The Belgian government announced on 30 June 2025 an agreement on the introduction of a capital gains tax on shares. As part of the broader capital gains tax reform, a so-called 'exit tax' will be introduced. Those planning to move abroad will in future have to reckon with a tax on unrealised capital gains or future capital gains on their financial assets. This marks a significant change in the tax landscape for emigrating Belgians.
Also for emigrating Belgians to Spain
The plans, which are part of the new federal coalition agreement, aim to prevent individuals from fleeing Belgium just before collecting their accumulated profits on shares or other financial products. So even those emigrating to Spain - by no means a tax haven by the way - will best take this future tax into account. The measure should take effect from 1 January 2026, along with the general capital gains tax of 10%.
A waiting period of two years
Currently, there is a waiting period. As soon as a taxpayer moves his or her tax residence abroad, a two-year waiting period starts. If the financial assets are transferred (read: sold; or also donated?) within that waiting period, Belgian tax is still due.
Capital gains tax in Spain
For tax residents in Spain, a capital gains tax already exists in personal income tax. If you sell or donate your Belgian assets as a tax resident in Spain, you will be liable to pay the Spanish capital gains tax. This Spanish tax is higher than the tax proposed by the Belgian government.
If you sell within the waiting period, you will therefore have to file a return in both countries. Perhaps the capital gains tax paid in Belgium will then be in accordance with the double taxation treaty be deducted from Spanish tax.
If you sell outside the waiting period, there will still be Spanish capital gains tax.
Read more about emigrating to Spain.
Currently still a lot of uncertainty
As no legal texts are available at the time of publication of this post, we have little certainty about the concrete measures. However, it is certain that the complexity for the emigrating Belgian will once again increase.
