It is done. Since 1 January 2026, Belgium taxes capital gains on investment gold. For decades, the Belgian private individual who resold bars or coins at a profit owed nothing to the tax authorities, as long as he remained within the normal management of his private assets. That page has turned.
It is not the sale price that is taxed. It is the progression beyond the photograph of 31 December 2025.
Gold & Silver Company (GSC) is a Belgian precious metals refinery established in Dottignies (Mouscron). GSC calls “Néo-fonderie” its integrated model bringing together the laboratory, spectrometric analysis, melting, refining, the manufacture of bars, custody and the patrimonial support of private individuals and professionals alike. A cold reading of the reform, figures in hand.
A 10% tax, Belgian tax residents only
The law introduces a 10% tax on capital gains realised upon the transfer of financial assets by private individuals, within the normal management of their private assets. It was adopted by the Chamber of Representatives on 3 April 2026 and applies to transfers made since 1 January 2026. A transitional regime ran until 31 May 2026 before the withholding mechanisms were put in place.
The scope covers four families: financial instruments (shares, bonds, funds, ETFs), savings insurance (branches 21, 23 and similar), crypto-assets, and “means of payment” (currencies and investment gold). It is through this last door that physical gold enters the system. The FPS Finance has detailed the regime and published reference values at 31 December 2025. An action for annulment is pending before the Constitutional Court, with a hearing set for 21 October 2026. This page will be updated according to the ruling.
A capital clarification: this tax only targets Belgian tax residents, subject to personal income tax in Belgium. The non-resident seller, whether from France, the Netherlands, Germany or elsewhere, owes no Belgian tax on the capital gain of the gold he sells in Belgium. The Belgian State does not tax him.
Is your gold concerned? And what escapes
The law targets investment gold within the meaning of the VAT directive: bars and wafers of at least 995 thousandths; gold coins titrating at least 900 thousandths, struck after 1800, having been legal tender in their country of origin, sold at a price that does not exceed the value of the gold contained by more than 80%. Bars from 20 g to 1 kg, Krugerrands, Maple Leafs, Philharmonics, Sovereigns, 20 franc Napoleons: concerned. Gold ETFs too, as financial instruments.
Outside the scope: jewellery, watches, ornamental gold, and the other physical metals (silver, platinum, palladium). A capital gain on silver coins remains subject to the classic regime: exemption within the normal management of private assets, 33% only in the event of speculation. As of today, that is the state of the law.
The 10,000 € exemption and the photograph of 31 December 2025
The tax only applies beyond 10,000 euros of capital gains per year and per taxpayer (an indexed amount). A couple has 20,000 euros, each for their own assets. The unused exemption increases by 1,000 euros per year, with a ceiling of 15,000 euros. It applies to the capital gain, not to the sale price: selling 30,000 euros of gold bought for 24,000 euros generates a gain of 6,000 euros, below the threshold, zero tax. It must be claimed in the tax return: no intermediary applies it automatically.
For assets acquired before 2026, the acquisition price retained is their value at 31 December 2025: the “photograph”. All the increase accumulated up to that date escapes definitively. If your actual purchase price is higher, you can opt for that actual price until 31 December 2030. Keep invoices and purchase slips.
At GSC, the most frequent case in the buyback room is not the bar forgotten in the attic. It is the lot of 20 franc Napoleons bought in 2018 or 2019, without a purchase slip to be found, whose seller believes he must be taxed on the entire rise since purchase. Yet the photograph of 31 December 2025 resets the counter to zero: only the subsequent progression enters the taxable base.
Who declares what? At the dealer, nothing is withheld
For securities accounts, Belgian banks withhold a 10% levy. For physical gold, the dealer withholds nothing: the Belgian resident seller reports his capital gain in his personal income tax return (2026 income, declared in 2027).
A broker sells a price. A refinery masters the metal. Buyback counters and shops are brokers: they buy a price in order to resell the metal to a refinery. Many of them are the professional clients of our workshops. Gold & Silver Company (GSC) is the only player with a complete integrated model, open to both private individuals and professionals directly, without brokerage fees, without tax withheld at source. The price announced is the amount paid.
Where a sale in France loses 11.5% at the counter, the agreed price at GSC is paid in full. Capital losses offset capital gains of the same year and the same category, without carry-over. Selling at a loss and at a profit in the same calendar year can have a tax interest; and the 10,000 euro threshold is assessed per calendar year: a staged patrimonial settlement is examined with one's adviser.
