There has been much anticipation around the agreement within the Belgian federal government regarding a capital gains tax on shares and other related assets.
After a lot of bickering and adjustments, it now appears that such an agreement exists, although the actual texts are not yet available and we must rely on statements from politicians and various “experts” in the media.
Socialist voices are claiming victory, proclaiming that “the rich will be taxed.” Others eagerly join the fearmongering. But is all this really necessary? What can the average investor or entrepreneur expect? Has Belgium suddenly lost its attractiveness to foreign wealth or businesses? That certainly doesn’t appear to be the case, and below we outline some of the key known points.
Note: This article does not cover the 10% tax on the securities portfolio of individual investors, which includes an exemption of €10,000.
What is covered, are the investors and entrepreneurs who have built their own (non-listed) companies and would like to sell their shares at a profit at some point—such as at the end of their careers or after moving abroad.
1. ) General Principle: A Significant Holding of at Least 20%
Most entrepreneurs will undoubtedly hold at least 20% of their own company when the sale (with capital gain) takes place. The remaining shares are usually held by their partner or other family members. In many cases, this 20% threshold will thus be individually met. If not, it can be achieved through various legitimate methods (gifts, transfers, agreements).
If the 20% holding threshold is met, the first €1 million of capital gains will be entirely tax-exempt. This exercise can be repeated every five years if needed. There is always time to ensure that the conditions are met.
If the exemption is exceeded, a progressive rate applies: the next bracket, up to €2.5 million, is taxed at only 1.25%, i.e., €18,750... The 10% rate only kicks in above €10 million.
How many average entrepreneurs or investors suddenly realize such gains on shares or related assets to trigger the full 10%? Very few, likely... And even then: the reference date lies in the future, and past gains are taken into account (see below).
2. ) Reference Date: December 31, 2025
There is no reason for panic today, as the measures will only come into effect on January 1, 2026.
The value of a company (and thus its shares) must therefore be determined as of December 31, 2025. How that should be done (the method) is currently unclear: several methods are being discussed, and a “default method” may apply if no choice is made.
This means that accountants and auditors will have a lot of work ahead for the remainder of the year—time is ticking and the stakes are high for those looking to sell in one of the upcoming years.
3. ) Historical Capital Gains Are Exempt
In any case, no one seems to benefit from a defensive or conservative valuation method, since historical capital gains will be exempt, and the “snapshot” for valuation will be taken for the first time on January 1, 2026. Only capital gains realized from that point onward will be taxed at the rates mentioned above.
Those who could potentially get unlucky here are essentially recent startups or speculative lucky ones who happen to make huge gains in 2026. However, most investments and business activities are long-term in nature, and much of the value will likely have already been created by the end of 2025. The fruits of that labour, risk-taking, and investment will thus never be taxed—only future added value will be.
4. ) Crypto Assets
Profits from crypto assets could fall under this capital gains tax (normal private wealth management), but may also still be taxed as speculative income (33% - miscellaneous income) or (exceptionally) as professional income (progressive tax rate).
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The full tax exemption for "normal private wealth management" is thus removed and will now be assessed under the capital gains tax framework. However, this raises numerous legal questions, especially regarding the classification of specific characteristics of crypto assets, or situations where a company was founded through a (quasi) contribution of crypto assets and later sold.
5. ) Exit Tax
This same framework will also apply to those who move their tax domicile outside Belgium, with the provision that only actual capital gains realized within two years after the move will be taken into account.
There is therefore no longer any fictitious settlement at the time of the move itself, which is good news and allows ample room for a well-prepared and deliberate relocation.
Exactly how this will all work is still unclear, although there will be a reporting obligation after moving abroad, precisely to ensure continued traceability.
6. ) (Holding) Companies
The new capital gains tax rules apply only to individuals and non-profit entities (such as non-profit organisations or private foundations), not to companies.
The disposal of participations in other companies by companies (holding or otherwise) remains governed by corporate tax law and by (international) treaties in the case of foreign holdings.
The current measures will change little to nothing here—which is also good news for many internationally active and structured entrepreneurs and investors.
7. ) Conclusion
Those who organize themselves well and in time—with proper fiscal, legal, and corporate advice—likely have nothing to fear from this capital gains tax.
The same goes for Belgium’s attractiveness to foreign investors or new residents: plenty of options remain, rates are low, and exceptions are plentiful.
Vanbelle Law Boutique has been committed for many years to providing you with such a holistic approach and support. The introduction of the capital gains tax seems like the perfect opportunity to put this approach into practice. Don’t wait too long—many questions are already coming in—but in the meantime, don’t panic! The solution is just a phone call or email away.
