Key Features of the Capital Gains Tax
Entry into force
The capital gains tax applies to gains realized on financial assets as from 1 January 2026. Gains accrued before that date remain outside the scope of the new regime.
Scope
The tax covers a broad range of financial assets and instruments, including, among others, shares, bonds, certain insurance products, cryptocurrencies, currencies and gold.
Tax rate and exemptions
- Flat tax rate of 10 percent on taxable capital gains.
- Annual exemption of EUR 10,000 per taxpayer, with a limited carry forward of unused exemption up to EUR 15,000.
- Capital losses are deductible only in the year of realization; they cannot be carried forward.
- Specific regimes apply to internal transfers and significant shareholdings.
Determining the taxable gain
The taxable gain generally equals the difference between the sale price and the acquisition value. For example, if a share is sold for EUR 200 and was acquired for EUR 100, the taxable gain is EUR 100.
The acquisition value is determined according to specific rules, depending on the situation:
- Standard rule: actual acquisition cost.
- Immigration: fair market value on the first day of Belgian tax residency.
- Re-immigration within 24 months: value determined as if there had been no interruption of Belgian tax residency.
- Assets held before 2026: value as of 31 December 2025 or, for disposals up to and including 2030, the historical acquisition value (at the taxpayer’s option).
After determining the gain, the annual exemption of EUR 10,000 is deducted from the taxable amount. In years where an individual becomes or ceases to be a Belgian tax resident, this exemption is prorated based on the number of months of Belgian tax residency.
Emigration from Belgium in 2026
Reporting obligations
Individuals who cease to be Belgian tax residents are subject to two types of reporting:
- Realized gains up to the date of departure: All gains realized between 1 January 2026 and the effective date of departure (for example, through the sale of shares or other financial assets) are taxable under the standard regime and are required to be reported.
- Latent gains at the date of departure (exit tax): An exit tax applies to unrealized gains (latent gains) on financial assets at the time of departure. In principle, the gains accrued between 1 January 2026 and the date of departure are taxable, irrespective of whether a disposal has taken place.
As a result, all latent gains on relevant assets (including, for example, insurance products and crypto assets) are required to be reported at the time of departure. The reporting obligation applies even if payment of the exit tax is deferred.
Payment and deferral
- The legislation has simultaneously introduced an automatic or optional payment deferral, i.e., where the payment deferral applies, the exit tax does not have to be paid upon departure, but only later on if and when an actual sale occurs within 24 months. If no sales occur within 24 months, the exit tax is definitively cancelled.
- The payment deferral is automatic in case of emigrations to EEA countries or countries with qualifying double tax treaties (i.e., treaties with provisions on information exchange and collection assistance). For emigrations to other countries, the payment deferral is optional. It needs to be formally requested and accompanied by some form of payment guarantee (such as a bank guarantee).
- The existence of a payment deferral does not waive the aforementioned reporting obligation.
Immigration to Belgium in 2026
- For individuals who become Belgian tax residents in 2026, the application of the capital gains tax is more straightforward but still requires careful attention.
- Capital gains on financial assets may be taxed in Belgium once the individual qualifies as a Belgian tax resident. For assets already held at the time of immigration, the acquisition value for Belgian tax purposes is the fair market value on the first day of Belgian tax residency. Gains that accrued before immigration are therefore not taxed in Belgium, but subsequent gains may fall within the scope of the tax.
- Expats moving to Belgium are expected to be informed of these rules, as they may influence the timing and structuring of disposals around their move and the way they manage their investment portfolio after becoming a Belgian tax resident.
Equity compensation – interaction with the capital gains tax
Specific rules apply to equity compensation in the context of the new capital gains tax, particularly regarding the determination of acquisition and disposal values for equity instruments. Employers should review the equity compensation arrangements they offer (such as warrants, stock options, and RSUs) and assess how the new capital gains tax interacts with the existing tax rules on employment related equity. This includes clarifying, for example:
- how the acquisition value is determined for equity instruments;
- how gains are taxed, and how they interact with the annual exemption and exit tax rules.
