We're sorry but this app doesn't work properly without JavaScript enabled. Please enable it to continue. Capital Gains Tax - MeDirect

DISCLAIMER: This information is based solely on the provisional legislative texts and the current publicly available status of the announced Belgian capital gains tax. At the time of publication of this FAQ, the legislation has not yet been definitively approved by Parliament or published in the Belgian Official Gazette and is therefore subject to change. MeDirect Bank NV cannot be held liable for any inaccuracies, omissions, or misinterpretations of the draft legislation. No rights can be derived from the content of this FAQ, and the information does not imply any obligation on the part of MeDirect Bank NV. We recommend that you always consult official sources or seek advice from a professional advisor when the final legislation comes into force. FAQ version – December 10, 2025.

Capital Gains Tax

Capital Gains Tax

Below, you’ll find everything you need to know about capital gains tax, including how it works, when it applies, and the potential impact on your investments.

 

We’ll provide a clear overview so you know exactly what this tax entails and what it means for you.

All the answers to your questions

1. What is the new capital gains tax?

The new Belgian capital gains tax applies on the profit you make from selling certain investments such as funds, shares, or bonds.


Depending on your choice, MeDirect will either deduct the capital gains tax immediately, or you will need to declare the capital gains yourself in your personal income tax return (the so-called ‘opt-out’ treatment).


IMPORTANT: Only from the date the law comes into force will banks (including MeDirect) automatically deduct capital gains tax on every taxable transaction. If you choose the exceptional ‘opt-out’ arrangement, you must declare this yourself for each securities account.


For the transition period from January 1st, 2026 until the date the law comes into effect, the opposite situation will apply, whereby the default will be that customers are deemed to have opted out, as the law will not yet be in force.

2. Will MeDirect apply capital gains tax?

Yes, as a Belgian bank, MeDirect Bank NV is subject to Belgian tax legislation and will therefore levy the tax and prepare the necessary reports.

3. Will MeDirect already apply the capital gains tax during the transition period from January 1st, 2026, until the law comes into effect?

  1. The legislator provides for a voluntary “preliminary withholding”, which may be applied by the bank for the period between January 1st, 2026, and the date on which the law effectively comes into force. This means that, in the event of a later retroactive application of the law until 1/1/2026, investors could ask the bank to withhold an amount equal to the tax due, provided that a number of conditions are met, including sufficient funds on the customer’s account and the bank’s consent to do so.

     

    This levy could therefore be withheld retrospectively and on a one-off basis on all capital gains realised during this transition period (the end date of which depends on the publication of the law). Among other things, this voluntary levy can only be applied at the explicit request of all account holders and with the agreement of the bank. The bank will communicate at a later date whether this one-off voluntary levy can be applied and under what conditions.

4. How can I make use of the opt-out arrangement?

  1. You must explicitly indicate to ‘opt-out’ for each securities account when online. You can only change from ‘opt-in’ to ‘opt-out’ or vice versa once per calendar year. This change will then apply for the entire following calendar year.
  2.  

If you opt out, the capital gains tax will no longer be withheld upon realization of taxable capital gains on the relevant securities account from the following calendar year onwards. You will then be responsible for duly and timely declaring the capital gains via your personal income tax return.

 

The ‘opt-out’ only applies if all account holders agree. If this is not the case, the bank must deduct capital gains tax as the opt-in will become the standard.

 

Note: At this time, you cannot yet choose the “opt-out” option. MeDirect will make this feature available no earlier than the end of January through your MeDirect platform and/or app. Once the option is available, MeDirect will inform you in due time via its usual communication channels. Please also refer to questions 9 and 10 for further details.

5. Who is subject to capital gains tax?

Capital gains tax applies to natural persons and certain legal entities.

 

The tax applies regardless of whether the investments are held through a Belgian bank (such as MeDirect) or through a foreign financial institution or bank.

