Belgium Capital Gains

Core rule: generally no CGT for private investors

Belgium does not have a general capital gains tax for private investors who manage their own portfolio in the normal course. Gains from disposal of shares, bonds, and other securities by a private individual acting as a normal investor are not taxed.

Taxe sur les Opérations Boursières (TOB)

Belgium imposes a stock exchange tax (TOB / beurstaks) on transactions in Belgian or foreign securities by Belgian residents:

Transaction type	Rate	Cap
Belgian listed shares — purchase/sale	0.35%	€1,600 per transaction
Foreign listed shares — purchase/sale	0.35%	€1,600 per transaction
Capitalising investment funds (acc.)	1.32%	€4,000 per transaction
Bonds	0.12%	€1,300 per transaction

TOB is charged by the broker. Foreign brokers are required to collect it; if not, the Belgian investor must self-declare and pay.

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Real property gains

Gains from sale of real property are taxed:

• Within 5 years of acquisition: 16.5% (built property) or 33% (land)
• After 5 years: generally not taxed

Primary residence: gains are exempt if the property has been the taxpayer's primary residence since at least 6 months after purchase.

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Sources

• Wetboek van de Inkomstenbelastingen 1992 (WIB), Art. 90
• Wetboek diverse rechten en taksen (TOB)
• SPF Finances: finances.belgium.be

Working paper only. The line between normal investor and speculative/professional trader is determined on facts. Frequent trading or use of leverage increases the risk of reclassification. Have a qualified Belgian tax adviser (belastingconsulent) review.