A new tax reality for gold owners
Do you own gold bars or investment coins? Then there is a new tax reality to take into account. From 1 January 2026, a capital gains tax of 10% applies in Belgium to the profit realised on the sale of investment gold. A major change for private investors, but there are also important exceptions and exemptions you should know.
When does the capital gains tax on gold apply?
The capital gains tax on gold applies when you meet all these conditions:
- You sell physical investment gold: gold bars of more than 1 gram or recognised gold investment coins (Krugerrand, Maple Leaf, Sovereign, etc.)
- You thereby realise a profit compared to the purchase price
- You live in Belgium and are subject to personal income tax as a private individual
- Your total capital gain on all financial assets together exceeds the annual exemption of €10,000
The tax amounts to 10% on the net capital gain above the exemption threshold.
Example calculation · Private individual
Example calculation · Private individual
- Realised profit on investment gold€ 12.000
- Exemption
- Annual exemption financial assetsshares, bonds, crypto and gold together€ 10.000
- Taxable capital gain
- Taxable capital gain 12,000 − 10,000€ 2.000
- 10% rate
- Tax to pay 10% × €2,000€ 200
Example calculation
Example calculation · Private individualExample calculation
How much do you pay?
No retroactive effect: what does that mean?
Good news for those who have owned gold for longer: there is no retroactive effect. Only the increase in value from 1 January 2026 is taxable. For gold you bought before that date, the official gold rate of 31 December 2025 counts as the tax purchase price.
Always keep your proofs of purchase. Can you show that you bought your gold before 2026 and at what price? If your actual purchase price was higher than the reference rate of 31/12/2025, you may use that higher price until 31 December 2030. That lowers your taxable capital gain. Original invoices, bank statements or proofs of purchase are crucial for this.
When does the capital gains tax not apply?
The gold tax applies only to investment gold. The following categories are excluded:
- Gold jewellery: your gold ring, bracelet or chain is not covered by the scheme
- Scrap gold: old, broken or unused gold that you sell for the gold value
- Dental gold and other gold objects for non-investment purposes
- Silver, platinum and palladium: these do not fall under this specific capital gains tax
- Companies and corporations: they are taxed via corporate income tax
Do you want to sell scrap gold or dispose of jewellery? Then you do not need to worry about the capital gains tax. You also pay no VAT as a private individual.
How does it work in practice?
- Keep your proofs of purchase For a purchase before 2026, the gold rate of 31/12/2025 serves as reference; after 2026, your purchase invoice is decisive.
- Calculate your capital gain Selling price minus purchase price (or tax purchase price).
- Keep an eye on the annual exemption €10,000 applies to all your financial assets together: shares, bonds, crypto and gold.
- Declaration via personal income tax Consult financien.belgium.be for the most current info on the declaration procedure.
The exact declaration procedure for private individuals is still in development in early 2026. If in doubt about your specific situation, always seek advice from a tax adviser or the FPS Finance.
Which gold price do you base yourself on?
To calculate your capital gain, you need a starting price: the price at which you acquired your gold for tax purposes. Which price counts depends on when you bought.
- Did you buy your gold before 1 January 2026? Then the official closing rate of the National Bank of Belgium on 31 December 2025 counts as your tax purchase price. You find those reference prices below, per gold bar and per coin.
- Did you buy your gold after 1 January 2026? Then your own purchase invoice is decisive.
Do you have a proof of purchase from before 2026 with a higher price than the reference rate? Then you may use that higher price for a sale until 31 December 2030. That lowers your taxable capital gain. A lower purchase price plays no role: the reference rate then applies. So keep your proofs carefully.
Official closing rate 31/12/2025 (NBB): €117,910.00 per kilogram · €3,667.50 per troy ounce.
| Format | Price |
|---|---|
| 1 kilogram gold | € 117.910,00 |
| 500 gram gold | € 58.955,00 |
| 250 gram gold | € 29.477,50 |
| 100 gram gold | € 11.791,00 |
| 50 gram gold | € 5.895,50 |
| Format | Price |
|---|---|
| 1 Oz gold incl. Maple Leaf, Krugerrand, American Eagle, Buffalo, Philharmoniker, Britannia | € 3.667,50 |
| ½ Oz gold | € 1.833,75 |
| ¼ Oz gold | € 916,87 |
| 1/10 Oz gold | € 366,75 |
| Coin | Price |
|---|---|
| 20 Fr. Napoleon | € 684,72 |
| 20 Fr. Leopold | € 684,72 |
| 20 Lire | € 684,72 |
| 20 Mark | € 844,99 |
| 20 Fr. Vreneli | € 684,72 |
| 20 Fr. Marianne | € 684,72 |
| 50 Ecu België | € 3.667,50 |
| 10 Nederlandse Gulden | € 792,46 |
| Sovereign | € 863,33 |
| Sovereign Elizabeth | € 863,33 |
| 50 Mexicaanse Pesos | € 3.667,50 |
| 20 Kronen | € 718,83 |
| 10 Roebel | € 912,84 |
| Eagle (10 dollar) | € 1.774,33 |
| Double Eagle (20 dollar) | € 3.548,30 |
| Chinese Panda | € 3.537,30 |
Calculated based on the spot price of 31/12/2025, the gold weight and the content. Source: National Bank of Belgium / FPS Finance. Indicative. If your purchase price was higher and you can prove it, that higher price counts until the end of 2030.
View the official list from FPS FinanceCircular 2026/C/74, annex I (22 July 2026), in Dutch
Tips for private sellers of investment gold
- Do not sell unnecessarily quickly As long as you keep the gold, you owe no tax. The tax only applies on an actual sale.
- Spread your sales By selling over several years, you can use the €10,000 exemption again each year.
- Ask for a professional valuation That way you know the exact selling value and can calculate the capital gain correctly before you decide.
- Keep your records Purchase date, purchase price, weight and type of each piece of gold: keep this carefully.
- Find out the current gold price The gold market fluctuates daily. A well-timed sale can make a considerable difference.
- Consult an expert in case of doubt For larger amounts or complex situations, personal advice from a tax adviser is worthwhile.