 

If you hold investments through a foreign financial institution or bank, you will usually be responsible for calculating the capital gains tax and declaring the taxable base via your personal income tax return.

 

If you hold your investments through a Belgian bank such as MeDirect, the bank will deduct the tax directly at the time of the taxable transaction.

 

If you wish, you can opt out of this treatment. In that case, the bank will not withhold capital gains tax, but you will need to declare it yourself in your personal income tax return.

6. To which transactions does capital gains tax apply?

Capital gains tax applies to any so-called ‘transfer for consideration’ of financial assets. This means that, in addition to the sale of your investments, certain transactions set up by the issuer of the securities may also give rise to tax.  

 

If you gift or inherit investments, the tax does not apply. Nor is there any tax if, for example, you transfer securities from a financial institution to MeDirect.

7. Which financial assets are subject to capital gains tax?

The tax applies to a wide range of financial instruments, including:

  • shares, share certificates;
  • bonds, other debt instruments, and certificates relating to such securities;
  • units in investment funds;
  • shares in investment companies;
  • money market instruments;
  • ETFs (Exchange Traded Funds), but also other ETPs, such as ETNs and ETCs;
  • options, futures, swaps, forward contracts, and derivative contracts; certain derivative products (derivatives);
  • crypto assets; ...

This concerns financial instruments issued both in Belgium and abroad.

8. How much is the capital gains tax?

  1. Capital gains tax is calculated at a fixed rate of 10% on the realised capital gain, without deduction of costs or other taxes.

  2.  

    For capital gains on very large shareholdings (representing at least 20% of the share capital), the legislation provides for a graduated tax scale. Such shareholdings are not normally held through a bank

9. When will the new legislation come into force and are there any transitional measures?

  1. It is currently unclear when the new capital gains tax will come into effect. The capital gains tax law still needs to be submitted to and voted on by Parliament. It is impossible to predict exactly when this will occur at this stage.

  2.  

    Even if the law is not passed in 2025, the government still intends to tax capital gains realised from January 1st, 2026 onwards. In other words, even if the law only enters into force in the course of 2026, capital gains realised from January 1st, 2026 onwards would still be subject to tax.

  3.  

    The practical and definitive details remain unclear and may still be subject to further change. According to the current draft texts, the tax on capital gains realised before the law comes into force could be withheld by the bank at a later date (retroactively) on a voluntary basis subject to conditions.

10. Will MeDirect be technically capable of withholding the tax once it comes into force?

  1. MeDirect has implemented most of the required developments, but further adjustments may still be necessary. Moreover, as the law has not yet been voted on by Parliament, the possibility of unforeseen legislative changes cannot be excluded.

  2.  

    If MeDirect is unable to correctly withhold capital gains tax on every taxable transaction from the date on which the law comes into force, MeDirect, like other banks, has the option of withholding the tax until June 30, 2026. In that case, your account will be debited with the tax due at a later date. This transitional measure was introduced to provide the banking sector with sufficient time to implement all the necessary operational and IT adaptations.

  3.  

    During this official transition period, certain corrections may also be applied to transactions that have already been executed. For example, it is still unclear how capital gains linked to certain corporate actions (such as optional dividends, bonus shares, etc.) will be treated in practice for tax purposes.

11. How is the taxable capital gain calculated?

  1. The tax is calculated on the difference between the sale price and the acquisition value of the security. Costs or taxes applicable to the transaction are not taken into account.

  2.  

    If the securities were purchased through multiple transactions and at different prices, the acquisition value will be determined on a FIFO basis when they are sold. In other words, when securities are sold, it is assumed that the securities purchased first (at their respective purchase price at the time) are sold first. The bank will automatically take into account securities that have been transferred from another account or from another financial institution (insofar as the requested information is available).

     

    Taxpayers have the option of claiming certain capital losses on their personal income tax return. The capital losses must, among other things, have been realised during the same period and by the same taxpayer. However, the bank is not permitted to automatically offset such capital losses.

