • NFTs (Non Fungible Tokens)
4. Insurance contracts
   • Life insurance policies, including foreign contracts
   • Capitalisation products, including foreign products

Life insurance contracts fall under a specific regime that requires a separate analysis depending on their features.

Capital gain arises from a disposal for valuable consideration

Taxation occurs when a capital gain is realised following a disposal for valuable consideration, in other words when assets are sold. The capital gain corresponds to the difference between the sale price and the acquisition value.

Capital gain = Sale price – Acquisition value

Keeping purchase documentation becomes crucial to establish this calculation basis.

Gifts and inheritances do not lead to immediate taxation, but the beneficiary “inherits” the original acquisition value and will therefore be taxed on the capital gain calculated against that value in the event of a later sale.

Certain transactions are assimilated to sales:

• Payments of capital in case of survival and surrender values of life insurance contracts
• Transfer of tax residence abroad (exit tax)

FIFO in the case of staggered purchases

The FIFO method (First In, First Out) applies to staggered purchases. The first securities acquired are deemed to be sold first. This information is particularly useful for people who use Dollar Cost Averaging, in other words who invest on a regular basis.

When the number of positions in a portfolio multiplies, monitoring individual realized capital gains within the portfolio can quickly become a nightmare. The approach consisting of grouping a large number of positions into a limited number of ETFs, as is the case at Easyvest, greatly simplifies capital gains tracking.

Stock option plans avoid double taxation

For shares received under a stock option plan, the acquisition value corresponds to the price of the first asset disposed of, avoiding double taxation since these plans are already taxed when they are set up.

Historical capital gains exempted in case of immigration

New Belgian residents benefit from a step up: their acquisition value corresponds to the value of the securities at the time they become subject to Belgian personal income tax. Historical capital gains are therefore exempt.

This scenario does not apply in the case of emigration followed by a return to Belgium. In that situation, the initial acquisition value is maintained. Concretely, a Belgian investor who emigrates a few years after retirement to the Costa del Sol and keeps a portfolio during their stay without selling it will not benefit from an exemption of historical capital gains upon return. The acquisition value of the positions prior to departure will be used as the purchase price for the calculation of the capital gains tax.

Capital gains on financial assets taxed at 10%

As a general rule, when a capital gain is realized following the disposal for valuable consideration of a financial asset, such as a share or an ETF, this capital gain is subject to the capital gains tax at a rate of 10%.

Exemptions and special regimes

1. Exemption below 10.000€ of capital gains

For private investors, an exemption of 10.000€ applies to the first tranche of capital gains. If the exemption is not used, part of it can be carried forward for 5 years at a rate of 1.000€ per year, allowing a maximum exemption of 15.000€.

When a portfolio is held jointly, by a couple or in undivided ownership, the exemption applies to each member of the undivided ownership. Thus, a couple holding a joint investment portfolio can realize 20.000€ of capital gains per year without being taxed (or 30.000€ after 5 years).

2. Favourable regime for substantial shareholdings

A favourable tax regime is provided for disposals for valuable consideration of shares in a company in which the seller holds more than 20%, alone or together with close family members. This regime offers several advantages:

1. Exemption on the first tranche of 1 million euro of capital gains
2. Possibility to spread this exemption over 5 years
3. Progressive rate schedule above 1 million euro of capital gains:

This preferential treatment aims to encourage entrepreneurship and reward company founders who build significant shareholdings.

3. Exit tax in case of emigration

The exit tax targets taxpayers leaving Belgium to realize their capital gains before returning. Exemptions exist:

• EU/EEA countries: exemption from the tax in Belgium if residence is maintained for at least 2 years. The host country then takes over according to its own tax policy.
• Third countries: a similar regime may apply subject to certain guarantees.

This measure makes it possible to distinguish permanent departures from temporary tax optimisation strategies.

4. Priority to the Reynders tax

Funds investing more than 10% in bonds are already subject to the Reynders tax of 30% on the bond component. This tax does not cumulate with the new capital gains tax. For mixed funds, both taxes apply proportionately according to the asset allocation.

Let us take the example of the liquidation of a portfolio 7 at Easyvest containing 70% equities and 30% bonds. When the assets are sold, the capital gains realized on the bond ETF will be subject to the Reynders tax, but will not be affected by the new capital gains tax. In contrast, the capital gains realized on the equity ETF will be subject to the capital gains tax. The taxpayer could claim the 10.000€ exemption on the capital gain realized on the equity ETF but will not benefit from it with respect to the bond ETF subject to the Reynders tax.

5. Preservation of pension plans and pension savings

All products linked to pension and pension savings legislation benefit from a full exemption. This measure preserves the attractiveness of retirement savings vehicles.

For example, the capital gains realized on assets held in your employee pension plan or in your Individual Pension Engagement (EIP), if you are a company director, will not be taxed at the time of your retirement.

6. Other notable exemptions

• Changes between sub funds in funds

Moving from one sub fund to another within the same fund, for example a SICAV, is not considered a disposal for valuable consideration. This makes it possible to preserve the acquisition value and the holding history of the investments.

• Contributions in kind to a company (with preservation of the acquisition value)

When an asset is contributed to a company in exchange for shares, the transaction is tax neutral and the initial acquisition value is maintained, thereby avoiding immediate taxation of a capital gain.

