Family office in Belgium: private foundations, certification and holding structures under a fast-changing wealth tax framework

Belgian law does not regulate family offices as such. The perimeter is set by the activities carried out. Under the Law of 25 October 2016, discretionary portfolio management and investment advice provided to clients on a professional basis require a licence as an investment firm or portfolio management and investment advice company, supervised by the FSMA and, prudentially, the National Bank of Belgium where relevant. Managing a pooled fund for outside investors brings in the AIFM Law of 19 April 2014, with full authorisation or, below the EU thresholds, FSMA registration. An office that only organises and supervises the wealth of the founding family, coordinates its banks and advisers and runs its governance generally provides no regulated service to third parties. Multi-family offices typically either hold an FSMA licence or limit themselves to coordination and reporting while discretionary management stays with licensed banks.

The traditional Belgian toolkit focuses on keeping control and family cohesion while value passes to the next generation. A holding company (SRL/BV or SA/NV) centralises the operating group, and the dividends received deduction (DBI/RDT) removes qualifying dividends from corporate tax where the holding owns at least 10% or an acquisition value of at least EUR 2.5 million for at least a year. The Programme Law of 18 July 2025 kept the EUR 2.5 million alternative but, for companies that are not small, now requires the participation to be held as a financial fixed asset with a lasting link. Above the holding, shares are often certified: a certification foundation or STAK holds legal title and votes while family members hold certificates, under the Law of 15 July 1998. The private foundation, available since 2002 and now governed by the Code of Companies and Associations, can serve as a long-term shareholder or protect a family collection, provided it pursues a disinterested purpose. For assets other than shares, many families use a maatschap / société simple with parents as statutory managers.

Taxation has shifted markedly. The Law of 6 April 2026 introduced a capital gains tax on financial assets from 1 January 2026: 10% on gains in the normal management of private wealth, with the first EUR 10,000 exempt, and a separate regime for substantial participations of at least 20% where the first EUR 1 million of gain is exempt once in five years and the rest is taxed at 1.25%, 2.5%, 5% or 10%. Gains accrued up to 31 December 2025 remain exempt through a step-up to that date's value. The annual securities account tax doubled from 0.15% to 0.30% for reference periods ending after 31 May 2026 on accounts averaging more than EUR 1 million. The Cayman tax (look-through taxation of low-taxed legal constructions, including trusts) remains, though the Constitutional Court's judgment of 18 September 2025 struck down parts of the 2023 tightening, including the narrow definition of substance.

Succession is where Belgium remains distinctive. Gift and inheritance tax is regional, with inheritance tax in direct line reaching 27% in Flanders and 30% in Brussels and Wallonia, but registered gifts of movable assets to children cost 3% in Flanders and Brussels and 3.3% in Wallonia, and qualifying family business shares can be gifted at 0% in all three regions. Unregistered gifts fall back into the estate if the donor dies within five years while resident. Children are entitled to a reserved half of the estate, and inheritance pacts can settle prior gifts. Belgium has no investor visa; executives and family office staff moving from abroad may use the inpatriate tax regime, which since 1 January 2025 gives a 35% tax-free allowance for qualifying employees earning at least EUR 70,000.