     

    You may deduct losses on investments (capital losses) from gains (capital gains) realised in the same calendar year. This reduces your taxable base. For example: if you sell one share at a profit of EUR 50 and another at a loss of EUR 20 in the same year, tax will be due on a net profit of EUR 30. Capital losses cannot be carried forward to subsequent years and are not automatically offset by your bank. You must declare such losses yourself in your tax return. For investments already held before December 31, 2025, the value on that date is used to calculate any loss. Historical losses incurred before January 1, 2026, may not be used to reduce your taxable base.

     

12. How will securities that I purchased before January 1, 2026, be valued and taxed?

  1. All securities purchased or otherwise acquired before January 1st, 2026 will be valued based on the last available price or net asset value (NAV) available as at December 31st, 2025 at 11:59 p.m. In other words, a snapshot will be taken at that moment. Historical (latent) capital gains accrued prior to that date will therefore be exempt from capital gains tax.

     

    It is on the basis of this snapshot that the capital gains will be calculated for existing positions in sales transactions taking place from January 1, 2026.

     

    Practical example:
    You bought shares in the company ‘Fictitious NV’ at two different times, and later you decide to sell your entire position.

  1. In the case of a full sale, the capital gain on the initial purchase transaction is no longer calculated on the actual capital gain realised since the date of acquisition, but on the capital gain realised since December 31, 2025 (being the “Snapshot”).

    Lot 1
    Sale value (15 x EUR 140) –Snapshot value (15 x EUR 110) = EUR 2 100 – EUR 1 650 = EUR 450 capital gain
    The original purchase price per unit of EUR 80 is therefore no longer taken into account, but replaced by the photo moment value on 31/12/2025.

  2.  

    Lot 2 (purchased in 2026!)
    Sale value (5 x EUR 140) – Purchase value (5 x EUR 120) = EUR 700 – EUR 600 = EUR 100 capital gain.

    Capital gain on lot 1 + capital gain on lot 2 = 450 + 100 = 550 EUR
    Capital gains tax = 550 x 10% = 55 EUR.

13. Are foreign currency gains taxed?

  1. Exchange rate gains on foreign currency payment accounts are not subject to the law. The foreign currency current accounts offered by MeDirect qualify as payment accounts.

  2.  

    For securities denominated in foreign currencies, exchange rate gains and losses form an integral part of the taxable base, which must be determined in euros. MeDirect and other financial institutions will therefore always convert both purchase and sale transactions into euros to determine the taxable base. As a result, foreign exchange gains will also be taxed.  It makes no difference whether you buy or sell an instrument in a foreign currency through a current account in that same currency or through your euro account: the transaction value is always converted into euros, even if no actual currency exchange to euros or another currency takes place at the time of the transaction.

  3.  

    Practical example:

  4.  

    You buy 1 share at a price of USD 1000. The EUR/USD exchange rate is 1.15 (for 1 EUR you buy 1.15 USD). Consequently, you buy this share for an equivalent value of EUR 869.57.

  5.  

    If you later sell the share without any capital gain on the stock market price, i.e. at USD 1 000, but the dollar has strengthened to 1.05 in the meantime (for EUR 1 you can now only buy USD 1.05), you will receive a countervalue of EUR 952.38 when you sell.

  6.  

    In this example, you therefore realise a capital gain of EUR 952.38 – EUR 869.57 = EUR 82.81, solely due to a change in the exchange rate. You pay EUR 8.28 capital gains tax on this sale transaction.

14. I built up a position in a particular instrument through various purchase transactions. When I sell shares, which ones are sold exactly?

  1. Capital gains tax is calculated according to the FIFO principle (first in, first out). The oldest securities purchased are sold first. Practical example:


  2. You bought 30 shares in the company ‘Fictitious NV’ at two different times. Later that year, you decide to reduce this position and sell 5 shares.

