Understand · Taxation
Belgian investment 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. Since 1 June 2026, this tax has been withheld at source by Belgian intermediaries on every sale. 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.
🏛️ How the tax is collected since 1 June 2026
Since 1 June 2026, Belgian intermediaries (banks and brokers) automatically withhold 10% on every realised gain: this is the default regime, known as 'opt-in'. You can waive it and declare everything yourself ('opt-out'): this choice is notified per securities account to your intermediary, who will tell you the applicable deadlines. Foreign brokers withhold nothing: you are effectively under the opt-out.
⚠️ Transition period: gains realised between 1 January and 31 May 2026 were not withheld at source, even at a Belgian intermediary. A voluntary payment to your intermediary was possible until 31 August 2026; after that date, these gains are settled through your tax return.
The withholding is calculated on the gross gain: it takes no account of the €10,000 annual allowance, your capital losses, or your actual purchase price. For assets held before 1 January 2026, the reference value is the value on 31 December 2025 — a correction request towards your actual purchase price remains possible until end-2030 if it was higher. All of these are recovered only through your annual tax return.
The six taxes to know
Each tax has its specific trigger. Understanding which ones apply to each product allows you to anticipate the real tax cost of your investment.
Stock Exchange Tax (TOB)
0.12% or 1.32%- Applies to
- Each purchase AND each sale of an ETF or fund
- When
- Automatically deducted by the Belgian broker, or to be declared yourself with a foreign broker
Key takeaway
The rate depends on two factors: an accumulating ETF not registered in Belgium (IMIE, IWDA, CSPX, CNDX, XMAW, CSH2) 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.
Withholding tax
30%- Applies to
- Dividends, interest from term accounts and savings bonds, interest from regulated savings accounts beyond the exemption ceiling (taxed at 15%, a specific feature of Belgian regulated accounts)
- When
- Withheld at source by the financial institution
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.
Reynders tax
30% (bond portion)- Applies to
- Capitalisation funds whose portfolio contains more than 10% bonds or cash
- When
- Upon sale of the fund
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. CSH2 (synthetic money market): uncertain tax status — to be treated as potentially subject to Reynders tax.
Capital gains on equities (CGT)
10% beyond €10,000/year- Applies to
- Capital gains realised on the sale of equities and equity ETFs
- When
- On sale — withheld at source since 1 June 2026
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. Note: since 1 June 2026, your Belgian intermediary withholds the 10% from the first euro of gain, without applying this allowance — you then claim it back in your annual tax return. A strategy of progressive sales over several years allows for optimising this allowance.
Anticipatory pension savings tax
8%- Applies to
- Capital accumulated in a pension savings fund (branch 23)
- When
- Automatically deducted at age 60
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.
Branch 21 premium tax
2%- Applies to
- Each payment into a branch 21 savings-insurance contract
- When
- Deducted immediately from each premium paid, before investment
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.
Quick summary
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) | — |
| CSH2 (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 |
| Long-term savings (Br. 21/23) | — | 30% (<8 yrs) / exempt (>8 yrs) | If >10% bonds | ✓ Exempt from 2026 CGT | 2% premium tax + 10% exit tax at 60 + 30% tax reduction |
| 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.
*** Long-term savings products (Br. 21/23) are exempt from the 2026 CGT but subject to a 10% exit tax at age 60 — two distinct mechanisms that must not be confused.
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: August 2026