Taxes and Costs
Investment real estate and residential real estate often have different tax implications in Belgium. In purchasing real property, the main additional cost will be the 12.5% registration tax. Taxes will also be charged upon registration of a mortgage, in addition to mortgage lender fees. The state has fixed notary fees, which are based on the value of the property, and are usually around 1.6% of the selling price.
Tax implications in Belgium
Residential property owners in Belgium are afforded advantages, since in 2004, tax regulations allowed some costs to be deducted from taxable income, up to a maximum amount. These costs include mortgage interest, capital repayments, as well as premiums for outstanding balance insurance. A 16.5% capital gains tax is applied to properties which are sold within five years, if they do not meet certain tax-exemption criteria. Real estate tax, or tax upon immovable property, is levied on the cadastral value of the property at varied rates, which range from 1.25% to 2.5%, depending on the region. A 7% municipal tax may be charged on non-residents gaining income from Belgian immovable property. Furthermore, provincial and local surtaxes are levied based on withholding real estate tax, the rates of which depend on the property location.
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In most residential real estate properties like town houses and exclusive villages, sports facilities are typically provided. This also depends on the concept of the developer of such residential housing projects. Developers can actually decide