What taxes do I have to pay?

Summary

Transaction tax (TOB): NO
Dividend tax: NO
Capital gains tax: YES (introduced on 1 January 2026)
Reynders tax: YES
Wealth tax: YES

The details

You will not have to pay the transaction tax (TOB or "beurstaks" or "taxe boursière") because the portfolios only work with index funds that are exempt from it.
You will not have to pay dividend taxes because all funds in the portfolios automatically reinvest dividends. This is called an accumulating fund.

On the other hand, there are three taxes which are mandatory:

Capital gains tax: 10% tax on capital gains with a €10,000 exemption (from 2026)
Reynders tax: 30% tax on capital gains of accumulating bond funds
Wealth tax: 0.15% tax on investment accounts over €1,000,000

1. Capital gains tax

From 1 January 2026, you'll pay a 10% tax on capital gains when you sell your investments. However, you get a yearly exemption of €10,000, which can grow up to €15,000 if you don't use the full amount in previous years.

Example

Let's say you invested €20,000 through Curvo before 2026. By 2027, your investments have grown to €35,000, giving you €15,000 in gains.

If you sell €10,000 worth of investments:

Gain on this sale: €4,286 (proportional to your total gains)
Tax owed: €0 (within the €10,000 yearly exemption)

If instead you had sold the full €35,000:

Gain on this sale: €15,000
Taxable amount: €5,000 (€15,000 - €10,000 exemption)
Tax owed: €500 (10% of €5,000)

Key points for your Curvo investments

The tax only applies to gains made from 2026 onwards. For your existing Curvo investments you already own, the government will use their market value on 31 December 2025 as the starting point for calculating future gains.
You can offset gains with losses from the same year, which helps reduce your tax burden.
The €10,000 yearly exemption gives you flexibility. You can sell investments gradually to stay within the exemption limit.

Important: If you trade frequently for speculation rather than long-term investing, a higher rate of 33% may apply. This is another reason why Curvo's long-term investment approach benefits you.

What we do for you: We'll provide all the documentation you need for your tax declaration. If you have any questions about how this affects your investments, we're here to help.

Note: The final details of this tax law are still being finalised and may change.

2. Reynders tax

When you invest with Curvo, you might need to pay the Reynders tax in certain situations. This is a Belgian tax that applies only to profits from bond investments.

When does it apply?

The 30% tax applies only when:

We rebalance your portfolio (which includes selling some bonds)
We sell a portion of your investments to cover quarterly fees
You withdraw money from your investment

Important: The tax only applies to the profits from bond funds, not stock funds. This means if you're investing in the Growth portfolio (100% stocks), you won't pay any Reynders tax.

How it works

Let's say you invest €10,000 in our Energetic portfolio:

€7,000 goes into stock funds (70%)
€3,000 goes into bond funds (30%)

After a year, your investment has grown to €11,000:

Stock portion: €7,800
Bond portion: €3,200

If you withdraw everything, you've made €200 profit on your bond funds. The Reynders tax will be €60 (30% of €200).

How to pay it

You'll need to include this tax in your yearly personal tax declaration. For example, if you make a withdrawal in 2025, you'll declare it in your 2026 tax form.

Don't worry, we'll guide you through it:

We'll tell you exactly which amounts to declare
We'll provide step-by-step instructions on which line to fill in (see for example the instructions for the 2024 tax declaration)
The whole process takes about a minute to complete

3. Wealth tax

The wealth tax ("taxe sur les comptes-titres" or "effectentaks") is applicable to anyone who has more than €1,000,000 held on investment accounts and equals to 0.15% of the total value. Note that you're still liable to this tax if the average of your investment accounts, calculated at several periods during the year, is above €1,000,000.

If you're fortunate to have that amount of money, let us know and we will help you with its declaration.

The above information is general in nature and is made available for informational purposes only. The information displayed should in no way be considered as personal tax advice. The above information is based on sources deemed reliable by the author. However, Curvo in no way guarantees the accuracy or completeness of this information and cannot be held liable for any direct or indirect damage that may arise as a result of its inaccuracy or incompleteness. This information is subject to possible changes in legislation and tax treatment. The final tax treatment depends on your personal situation.

Updated on: 21/09/2025

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