From 1 January 2026: new 10% capital gains tax on financial assets

What does the new capital gains tax involve?

The tax amounts to 10% on future realised capital gains on financial assets such as:

• shares

• bonds

• ETFs

• crypto-assets

• investment gold

Capital gains from group insurance or pension savings will remain exempt.

The tax would apply to natural persons and reportedly also to foundations and non-profits subject to the legal entities tax.

Exemption up to 15,000 euros possible

There will be an annual exemption of 10,000 euros (indexed).
Investors who do not use this exemption will be able to carry over 1,000 euros per year for five years, allowing them to build up an exemption of up to 15,000 euros.

The previously proposed exemption for holding shares for more than 10 years has been abandoned.

From 20% participation: exemption on the first 1 million euros

For shareholders with a significant interest (e.g. owners of family businesses), a specific exemption arrangement has been provided:

• exemption on the first 1 million euros, calculated over a period of five years

• progressive rates starting at 1.25%

• the full 10% rate only applies as of a taxable capital gain of 10 million euros

The significant interest is assessed individually per shareholder, without taking into account shares held by family members.

This regime would apply to all companies, including holding and patrimonial companies.

Historical capital gains up to 31/12/2025 exempt

The capital gain is determined by the positive difference between the selling price of the financial assets and their acquisition value.
Capital losses may be deducted within the same year and within the same category of financial assets.

For historical capital gains, the value of the financial assets on 31 December 2025 will be considered. Over the next five years, the original acquisition value may also be used if it is higher.