  1. You sell 5 shares. The capital gain you realize on this sale will be calculated in relation to your first purchase transaction or share package on 02/01/2026. This is because these are the oldest shares in your securities account.

  2.  

    Sale value (5 x EUR 105) – Purchase value (5 x EUR 100) = EUR 525 – EUR 500 = EUR 25 capital gain.

    The capital gains tax amounts to 25 EUR x 10% = 2.50 EUR.

    Do you hold other shares in ‘Fictitious NV’ in another securities account with MeDirect? If so, we will not include this history in the calculation. The capital gains on a particular security are always calculated per securities account.

15. I am selling my shares. I bought some shares at a lower price than the selling price (profit), and some at a higher price than the selling price (loss). How is the calculation done?

  1. In this case, a net capital gain will be calculated. This only applies to units sold within the same sale transaction.

  2.  

    Practical example:

  3.  

    You bought shares in the company ‘Fictitious NV’ at two different times. Later, you decide to sell your entire position:

  1. The calculation will be done as follows:
    First, the capital gain per purchase transaction or block of shares will be calculated.

    • Lot 1

    Sale value (20 x EUR 105) – Purchase value (20 x EUR 100) = EUR 2 100 – EUR 2 000 = EUR 100 capital gain

  2.  

    • Lot 2

    Sale value (10 x 105 EUR) – Purchase value (10 x 110 EUR) = 1 050 EUR -1 100 EUR = 50 EUR capital loss

    The capital gains tax will be calculated as follows: Capital gains lot 1 – Capital losses lot 2 = EUR 100 – EUR 50 = EUR 50.


    The capital gains tax itself amounts to = 50 EUR x 10% = 5 EUR.

16. Who is responsible for declaring and paying the tax?

  1. Taxable capital gains will be subject to a fixed tax rate of 10%. The bank will deduct this as withholding tax for each sale transaction.

  2.  

  3. However, the legislator provides for an exception to this principle from the date of entry into force of the law. At the express request of the account holder(s), the bank will not withhold. In such case, the investor will be required to declare the capital gains realised via their personal income tax return. Such an ‘opt-out’ has both advantages and disadvantages:

  4.  
    • • The law provides for an annual exemption of at least EUR 10 000 in taxable capital gains per person. Investors who expect to realize capital gains of less than EUR 10 000 therefore have every interest in ensuring that the bank does not withhold withholding tax. This avoids unnecessary pre-financing and the administrative burden of claiming back the withholding tax via the personal income tax return.
    •  
    • • Investors who expect to realise capital gains of more than EUR 10 000, on the other hand, have an interest in having the tax calculated and withheld by the bank. This will often be much simpler from an administrative point of view.
    •  
    • • If you, as a customer, opt out, MeDirect will not withhold any tax, but we will have to exchange information on the capital gains realised with the Belgian tax authorities. This allows the tax authorities to check whether the capital gains are actually declared in the personal income tax return, if necessary. Failure to comply with this reporting obligation may result in penalties, including fines and interest for late payment.
    •  

    The above applies only to Belgian financial institutions such as MeDirect. Investors who hold securities through foreign banks and realize capital gains there will in all cases be responsible for calculating and paying the capital gains tax themselves. In such circumstances, the tax authorities will carry out checks based on the information exchanged by the foreign financial institutions with the Belgian authorities.

17. Are there any exceptions or exemptions provided for in the law?

  1. Yes, the law provides for a number of exemptions and exceptions, including:

  2.  
    • • A general annual exemption of at least EUR 10 000 per taxpayer;
    •  
    • • Capital gains on gifts or inheritances are excluded from taxation (as they fall outside the definition of ‘a transfer for consideration’); and
    •  
    • • Specific exemptions for certain corporate transactions, such as mergers and demergers of investment funds, provided that the legal conditions are met.

    Finally, and subject to certain conditions, capital losses may also be deducted from taxable capital gains.

