Camille Van Vyve
10 Jul 2025
Belgium’s new capital gains tax: what it means for your investments
In a tight budgetary context, the Belgian federal government has reached an agreement to introduce a new capital gains tax. While all the details haven’t been finalized yet, this move marks a significant shift in Belgium’s traditionally favorable tax treatment of investment income. But don’t panic—sticking to your long-term investment strategy remains the best way to navigate this new reality and avoid unnecessary exposure to the tax.
What qualifies as a capital gain under the new law?
Under the new tax rules, capital gains refer to profits made from selling or transferring financial assets for more than their original purchase price. There are two key types:
- Unrealized capital gains: potential profits on assets you still own.
- Realized capital gains: actual profits made when assets are sold or transferred.
Only realized capital gains will be taxed. That’s an essential point: as long as you hold onto your investments, no tax is due—yet.
Key facts about the new capital gains tax
1. Start date and how it works
The tax will take effect on January 1, 2026. Crucially, it will apply only to future gains realized after that date. Gains accumulated before 2026 will not be taxed. The reference value for calculating gains will be the asset’s market value on December 31, 2025.
2. Tax thresholds and rates
The tax system will be progressive, with several important exemptions:
- The first €10.000 in capital gains per person per year will be tax-free (this could increase to €15.000 under certain conditions).
- For large shareholders (owning 20% or more of a company), up to €1 million in gains may be exempt.
- Gains above these thresholds will be taxed at a maximum rate of 10%.
3. What’s covered?
The tax targets most types of financial investments, including:
- Stocks
- Bonds
- Investment funds
- ETFs (Exchange-Traded Funds)
- Other gain-generating financial instruments like cryptocurrencies
Importantly, the existing Reynders tax on bond transactions will remain in place, despite initial plans to remove it.
Pension savings spared
Good news for retirement savers: the new tax will not apply to second-pillar pension plans (such as group insurance, pension funds, or self-employed pension plans) or to third-pillar savings (individual pension plans). This reflects the government’s intent to protect long-term retirement planning while focusing the tax on speculative investments and large financial portfolios.
Exemption rules and carry-forward mechanism
Several measures are designed to protect small and medium investors:
- Base exemption: The first €10.000 in annual realized gains will be tax-free.
- Indexation: This amount may be adjusted for inflation.
- Carry-forward: If you don’t realize any gains in a given year, you can carry forward the exemption—up to €1.000 per unused year, to a maximum of €15.000 after five years.
No long-term holding exemption
Initially, the government considered exempting gains on assets held for more than ten years, to encourage long-term investing. Unfortunately, this provision didn’t make it into the final agreement.
What’s the best investment strategy in light of the new tax?
1. Benefit of long-term investing
Because only realized gains are taxed, simply holding your investments defers taxation. This favors a passive “buy and hold” strategy, which minimizes taxable events and allows your capital to grow untaxed for longer.
2. Making the most of the annual exemption
With the first €10.000 of gains tax-free—possibly up to €15,000—you could possibly plan your asset sales to stay within that threshold each year. Spreading your gains over time would be a smart way to reduce tax liability on moderate returns. This will become clearer once we get the full details about the new tax and its application.
3. Legislative uncertainty suggests caution
Belgium’s tax laws have changed frequently in recent years, and this measure could evolve in future legislatures. For now, it’s wise to adopt a wait-and-see approach: grow your investments patiently without triggering taxable events unnecessarily.
Easyvest: a strategic opportunity for 2025
If you have cash to invest—or soon expect funds to become available from term deposits—2025 is the perfect time to rethink your asset allocation. Instead of placing money in short-term investments that could generate taxable gains shortly after the new tax kicks in, consider a long-term accumulation strategy like the one recommended by Easyvest. This approach not only offers better returns than short-term options, but it also minimizes tax exposure. Accumulating ETFs, for example, don’t pay out dividends, which are still taxed at 30%. That means no double taxation, and you fully benefit from compound interest over time.
At Easyvest, we’re committed to reducing your tax burden. Our wealth managers are ready to help you optimize your portfolio in light of the new capital gains tax—tailored to your personal situation.
FAQ on Capital Gains Tax
How are capital gains taxed in Belgium?
Starting January 1, 2026, capital gains on shares will be taxed at a rate of 10% in Belgium. Each taxpayer will benefit from an annual tax exemption on the first €10,000 of gains. This exemption can increase by up to €1,000 for each year without asset sales, up to a maximum of €15,000 after five years. This mechanism encourages investors to space out their asset sales to make the most of the tax advantage.
For investors who own more than 20% of a company, the first €1 million in capital gains will be exempt. Above that, the tax will apply gradually, up to a maximum of 10%.
Will the tax apply to gains already accumulated before 2026?
No. The tax will only apply to gains realized after January 1, 2026. The value of your assets as of December 31, 2025, will serve as the baseline to calculate future capital gains. This means there is no retroactive effect on past gains.
How can I reduce the impact of the tax?
The tax only applies to realized gains, not to unrealized gains. In other words, as long as you don’t sell your assets, you won’t be taxed on their increase in value. Keeping transactions to a minimum helps reduce your tax exposure. Additionally, by spreading out your asset sales wisely to stay within the annual tax-free threshold, you may be able to avoid taxes entirely on moderate gains.
Will my pension savings be affected by this new tax?
No. Pension savings products under the second and third pillars are explicitly excluded from this tax. Their specific tax treatment remains unchanged, making them attractive options for building your retirement savings.