Belgium Investment Taxation Guide

Dividend Taxation

• Standard rate — 30%: Dividends paid by Belgian companies (and most foreign dividends) are subject to a 30% withholding tax (roerende voorheffing / précompte mobilier — RV/PM). This is a final tax for individuals — the dividend is not included in the personal income tax return, and no further tax is due. The withholding is automatically deducted by the paying agent (the bank, broker, or company).
• Reduced rate — 15% (KMO-aandelen / Actions PME): A reduced 15% withholding rate applies to dividends paid by a qualifying SME (KMO/PME) if: (a) the company meets the SME criteria (≤50 FTE, ≤€9M turnover or ≤€4.5M assets), (b) the company is not an investment company, (c) the shares were newly issued and held for at least 60 days, (d) the shareholder is a natural person. The 15% is final.
• VVPR-bis regime: When a VVPR-bis liquidation reserve is distributed after the 5-year holding period, the dividend is subject to only 5% withholding tax. The effective combined tax burden on the underlying profit is approximately 14.5% (see our Corporate Tax Guide).
• Foreign dividends: Dividends from foreign shares are also subject to 30% Belgian withholding tax. If foreign withholding tax has already been deducted (e.g., 15% US withholding on US shares), the Belgian bank reduces the Belgian withholding to make up the total to 30%.

Interest Taxation

• Standard rate — 30%: Interest on bonds, term deposits, savings certificates, and notes is subject to a 30% final withholding tax. This includes corporate bonds, government bonds, term deposits (termijnrekeningen / dépôts à terme), and savings certificates (kasbons / certificats de dépôt).
• Savings account exemption (Spaarrekening / Compte d'épargne): Interest on a regulated Belgian savings account is exempt on the first €1,020 (2026, indexed) per person per year (€2,040 for couples). Interest above the exemption is taxed at 30%. The account must be a regulated savings account with a minimum interest rate of at least 0.1% and no bank fees.
• Government bond issuance (Staatsbon / Bon d'État): New issuances of Belgian government bonds may offer a reduced withholding tax rate of 15% (if announced). The rate is announced at the time of issuance.

Capital Gains Taxation

• General rule — tax-free (normaal beheer / gestion normale): Capital gains realised on the sale of shares, bonds, and other securities are tax-free if the gains result from the normal management of a private portfolio. This is the default assumption — most individual investors pay no tax on capital gains.
• Speculative gains (speculatie / spéculation): If the tax authorities demonstrate systematic short-term speculation, the gains may be reclassified as diverse income and taxed at 33% plus municipal surcharge (~35% effective). Indicators: frequent trades, holding period <6 months, use of leverage, short-selling, day trading as a pattern.
• Professional trading: Extensive trading constituting a professional activity is taxed as professional income at progressive rates (25–50% plus social security). This is rare and applies only to full-time traders.

Tax on Securities Accounts (TCT / TST)

• The tax: The Tax on Securities Accounts (Taxe sur les Comptes-Titres / TCT) is an annual tax of 0.15% on the average value of securities accounts when the total value exceeds €1,000,000. The first €1M is exempt; the excess is taxed at 0.15%.
• Scope: Applies to stocks, bonds, ETFs, mutual funds, SICAV, GVK/GVBF, BBV/BEVAAK, structured products, derivatives, and cash within securities accounts. The €1M threshold applies per person (€2M for a couple).
• Calculation: 0.15% of the average year-end value (average of beginning and end of year, or month-end values). Belgian banks deduct the tax automatically. Foreign accounts must be self-declared.

Stock Exchange Tax (Beurstaks / Taxe Boursière)

• Belgian regulated markets (Euronext Brussels): 0.12% on shares and ETFs (max €1,300 per transaction). Collected by the broker and paid to the FOD Financiën.
• Foreign markets (via Belgian intermediary): Same rate of 0.12% if executed through a Belgian bank/broker, if the amount exceeds €1,250/day. Not applicable via foreign brokers.
• Bonds: 0.06% (max €650 per transaction). Government bonds with maturity <1 year are exempt.
• Exemptions: Money-market instruments, structured products, market maker transactions, and options/futures transactions.

Tax-Transparent Investment Vehicles

• SICAV / BEVEK: Tax-transparent at fund level (no corporate tax, only 0.05% annual subscription tax). Investors pay 30% on distributions. Capital gains on sale are generally tax-free (normal management). Capitalisation shares defer tax until sale.
• GVK / GVBF (Gemeenschappelijk Beleggingsfonds / Fonds Commun de Placement): Contractual funds (not legal entities) that are fully tax-transparent. All income and gains are attributed to investors at the time of distribution (or upon sale for capitalisation shares).
• BBV / BEVAAK (Vastgoedbevak / SIR): Belgian REIT-like structures for real estate investment. Tax-transparent at fund level. Distributions subject to 30% withholding. Must distribute at least 80% of rental income annually.
• Insurance wrappers (Tak 21 / Tak 23): Tax deferral through life insurance policies. Tak 21: guaranteed return, interest taxed at disbursement (not annually). Tak 23: investment-linked, gains taxed at disbursement. Both benefit from the 30-year tax deferral rule — no annual tax on investment returns within the wrapper.

For related reading, see our Personal Tax Guide →, Corporate Tax Guide →, and Property Tax Guide →.