18. How does the annual exemption work?

  1. The law provides for an annual exemption of EUR 10 000 per taxpayer (this amount is indexed annually), intended to give private investors a certain degree of relief. If you do not use (all of) the first tranche of EUR 1,000 exemption in a given year, it can be carried over (in part) to the following year, allowing you to exempt up to EUR 11 000 in capital gains. This can be done for five years, which means that (if you do not realise any capital gains for five years) you can exempt a total of EUR 15 000.

  2.  

    As a bank, we cannot and are not allowed to take this exemption into account, as we are not aware of any capital gains you may realize at another financial institution, for example. Accordingly, if you opted for the withholding of withholding tax, you will therefore have to request the application of this exemption yourself via your personal income tax return.

  3.  

    In this context, it may be useful to choose the opt-out regime in the case of limited annual capital gains. In that case, the bank will not withhold any withholding tax, but certain information will be provided to the tax authorities in pursuant to the law.

19. Does MeDirect apply the €10,000 exemption ?

  1. No, the law provides that banks, including MeDirect, must withhold tax from the first euro cent of capital gains. If you realised less than €10,000 in capital gains over a fiscal year, you can reclaim the tax already withheld in your tax return or opt for the opt-out principle.

20. Are capital losses deductible from taxable capital gains?

    1. Under certain circumstances, capital losses may be deductible from other realised capital gains. However, the bank is not permitted to take such losses into account when determining any withholding tax. You will have to request this yourself via your personal income tax return.

21. Does capital gains tax apply to the sale of an investment when the securities account is held jointly by a non-resident and a Belgian resident?

  1. Yes, if you have opted for the bank to withhold the capital gains tax, the tax will be withheld on the entire capital gain realised, regardless of the ownership distribution of the securities held between the non-resident and the resident account holder. The non-resident will have to reclaim their proportionate share of the capital gains tax withheld directly from the Belgian tax authorities. In such circumstances, it may therefore be useful to opt out, so that the bank does not withhold the tax.

22. How is the acquisition value of an investment determined for the calculation of the capital gains?

  1. In principle, the acquisition value corresponds to the historical purchase price of the security, without deduction of any (purchase) costs. For investments acquired prior to the entry into force of the law, the valuation will instead be determined as at the date of entry into force. In this way, latent (unrealised) capital gains from before the introduction of the tax are not taxed.

  2.  

    Was the initial acquisition value higher than the value when the law came into force? In that case, the actual realised capital gain is lower and, if the bank has withheld too much withholding tax, the difference can be reclaimed via the personal income tax return.

23. Does the capital gains tax also apply to gifts or inheritances of assets?

      1. No, capital gains tax is only due upon the realization of a capital gain for valuable consideration, i.e., on the sale or disposal of the asset. Therefore, gifts or inheritances do not give rise to a taxable capital gain.
      2.  

      The acquirer takes over the original acquisition value for the calculation of any subsequent taxable capital gains.

    2.  

      However, other taxes – such as gift or inheritance tax – may apply.

24. How and when should banks withhold withholding tax?

    1. Withholding tax is deducted at the time of payment of the proceeds of the sale to the account holder(s), i.e., upon the sale or disposal of the investment. The bank calculates the tax on the basis of the available information on the purchase and sale price. The tax deducted is paid periodically to the tax authorities, in accordance with the statutory deadlines.

25. What happens if I hold multiple securities accounts at different banks?

  1. Each bank withholds withholding tax separately on the capital gains realised with it per securities account, without taking into account other accounts held with it or with other banks.

26. How should the bank act if you hold multiple securities accounts?

Banks must withhold withholding tax separately for each securities account, without taking other accounts into account. Any decision to opt out (meaning that the bank will not withhold the tax) must be made on an account-by-account basis, and not per bank or per customer.

