Understand · Taxation
Six taxes to know — and how to minimise them legally.
Unfamiliar with some terms? Check the glossary →
Since 1 January 2026, Belgium has introduced a 10% tax on financial capital gains beyond an annual allowance of €10,000 per taxpayer. Despite this change, the Belgian tax regime remains favourable to the passive investor: several taxes simply do not apply to accumulating equity ETFs. Understanding these rules allows you to optimise your strategy legally.
Each tax has its specific trigger. Understanding which ones apply to each product allows you to anticipate the real tax cost of your investment.
Key takeaway
The rate depends on two factors: an accumulating ETF not registered in Belgium (IMIE, IWDA, CSPX, CNDX, XMAW, XEON) is at 0.12%. An accumulating ETF registered in Belgium (e.g. VWCE) is at 1.32% — the main reason we advise against it. Distributing ETFs are always at 0.12%, regardless of their registration, but trigger the 30% withholding tax on dividends. For Belgian investors, an accumulating ETF not registered in Belgium is optimal on both fronts.
Key takeaway
This is the main reason to prefer accumulating ETFs over distributing ones: an accumulating ETF automatically reinvests its dividends without triggering withholding tax. Your capital compounds freely. Important note: the exemption on the first €833/year of dividends (codes 1437/2437) does not apply to ETFs or investment funds — only to individual shares held directly.
Key takeaway
The Reynders tax strikes only the fraction of the capital gain attributable to the bond component of the fund — not the entire gain. A 60% equity / 40% bond fund sees only the bond portion of its gain taxed at 30%. Purely equity ETFs (IMIE, IWDA, CSPX, CNDX, XMAW) do not contain any and escape this tax entirely. XEON (synthetic money market): uncertain tax status — to be treated as potentially subject to Reynders tax.
Key takeaway
The first €10,000 of annual capital gains remain exempt. Unused allowance can be carried forward: up to €1,000 per year for a maximum of 5 years, making a cumulative allowance of up to €15,000. A strategy of progressive sales over several years allows for optimising this allowance.
Key takeaway
The tax is calculated on a fictitious capital, as if your fund had earned 4.75% per year since the first payment — regardless of actual performance. If your fund earned less than 4.75%, you proportionally pay more tax on your real return. This rule applies only to bank pension savings funds (investment funds, branch 23). For insurance products (branch 21), the 8% tax is calculated on the capital actually built up.
Key takeaway
Out of €10,000 paid, only €9,800 is actually invested. This tax is irreversible and applies even if you redeem the contract shortly after.
An overview of applicable taxes by product type. Rows in green correspond to ETFs — their tax profile is structurally more favourable.
| Product | TOB | Withholding | Reynders | Capital gain | Others |
|---|---|---|---|---|---|
| Equity ETF (acc.) | 0,12% | ✗ | ✗ | 10% (>€10,000/yr) | — |
| Distributing ETF | 0,12% | 30% from €0 (€833 exemption not applicable to funds) | ✗ | 10% (>€10,000/yr) | — |
| XEON (money market) | 0,12% | ✗ | ⚠️ | 10% (>€10,000/yr) | — |
| Savings account | — | 15% (above ceiling) | — | — | — |
| Savings bond | — | 30% from €1 | — | — | — |
| Branch 21 | — | 30% (<8 years) | — | — | 2% premium tax |
| Pension savings | — | — | — | — | 8% tax at 60 |
| Mixed active fund | 0,12% | 30% from €0 (€833 exemption not applicable to funds) | 30% (bond portion) | 10% (>€10,000/yr) | — |
Green background = ETF tax advantage
* TOB: for accumulating ETFs. Distributing ETFs are always at 0.12%, regardless of their registration.
** Reynders: 30% only on the bond component of the capital gain — not on the entire gain.
Warning
This page presents the taxation in force in 2026 for informational purposes. Tax legislation may evolve — we update this content accordingly.
Calculate the tax impact on your situation
Our calculator integrates each tax described on this page — TOB, withholding tax, Reynders, CGT — to give you the real net return.
Last updated: March 2026