What works in Belgium

Ordinary securities account

A low headline rate, but the bond-fund tax and the per-trade tax add up for a switcher.

Tax cost a year (median)

2.1 pts

Median strategy, before / after tax

9.3% / 7.4%

S&P 500 held, after tax

10.9%

60/40 after tax (worst fall)

8.1% (-20%)

21 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 11 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

• 10% capital gains tax from 2026, with a EUR 10,000 yearly exemption; losses offset only within the same year.
• Reynders tax: 30% on the gains of bond funds, kept out of the 10% tax.
• Stock-exchange tax (TOB) on every buy and every sell: 0.12% (capped at EUR 1,300) for typical foreign-registered ETFs, 1.32% for Belgian-registered accumulating funds.

Confidence in these rules: medium. Checked 8 October 2026. Sources: FOD Financien: Meerwaardebelasting (official page; behind bot check when fetched); KPMG: Belgian capital gains tax approved by parliament; KPMG: Administrative guidance on capital gains tax published (circular 2026/C/74).