27. What reporting obligations does the bank have to the tax authorities?

  1. When customers opt for the ‘opt-out’ regime and the bank therefore does not levy withholding tax on the realisation of taxable capital gains, there will be an automatic exchange of information with the tax authorities. This reporting includes, among other things, the customer’s identification details, the account number, the amount of the realised capital gains, and confirmation that the accountholders concerned opted out.
  2.  

This exchange of information should enable the tax authorities to verify whether the capital gains were declared spontaneously in the personal income tax return.

28. Is the bank obliged to report foreign clients?

The capital gains tax does not apply to non-residents. No specific exchange of information with foreign tax authorities is provided for under these regulations.

 

However, sales proceeds realised by non-residents remain reportable under the Common Reporting Standard for residents of more than 100 countries and under FATCA (the US Foreign Account Tax Compliance Act) for US residents and/or citizens.

29. What happens to the capital gains tax when a Belgian resident emigrates?

In principle, an exit tax applies when a Belgian resident emigrates and there are latent capital gains on the securities held by him or her. This is an anti-abuse measure to prevent residents from emigrating to avoid the tax.

 

However, under certain conditions, a two-year deferral of payment may be granted. This deferral only applies if the taxpayer emigrates to a country within the EEA or certain countries that have concluded a double taxation agreement with Belgium, and as long as the financial instruments are not sold.

 

The deferred capital gains tax will still apply immediately upon sale of the financial instruments within two years of emigration. However, the bank will not intervene, even if the securities are still held by the bank.  

Two years after emigration, this suspect period ends and the deferral of payment becomes a definitive exemption.

 

If the customer immigrates back to Belgium within a period of two years, the bank (if the securities remained with it throughout) will have to take into account the initial purchase price, as if the customer had simply remained in Belgium.

30. What happens when I transfer securities to my own securities accounts at MeDirect (internal transfer)?

MeDirect will transfer the transaction history of securities account A to account B. This ensures that capital gains tax can be applied correctly after the transfer.

31. How are securities that I transfer to MeDirect taxed?

  1. When you transfer securities to MeDirect or to other banks, it is important to send all purchase receipts for the securities you are transferring to MeDirect or any other bank to which you are transferring your securities. The bank receiving the securities will adjust the purchase date and price as originally purchased in its platform based on the original purchase receipts. This will ensure that any capital gains on a subsequent sale of these securities are taxed correctly.

     

    Even if the securities were originally purchased before January 1st, 2026, it is important to provide these purchase receipts to the bank.

     

    If you do not provide these purchase receipts or no longer have them in your possession, MeDirect is obliged to enter a purchase value of zero euro and the date on which the securities arrived at MeDirect will qualify as the original purchase date. As a result, in the event of a future sale, the full sale value of the security will be taxed at 10%. It is therefore important to provide MeDirect with your original purchase receipts as soon as possible, and no later than 30 days after the securities have been transferred to MeDirect.

32. Does the Reynders tax still apply?

Yes, the Reynders tax still applies. It is a 30% tax on the capital gains from fixed-income securities (such as bonds) when selling a mutual fund. However, you are not taxed twice: the capital gain on fixed-income securities is deducted from the taxable base for the new capital gains tax. The Reynders tax applies to funds that invest more than 10% in fixed-income securities. This rule is therefore mainly relevant for mixed (multi-asset) funds and bond funds.

33. How does MeDirect support customers with their tax returns?

As the tax will only come into effect on January 1st, 2026, the first personal income tax return including the capital gains tax will not be filed until mid-2027.

 

As soon as the tax return form is available, it will become clear how, for example, the basic exemption of EUR 10 000 can be claimed and how customers who opted out should declare their capital gains.

 

MeDirect will then determine how best to assist its customers, for example by providing the necessary information.

34. Where can I find more information?

We expect more information to be available soon on the website of FPS Finance.

 

For the time being, neither the legislation nor the parliamentary preparatory works have been officially published, but updates can be monitored on the website of the Chamber of Representatives.