• Termination of joint ownership and inheritance partitions

The allocation of assets between co-owners or heirs, when carried out without excessive financial compensation (beyond the reserved share of the heirs), does not constitute a taxable disposal and therefore does not lead to the realization of a capital gain.

• Tax transparency

The principle of tax transparency makes it possible to avoid double taxation when income or capital gains have already been subject to a specific tax, as is the case for certain structures targeted by the Cayman tax.

Elimination of historical capital gains

1. Reset as at 31 December 2025

Historical capital gains are wiped out in favour of a new calculation basis. For all assets held before 2026, the acquisition value becomes that of 31 December 2025.

This measure considerably simplifies the system by avoiding the need to trace back to old acquisitions while protecting long term investors.

2. Last quotation or NAV taken as reference

For financial instruments listed on a trading venue, the last quotation on a trading venue in 2025 will serve as a reference to determine the value on 31 December 2025.

For unlisted investment funds, the last net asset value established in 2025 will serve as a reference to determine the value on 31 December 2025.

3. Different valuation methods for unlisted assets

For unlisted shares and private equity, the highest of the following reference values will be taken into account:

• The value of the asset at the time of a transfer between independent parties, a capital increase or the incorporation of the company in 2025
• The value resulting from a valuation formula provided for in a contract or a contractual put option offer for these financial assets, in force on 1 January 2026
• If the financial assets are shares, the value obtained by applying a flat rate valuation method, namely the value of equity plus four times the operating result before impairments and amortisation for the last financial year closed before 2026
• The value proven by the taxpayer through a valuation established, at the latest by the end of 2027, by an independent statutory auditor or certified public accountant

4. Transitional exception until 2030

For disposals carried out before 2030 on assets acquired before the end of 2025, the investor may choose between:

• The classic FIFO system
• The weighted average acquisition value by category of assets

This flexibility facilitates the transition to the new regime.

Deductibility of capital losses

1. Capital losses are deductible

Unlike a capital gain, a capital loss is the negative difference between the price received as consideration for the financial asset disposed of and its value at the time of acquisition for valuable consideration. They are deductible from realised capital gains under the conditions detailed in the next sections.

2. Special rules for historical capital losses

In the case of a historical capital loss, that is to say a loss observed on one or more assets held before 1 January 2026, several special rules apply:

• The historical capital loss is calculated on the basis of the weighted average acquisition value. The FIFO approach therefore does not apply here, in order to facilitate the calculation of the capital loss on the basis of historical data that is often difficult to gather.
• In principle, a historical capital loss is not deductible. This loss cannot be deducted from a capital gain obtained on another financial asset.
• If a capital gain is subsequently realized on the same financial asset, the taxpayer may rely on the acquisition value prior to the value on 31 December 2025 and therefore deduct the historical capital loss, subject to two conditions:
  • The weighted average acquisition value must be demonstrated.
  • The disposal for valuable consideration must take place no later than 31 December 2030.

3. Deductibility of capital losses is limited to the current year

Capital losses are deductible only from capital gains realized in the same year. This restriction prevents the carry forward of losses from one year to the next and significantly limits tax optimisation.

4. Deductibility applies only within the same tax regime

Offsetting is carried out only between assets subject to the same tax regime. The notion of tax regime differs from that of category of financial assets mentioned above and relates to how taxation is determined (internal regime, substantial regime or miscellaneous regime).

Thus, an investor may offset, during the same period, a capital gain on listed shares with a capital loss on crypto assets subject to the same tax regime, but may not offset a capital gain on shares subject to the substantial participation regime with a capital loss on an ETF or with an internal loss.

Collection mechanisms

1. Automatic withholding

The preferred system provides for an automatic withholding of 10% by financial institutions, similar to the current withholding tax on movable income. This mechanisation simplifies collection for the tax authorities.

2. Additional tax return

Exemptions and deductions of capital losses must be declared in your annual tax return. The taxpayer may claim a refund of any overpaid amount or adjust their calculation.

3. Option for manual management or Opt-out

The investor may refuse bank withholding and manage the calculation of the tax themselves through their tax return. This approach offers more flexibility but requires rigorous bookkeeping and full transparency vis à vis the tax authorities.

4. Specific transitional situation

In the absence of a final legal text, a retroactive measure will allow banks to withhold the tax as from January 2026, subject to an express request by the taxpayer. This exceptional situation reflects the complexity of implementation.

Conclusion

The tax on financial capital gains transforms the Belgian tax landscape for investors. Despite its apparent complexity, this reform offers certain advantages: substantial exemptions, elimination of historical capital gains and transition mechanisms. Preparation is essential: setting up rigorous accounting follow up, valuing portfolios on 31 December 2025 and optimising disposal strategies.

Easyvest positions itself as a trusted partner to help you understand these developments, anticipate their consequences and structure your investments in the most rational way possible. Moreover, the long term index strategy recommended by Easyvest (“buy and hold”) is optimal in the new tax context: with a minimum number of transactions carried out on your portfolio, we de facto limit the impact of the tax on your capital. Thanks to a rigorous, independent and long term oriented approach, Easyvest helps you rationalize your decisions and maximize the tax efficiency of your wealth in the Belgian tax context.

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