Last Updated on 7th October 2026
Belgium’s introduction of a new capital gains tax on financial assets, which took effect on 1 January 2026, represents a significant tax shift. Many expat investors may understandably be concerned about this reform, not least because many hold investment assets as key components of their long-term financial plans.
While the new legislation doesn’t necessarily mean all Belgian residents will pay more tax, and the treatment of capital gains that aren’t considered part of the ‘normal management of a private estate’ will still be subject to the existing 33% tax rate, the legislation may have significant implications for Belgian residents who hold affected financial assets.
It is important for foreign nationals living in Belgium to think through the questions this will raise regarding how their investment portfolios, reporting requirements, and future plans may be affected.
What Has Changed Under Belgium’s New Capital Gains Tax?
The reform applies to several types of financial assets, including, but not limited to, bonds, shares, crypto assets, qualifying investment gold and other financial instruments within the scope of the legislation, and currencies. The main points are as follows:
- A general 10% rate applies to qualifying gains, subject to the applicable valuation rules, annual exemption and rules governing whether eligible losses may be offset.
- According to guidance published by the Belgian Federal Public Service Finance, the new regime generally applies to qualifying gains realised on financial assets from 1 January 2026. Transitional valuation rules normally use the asset’s value at 31 December 2025 as a reference point when calculating the taxable post-2025 gain.
- Tax residents will typically be subject to the tax on financial assets held in any location, including those outside of Belgium.
- There is an annual indexed exemption of €10,000 per individual, meaning each spouse may have a separate entitlement where the relevant conditions are met.
- Unused exemptions can be carried forward to a maximum of €1,000 a year and €15,000 in total over five years.
While this is a high-level summary, it is important for Belgian residents to seek tailored advice, particularly if they have planned imminent asset sales. Their exact tax exposure will depend on the assets involved, the applicable valuation rules, available exemptions and the treatment of any eligible losses. All reportable gains must be declared correctly.
Where a Belgian financial intermediary is involved, tax may be withheld unless the investor follows the applicable opt-out procedure. Investors using foreign institutions or opting out may have additional declaration and payment responsibilities.
Which Financial Assets Could Be Affected?
The new rules may affect the types of assets that are commonly held in long-term investment portfolios. That includes listed shares, bonds, exchange-traded funds (ETFs), certain insurance-based investments, and crypto-assets.
However, whether tax arises will depend on factors beyond the asset itself, such as when the asset was acquired, when it was or will be sold, the investor’s Belgian tax residency position and any exemptions that may apply.
How Might Belgian Capital Gains Tax Reforms Impact Expats?
For UK and international expats living in Belgium, the reforms introduce another consideration they need to incorporate into their financial planning, rather than simply being a change to an existing tax.
Many expats build their investment portfolios over decades, often while living in different countries. Therefore, decisions about whether to retain assets, restructure portfolios, or realise gains may involve factors that go beyond the tax rules in Belgium alone.
Some of the wider considerations include:
- Tax residency, and whether an expat is considered a tax resident in Belgium or elsewhere, and the location of their financial assets.
- Relocations, because expats considering a move may need to factor in how assets acquired before or after becoming a Belgian tax resident will be subject to tax.
- Currency exposure, especially if investment assets are held in a currency other than the euro, or if the after-tax proceeds from a sale will be in an alternative denomination.
- Estate and succession planning, how investment portfolios will be passed down to future beneficiaries, and the taxes arising on those transfers.
- Any plans to move outside Belgium, and the reporting obligations and tax considerations that will apply upon departure and in a new place of residence.
Leaving Belgium may also create departure-tax and reporting considerations. Whether payment can be deferred, and under what conditions, can depend on the destination country, information-exchange arrangements and whether the affected assets are sold within the relevant period. Specialist Belgian tax advice should be obtained before relocating or disposing of assets.
While the new capital gains tax raises questions, it remains important to review the tax implications alongside each investor’s strategy and wealth, ensuring that any decisions they make in light of the new legislation remain aligned with their objectives.
When Should Belgian Expats Review Their Investment Plans?
It’s advisable for expat investors to review their portfolios whenever Belgian tax legislation changes, and ideally on a regular schedule. They may need to consider whether buying, selling or transferring assets now remains worthwhile, the likelihood of further reforms, or how new taxes might affect the net proceeds they expect to receive.
However, the timing of an investment sale should rarely be based on tax alone. Additional aspects to bear in mind include the new Belgian transitional valuation rules, which may require some assets to be revalued for future tax purposes.
Although this may influence planning, these rules also don’t necessarily mean that selling an investment asset before or after a specific date will produce a dramatically different, or ‘better’ outcome.
Instead, investors are advised to consider whether their planned transactions remain consistent with their goals and expectations, retirement plans, cash flow needs, and investment strategy before making any final decisions.
The Importance of Regular Portfolio Reviews for Expats in Belgium
These recent reforms focus on capital gains tax, but for expats who haven’t recently reviewed their financial arrangements, this may provide an opportunity to do so. Scheduling periodic reviews can help expats stay up to date on their position and be proactive about deciding when or if changes may be beneficial.
In terms of capital gains, the practicalities will depend on the variables we’ve explored, but portfolios that haven’t been evaluated in several years, particularly those with assets in several countries, may have evolved considerably.
Ongoing reviews can help investors assess whether their asset allocation remains appropriate, assist expats in understanding their reporting obligations, and support them in making up-to-date investment decisions based on their long-term goals.
If you are living in Belgium or plan to relocate to Belgium and would like to better understand how the new capital gains tax rules factor into your financial planning, contact our local team in Brussels.
Where expats hold assets in multiple jurisdictions, they may require specialist tax knowledge in each location, and our wealth management teams can advise on where this may be necessary.
© Chase Buchanan Private Wealth Management.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15 and offers its services in the EU on a cross-border basis as per the provisions of MiFID.
Chase Buchanan Insurance Services, Agents & Advisors is authorised and regulated by the Cyprus Insurance Companies Control Service with License No 6883 and offers services in the EU on a cross-border basis as per the provisions of the Insurance Distribution Directive (IDD).
Investing in financial instruments involves risk and may not be suitable for all investors. The value of investments may go up as well as down and past performance is not a reliable indicator of future results. You may lose part or all of your invested capital.
*Information correct as at October 2026
