BELGIUM Trends and Developments Contributed by: An Weyn and Aurore Sultus, Arteo Law
of capital gain is exempt. This residual category covers four major types of financial assets: finan - cial instruments; certain life insurance contracts; crypto-assets; and currencies and investment gold. The residual category is the regime that typically applies to capital gains realised on portfolio invest - ments. Taxable transactions The new capital gains tax regime applies to capital gains realised upon a transfer for consideration, which includes sales, whether payment is made in cash or in kind. Transfers upon death and gifts are excluded, as are transfers occurring upon a termination of joint ownership resulting from a divorce or the ending of a cohabitation regime within a period of three years. Capital gains realised upon the contribution of shares and in the context of reorganisations (eg merger, demerger) will benefit from a tax deferral regime. Taxable basis The taxable basis generally corresponds to the posi - tive difference between the disposal price of the finan - cial assets and their acquisition value. The acquisi - tion value is deemed to be the price at which the taxpayer – or their predecessor in title if the assets were acquired by way of gift or inheritance – originally acquired the assets for consideration. For financial assets acquired before 1 January 2026, accrued latent gains relating to the period preceding 1 January 2026 remain exempt from taxation. This rule ensures that the new capital gains tax will only apply to increases in value as of 1 January 2026. Accordingly, the taxable gain generally corresponds to the positive difference between the disposal price of the financial assets and their fair market value as of 31 December 2025. Where the value of the financial assets on 31 December 2025 is lower than their acqui - sition value, taxpayers may instead elect to use the higher acquisition value as the tax basis, provided that the assets are disposed of no later than 31 December 2030. The taxable basis will be calculated on a gross basis, meaning that transaction costs or taxes are not
deductible. However, capital losses may be offset against capital gains, provided that these losses are incurred during the same taxable period and relate to the same category of gain. To avoid taxation of historical built-in capital gains, it is essential to establish the value of financial assets as of 31 December 2025. The method used to determine this value will vary depending on the type of asset. For listed assets, the last closing price of 2025 is used. Unlisted financial assets will be valued at the higher of: • the value used in a transaction between totally independent parties in the course of 2025; • the value resulting from a valuation formula set in a contract or in a put option agreement in force on 1 January 2026; • when it comes to shares, the net equity plus four times the EBITDA; or • when it comes to shares or financial assets for which the above methods do not apply, on the basis of a valuation report established by an audi - tor or a certified accountant by 31 December 2027 at the latest. Exit tax upon migration An exit tax applies when an individual transfers their tax residence outside Belgium. The transfer is treat - ed as a deemed disposal of the taxpayer’s financial assets, triggering taxation of any latent capital gains. The taxable gain is calculated by reference to the mar - ket value of the assets upon migration of the individual taxpayer. Payment of the exit tax may be conditionally deferred. The deferral applies automatically where the taxpayer moves to another EU member state, an EEA country or a jurisdiction with which Belgium has concluded a double tax treaty providing for the exchange of infor - mation and assistance in the recovery of tax claims. A deferral may also be granted for transfers to other jurisdictions, provided adequate security is furnished. The payment obligation for which the tax deferral will be granted lapses after a period of two years following emigration, provided that the financial assets are not transferred in the meantime.
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