Belgium doesn’t have a standard wealth tax like Spain for example, and you won’t pay annual tax simply for owning real estate, cash, or foreign investments. However, it has a stealthy version of a wealth tax that targets securities accounts over a certain value.
Introduced in 2021, Belgium has a tax on securities accounts that effectively acts like a wealth tax. The official name is the Tax on Securities Accounts (TSA), though it’s sometimes referred to as a solidarity tax.
In this article, we provide an overview of what you need to know about Belgium’s asset tax.
How does the Tax on Securities Accounts work?
The TSA applies a flat 0.15% annual tax on the average value of your securities accounts value, if it exceeds €1 million. It’s applied per account holder, not per account. The tax applies regardless of whether you’re a Belgian resident or not for assets held in Belgium.
Qualifying accounts include:
- Belgian and foreign securities held in Belgian accounts
- Cash in those accounts (even uninvested cash)
- Stocks, bonds, ETFs, mutual funds, and other financial instruments
It doesn’t apply to assets held outside Belgium if you’re not a resident. If you are a Belgian tax resident, your worldwide securities accounts are included in the calculation, including US brokerage accounts.
This tax is calculated based on the average value of the account on four fixed dates: December 31, March 31, June 30, and September 30. If your average balance across those dates is over €1 million, you’ll pay 0.15% on the full amount, not just the portion above €1 million. There is, however, a cap – the tax cannot exceed 10% of the amount over €1 million.
Capital gains tax is coming in 2026
Historically, Belgium didn’t tax capital gains for private investors. That was one of its big attractions for high-net-worth individuals. This is about about to change, however.
Starting January 1, 2026, a new 10% capital gains tax will apply to gains on listed shares, funds, derivatives, and cryptocurrencies. This tax will be applied to financial assets, but not real estate. Similarly to the TSA, it also includes assets held in foreign brokerage accounts if you’re a Belgian resident.
Exemptions include:
- A €10,000 annual exemption for individuals
- A larger €15,000 exemption for people with no capital gains in the past five years
- Shareholders with large stakes (over 20%) will face tiered rates, but also get a €1 million exemption on their first gains
If you’re planning to move to Belgium, or already live there, consider how this could affect your long-term investment strategy.
What about property and inheritance taxes?
Belgium does not impose a federal wealth tax on property, but it does tax property in other ways:
- There’s an annual property tax is based on cadastral value, not market value
- Transfer taxes apply when you buy real estate, with rates ranging from 10% to 12.5% depending on the region
- Inheritance and gift taxes vary by region, but they can reach up to 30% for direct descendants, and more for distant relatives or unrelated heirs
Real estate might escape a wealth tax, but it’s not tax-free. If you own property in Belgium, expect to pay annually and at transfer points.
The Belgian approach to trusts and offshore structures
Belgium has a specific rule known as the “Cayman tax,” aimed at transparent ownership of foreign legal structures. This law treats income from certain trusts, foundations, and other passive vehicles as though it were earned directly by the individual.
If you’re a US expat with a family trust or a foreign holding company, this rule could pull foreign assets into your Belgian taxable base. It’s especially important if you’re planning to become a long-term resident.
Belgian tax authorities don’t care where the structure is based. If you control it and live in Belgium, they want to see it.
How Belgium taxes wealth and assets summary
While Belgium doesn’t have a net worth tax on all your assets, it does tax specific kinds of wealth. Here’s a breakdown:
- No general wealth tax – You won’t pay tax on the net value of your total net assets
- Securities account tax (TSA) – Applied at 0.15% annually if your average securities accounts value over €1 million
- Applies to residents and non-residents – Residents pay on their worldwide accounts; non-residents only on Belgian accounts
- Capital gains tax (coming 2026) – 10% on financial asset gains (with some exemptions)
- Property taxes and inheritance taxes – Levied by region and can be significant
- Trust income rules – “Cayman tax” may tax you on income from foreign structures you control
What this means for Americans in Belgium
As a US citizen living in Belgium, you’re still taxed by the IRS on worldwide income. Belgium also wants its piece, which means Americans living in Belgium have to manage two sets of tax rules. Luckily, the tax treaty makes credits available to help mitigate double taxation.
The TSA probably won’t qualify for a US foreign tax credit however, since it’s a wealth-based tax, rather than income-based. While you have to report non-US financial accounts and assets to the US, there isn’t an equivalent US tax, so there isn’t a risk of double taxation.
Capital gains taxed in Belgium after 2026 might be eligible for US foreign tax credits. That said, the devil is in the details, so consult an expat tax expert.
Belgium’s treatment of trusts can clash with US rules around grantor and non-grantor trusts. If you have a complex estate plan, don’t assume it will work the same way overseas.
Wrapping up
Belgium may not have a wealth tax in name, but the securities account tax is very similar, taxing investment accounts by value every year, regardless of income or gains.
As an American in Belgium, you face two tax systems and layers of complexity and dual reporting. Consult an expat specialist investment advisor to ensure you align your investments with the intersection of your goals, plans and risk tolerance, and for tax optimization.
The right advice can keep you compliant, save you money, and help you enjoy Belgium’s unique European lifestyle while avoiding unwanted surprises.
If you have any questions about your situation or require assistance managing your investments as an American living abroad, get in touch.
This article is for informational purposes only; it is not intended to offer advice or guidance on legal, tax, or investment matters. Such advice can be given only with full understanding of a person’s specific situation.
