Emigration tax in Belgium

Emigration tax - Introduction of New Belgian Capital Gains Tax and Exit Tax.

This development is part of a broader reform of the Belgian tax landscape and is scheduled to take effect on Jan. 1, 2026. In addition to the capital gains tax, a so-called “exit tax” will also be implemented for cross-border transfers.

• Capital Gains Tax: General Principles

The introduction of a solidarity contribution includes a 10 percent tax rate on realized capital gains on financial assets. Please note that historical capital gains accrued before the enactment of the deferred tax are exempt. Likewise, capital losses within the same tax year are deductible, but these losses cannot be carried forward to future years.

Financial assets include stocks, bonds, derivatives, mutual funds, ETFs, crypto assets, monetary assets, and certain insurance products. Commodities, pension funds, and group insurance are excluded.

A threshold exemption of 10,000 euros has been established to give smaller investors more breathing room. Furthermore, capital gains on assets held for at least 10 years remain exempt. Large holdings (at least 20 percent) are subject to an increased exemption of up to 1 million euros, with progressive taxation on capital gains above this amount, rising to 10 percent for amounts above 10 million euros.

• Exit Tax on Cross-Border Transfers.

Unrealized capital gains are taxed when transferring tax residence abroad or when transferring financial assets to a non-Belgian beneficiary. This regulation also covers gifts or inheritances. The exit tax aims to discourage tax avoidance when emigrating or transferring assets internationally.

• Role of Financial Intermediaries

This tax will be collected through Belgian financial institutions, similar to the current procedure for withholding tax. Foreign intermediaries are expected to face additional reporting obligations, which may lead to an increased compliance burden.

To compensate, the government aims to simplify or eliminate the current complex regime for capital gains on investment funds. It is recommended that accountants inform their clients in a timely manner and analyze the potential impact on their estate planning.

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