As a Belgian investor, you want to focus on growing your wealth. But first, you need to understand the tax implications of your investment decisions. With five different types of investment taxes, it's easy to make costly mistakes.
This guide walks you through each tax that applies to Belgian investors. We'll explain what they are, when they apply, and how to handle them correctly.
Tax on transactions (“beurstaks” or “taxe boursière”)
There's a tax on every securities transaction. This happens when you buy or sell a security (like a stock, bond, or ETF). It's called the tax on stock-exchange transactions, or TOB. The tax rate is between 0.12% and 1.32% of the transaction amount. But determining the exact tax rate for a stock or ETF is complicated. In fact, it confuses even brokers as they sometimes use different tax rates for the same ETF. For instance, Bolero charges a 1.32% tax rate for the VWCE ETF whereas DEGIRO uses a 0.12% tax rate. Learn more about the TOB.
Belgian brokers handle the transaction tax for you. But many foreign brokers don't. In that case, learn how to declare the transaction tax.
Tax on dividends (“roerende voorheffing” or “précompte mobilier”)
There’s a 30% tax on dividends that you perceive through shares that you hold. This tax is not only applicable to individual stocks, but also to distributing funds and ETFs.
Tax on capital gains for bond funds (the Reynders-tax)
For funds and ETFs that consist of at least 10% bonds, there is a 30% tax on the profits made when selling. For example, if you bought a bond at €100 and end up selling it later for €130, your net profit will only be €21. The other €9 will go to the Belgian state through the Reynders tax.
Funds that only consist of bonds will incur a 30% tax rate on their entire profit. For mixed funds, such as those that contain both bonds and stocks, the tax applies only to the bond part of the fund. So, if you own a fund of 50% bonds and 50% stocks, the tax rate on the profits will be 15%, not the full 30%. But there's a caveat. The Belgian tax authorities require the fund provider to publish certain documents. Most foreign providers don't as Belgium is a small market for them. So in practice, you'll likely still pay the full 30%. This applies to for instance the Vanguard LifeStrategy ETFs.
Belgian brokers withhold and declare the Reynders tax for you. But foreign brokers don't. In that case, you'll have to calculate and declare the tax yourself every year. That's why, when you invest through Curvo, we give you detailed step-by-step instructions. They come when it's time to declare your taxes. We think it's important that you're in order with the administration!
Tax on investment accounts (“taks op effectenrekeningen” or “taxe sur les comptes-titres”)
In February 2021, the Belgian government introduced a tax on the richest Belgian investors. It is a 0.15% tax on investment accounts over €1,000,000. Fortunately, the tax man looks at each account in isolation. You can have several investment accounts that together can add up to over €1,000,000. But, you won't owe the tax if none is worth over €1,000,000. There's a caveat though. If you divided a €1,000,000 account after the tax started in February 2021, the tax man sees it as tax evasion. Be careful!
Belgian financial institutions withhold the tax for you. For foreign accounts, you will have to declare and pay the tax yourself.
Tax on capital gains ("solidariteitsbijdrage" or "contribution de solidarité")
Up until 2024, Belgium didn't tax profits derived from stocks. This included funds and ETFs that invest only in stocks. However, this changed in 2025 when the government introduced a 10% tax on capital gains. Fortunately, there's a yearly exemption of €10,000.
The details are still being fleshed out and we have to wait until the tax makes its way into the law. Learn more about the impact of the capital gains tax for ETF investors.
This rule has an exception: if the capital gain is speculative, the tax rate is 33%. Do you take big risks to gain a lot in a short period of time? Do you buy and sell a lot at short notice? Or do you borrow to invest? In that case, the taxman may deem that you're speculating and tax your gains at 33%.
Learning more
We have in-depth resources on the transaction tax, the Reynders tax, the dividend tax, and the capital gains tax.
We also refer you Wikifin’s website in Dutch or French. The FSMA, the Belgian regulator for the financial sector, maintains Wikifin. Their information is trustworthy and independent.
Our conclusion
As you can see, Belgium's investment tax system is quite complex. From transaction taxes to dividend taxes, and the new capital gains tax, there's a lot to keep track of. The good news? Most of these taxes are manageable with the right approach.
The key is to make informed decisions about your investment strategy. For instance, choosing accumulating funds helps you avoid dividend taxes. And if you're worried about handling these taxes yourself, working with Belgian institutions can take much of the administrative burden off your shoulders.
At Curvo, we understand these tax complexities can feel overwhelming. That's why we've designed our portfolios with tax efficiency in mind and provide clear guidance when it's time to handle your tax declarations. Ready to start investing without the tax headache? Learn more about our tax-efficient portfolios.
The information presented here is up-to-date at the time of writing. But, each new government likes to make some changes to the tax system. So, it might be outdated when you read this. Check at the top when this article was last updated, and please remember to do your own research!