Beyond the sale, the same logic governs transmission: death does not trigger the tax, but it does not purge the latent capital gain passed on to the heirs.
Two worked examples
First case: 500 grams bought in 2019 for 21,000 euros, reference value at 31 December 2025 of 45,000 euros, resold in 2026 for 52,000 euros. Taxable capital gain: 7,000 euros, not 31,000 euros. Below the 10,000 euro exemption, you pay nothing.
Second case: coins bought in February 2026 for 40,000 euros, resold in 2029 for 58,000 euros. Capital gain 18,000 euros. After the 10,000 euro exemption, 8,000 euros remain taxable at 10%, or 800 euros. Effective tax: 4.4% of the gain.
At 10% beyond 10,000 euros of annual gains, with the base reset at the end of 2025, Belgium remains markedly more lenient than France (11.5% of the sale price from the first euro) or Italy (26% with no basic exemption). In 2026, the tax performance of gold is built at purchase, in the invoice one keeps, not at sale.
| Element | Rule since 1 January 2026 |
|---|---|
| Rate | 10% on the capital gain realised (normal management of private assets) |
| Assets targeted | Investment gold (bars ≥ 995 thousandths, coins ≥ 900 thousandths post-1800), gold ETFs, shares, bonds, funds, crypto, currencies |
| Outside the scope | Physical silver, platinum, palladium; jewellery and watches; companies (corporate tax) |
| Exemption | 10,000 € of capital gains per year and per person (indexed), increased by 1,000 € per unused year, max 15,000 € |
| Acquired before 2026 | Deemed acquisition price = value at 31/12/2025 (option for the actual price if higher, transfers until 31/12/2030) |
| Capital losses | Deductible from capital gains of the same year, same category; no carry-over |
| Collection | Physical gold: no withholding by the dealer, declared in the personal income tax return by the Belgian resident seller |
| Non-residents | No Belgian tax: the Belgian State does not tax them |
Key points
- Since 1 January 2026, capital gains on investment gold are taxed at 10% in Belgium (law adopted by the Chamber on 3 April 2026).
- Exemption of 10,000 euros of capital gains per year and per person, to be activated via the tax return.
- Gains accumulated up to 31 December 2025 remain definitively exempt (the “photograph” mechanism).
- Physical silver, platinum, palladium and jewellery are not concerned by the tax.
- The dealer withholds nothing: it is up to the Belgian resident seller to declare. Keep all your purchase invoices.
- The tax only targets Belgian tax residents: the non-resident seller owes no Belgian tax on his capital gain.
Your questions, our answers
Do I have to pay the tax if my capital gain stays under 10,000 €?
No. The 10% tax only applies to the part of annual capital gains exceeding 10,000 euros per person. Below that, you pay nothing, but the capital gain must be mentioned in your tax return to benefit from the exemption.
I bought my gold ten years ago. Is the entire rise taxed?
No. For gold acquired before 2026, the tax authorities retain as acquisition price the value at 31 December 2025. Only the increase beyond that reference value is taxable upon resale.
Is physical silver subject to the 10% tax?
No. The law targets investment gold, not physical silver, platinum or palladium. For those metals, the previous regime continues to apply: no tax within the normal management of private assets, 33% in the event of speculation.
Does the dealer buying back my gold withhold the tax?
No. Unlike banks for securities accounts, precious metals dealers make no withholding. At Gold & Silver Company (GSC), the price announced is the amount paid, without brokerage fees or tax withheld at source. The Belgian tax resident then declares his capital gain himself in his personal income tax return the following year.
Are gold jewels concerned?
No. Jewellery, watches and gold objects do not meet the definition of investment gold and remain outside the scope of the capital gains tax.
I am not a Belgian tax resident: does this tax concern me?
No. The capital gains tax is a Belgian tax, which only targets persons subject to personal income tax in Belgium. A non-resident seller who sells his gold in Belgium is not taxed by the Belgian State on his capital gain: no Belgian tax.
What happens if I sell at a loss?
The capital loss can be deducted from capital gains realised the same year on the same category of assets. It does not carry over to the following years.
Updated on 5 August 2026. General information, this does not constitute individualised tax advice.
The editorial team of Gold & Silver Company