Physical Gold or Gold Trackers
Gold continues to be a trusted safe haven these days for Belgian investors, but not all gold investments are created equal when it comes to taxation. Whether you choose to hold physical gold or invest through financial instruments like ETFs, the tax implications can vary significantly.
Physical investment gold – such as gold bars or coins bought online or offline – currently benefits from a highly favorable tax regime. These transactions are generally exempt from VAT (with some exceptions for certain coins, jewelry, and collectibles). There is no Stock Exchange Tax (TOB), no withholding tax, and – most importantly – no capital gains tax, as long as the investment is considered part of the normal management of your private assets. In other words, as long as you behave like a prudent and passive investor, the gains on your gold holdings remain completely untaxed in Belgium.
If you prefer not to hold gold physically, you can invest in gold through trackers or mining company shares via exchange-traded funds (ETFs). Although these do not involve actual ownership of gold, they can still be fiscally attractive. While such investments are indeed subject to Stock Exchange Tax (TOB), they are also generally exempt from capital gains tax, provided there is no speculative behavior. This same framework typically applies to investments in other precious metals like silver.
What Does Current Belgian Tax Law Say
The key across both investment routes is how the investment is managed. Passive, long-term strategies will usually qualify as ‘normal management of your privately held assets’, meaning no speculative intent, no active trading behavior, and no business context.
A recent Tax Ruling dated April 15, 2025, confirmed this approach (Decision Nr. 2025.0100). The tax administration ruled that a substantial capital gain from the sale of physical gold – purchased about ten years earlier using proceeds from a real estate transaction – was not taxable. The key elements that supported this conclusion were:
- the purchase was funded only with personal resources
- the investment was held long-term (between 6 and 12 years)
- there was no active trading or speculative strategy
- the proceeds were reinvested directly into a new family home
This case reinforces the traditional tax principle in Belgium: passively held gold, with no speculative purpose, currently remains outside the scope of personal income taxation in Belgium.
Beyond the tax treatment of any capital gain, the origin of the funds used to acquire the gold also plays a pivotal role. In the April 2025 ruling, the taxpayer was able to clearly demonstrate the origin of the funds used to purchase the gold – a crucial factor in avoiding legal uncertainty or potential tax regularization procedures.
A New Capital Gains Tax on the Horizon
The fiscal reform plan announced by the De Wever I Government includes, for the first time, a proposal to introduce a general capital gains tax on financial assets held by private individuals. The aim is to align Belgium more closely with neighboring countries by taxing wealth-derived income.
What remains uncertain is whether physical investment gold will fall within the scope of this new regime. Preliminary drafts of the legislative proposal suggest that ‘investment gold’ (i.e. gold bars or wafers of standard weight recognized by the gold markets) could be included. However, the exact scope, exemptions, and thresholds have yet to be defined. More information will likely become available in the next few weeks.
What is clear: the long-standing exemption for capital gains on private wealth is under pressure. Belgian investors would be wise to reassess their positions and strategies sooner rather than later.
A Critical Consideration
Belgium’s proposed capital gains tax is expected to apply only going forward. This means that gains built up before the law takes effect should remain tax-free, provided they result from normal private asset management. While nothing has been decided yet, the new law will likely apply as from 1 January 2026 onwards.
There is no immediate need to sell just to lock in the exemption. If you are already considering a sale, doing it before the law changes offers certainty. But holding your investment is equally valid – as long as you can clearly document when and how it was acquired. With proper records in place, you will be able to distinguish historical, tax-free gains from any future taxable ones. Selling is not the priority – being ready is.
Time for a Check-Up?
Do you currently hold physical gold or are you considering such an investment? Now is the time to proactively review the potential tax implications:
- evaluating whether your potentially realized capital gains would qualify as falling under ‘normal asset management’
- preparing and submitting an advance ruling request for fiscal certainty
- documenting and analyzing the origin of your movable assets, and managing any necessary regularization
As long as the legal framework remains in flux, a cautious and well-informed approach is essential. What is tax-exempt today may soon be subject to a new regime.