Published on and written by Cyril Jarnias
Moving abroad while building a real estate portfolio has become a common goal among mobile executives, entrepreneurs, and expatriate families. In this landscape, Belgium holds a unique position. Stable market, highly protective legal framework, specific taxation, but also high transaction costs and significant regional differences: investing in Belgium can be an excellent operation provided you understand the rules in detail.
This article is a comprehensive guide for expatriates looking to buy property in Belgium. It covers remote investing and helps choose between acquiring a primary residence and building a rental portfolio.
Why Belgium Attracts Expatriate Investors
Belgium combines several strengths rarely found together in a single market. Located in the heart of Europe, a member of the EU and NATO, it boasts a diversified economy (services, industry, logistics), a GDP of approximately $578 billion, and an S&P AA credit rating with a stable outlook. In other words, a robust macroeconomic environment, without excesses or overheating.
This is the average annual increase in residential property prices in Belgium over more than forty years.
Another structuring element: a deeply ingrained culture of homeownership. Approximately 71 to 72% of Belgian households are homeowners, above the European average. The local saying “every Belgian is born with a brick in their stomach” illustrates this preference. Public authorities have long encouraged this appetite through tax schemes like the “housing bonus” (an advantage of about 40% on certain credit-related expenses).
For a foreign investor, the strong property culture in Belgium generates a tight rental market in many cities, as a large part of the population prefers to buy. This situation creates sustained rental demand, mainly driven by specific profiles: European expatriates (civil servants, diplomats, multinational employees), students, and executives in the technology or logistics sectors.
The country also has more than 2.2 million residents born abroad, and nearly 70% of the capital’s inhabitants have foreign origins. Result: a highly international social environment, where English is widely spoken alongside French, Dutch, and German, making procedures easier for an expatriate.
Investing Without Being a Resident: A Very Open Framework
For a non-resident investor, the first question is often this: do I have the right to buy without a particular status in the country? In Belgium, the answer is clear: yes.
In Belgium, foreigners, whether EU citizens or third-country nationals, have the same property rights as Belgians. There are no restrictions based on nationality, no limit on the number of properties owned, and no minimum investment threshold. It is not necessary to be a resident to buy, and the acquisition can be finalized without being physically present, thanks to a notary and, if needed, a power of attorney.
However, Belgium does not offer a classical “Golden Visa” linked to real estate purchase. Buying an apartment in Brussels or a house in Flanders does not in itself entitle you to a residence permit. Unlike countries like Portugal, Greece, or Cyprus, Belgium has opted for a logic centered on economic activity rather than passive investment.
Owning a property can, however, strengthen a residence application (it demonstrates local ties and guarantees housing), but it is never sufficient on its own. The usual paths to residence are employment, starting a business, the European Blue Card, family reunification, or certain categories of long-stay visas.
Price Overview and Yields in the Main Regions
For an expatriate, understanding the price differences between regions is essential to calibrating one’s budget and yield expectations. Belgium is divided into three main regions – Flanders, Brussels-Capital, and Wallonia – each with its own market dynamics and taxation.
Price Levels by Region
Recent data shows marked differences, both between regions and between property types.
| Region / City | Average Apartment Price (€/m²) | Average House Price (€/m²) | Estimated Average Total Price |
|---|---|---|---|
| Brussels (Region) | 3,423 – 4,354 | 3,308 – 3,396 | €550,000 – €600,000 |
| Flanders (overall) | 3,064 – 3,483 (urban) | 2,049 – 2,400 | ≈ €350,000 |
| Wallonia (overall) | ≈ 2,720 | 1,487 – 1,673 | €200,000 – €250,000 |
| Antwerp (city) | ≈ 2,849 | – | – |
| Liège (city) | ≈ 2,426 (apt.) | ≈ 1,790 (houses) | – |
For an equivalent budget, an investor therefore gets more space in Wallonia than in Brussels, and often a better gross yield in certain secondary Walloon or Flemish cities. In Brussels, the entry ticket is clearly higher, but international and institutional demand there is also very strong.
Rental Yields by City
Gross yields remain attractive for a developed market, especially in certain student or industrial cities. Available data for the first quarter of 2026 gives a good picture of the differences between markets.
| City | Average Gross Rental Yield |
|---|---|
| Brussels | ≈ 5.75% |
| Liège | ≈ 5.17% |
| Antwerp | ≈ 4.77% |
| Ostend | ≈ 4.35% |
| Leuven | ≈ 3.97% |
| Mechelen | ≈ 3.99% |
| Bruges | ≈ 2.83% |
In detail, studios and small apartments often offer the best gross yields, particularly in Brussels and Liège, but sometimes with higher tenant turnover. It is also important to keep in mind that net yields are generally 1.5 to 2 points lower than gross yields once tax, property tax, condominium fees, and maintenance are factored in.
For an expatriate seeking a balance between yield and security, cities like Brussels, Antwerp, Ghent, Leuven, or Liège offer interesting entry points. They benefit from diverse and stable rental demand, driven by various profiles such as eurocrats, executives in port or logistics sectors, students, researchers, and cross-border workers.
A Purchase Process Heavily Overseen by the Notary
One of the specificities of the Belgian system is the central and mandatory role of the notary. No real estate sale can be completed without a notarial deed, which greatly secures transactions, especially for a foreign buyer.
The standard process unfolds in several steps.
Offer, Preliminary Agreement, and Deposit
Discussions generally begin with a written offer stating the property address, the proposed price, the validity period of the offer, and the buyer’s signature. If the seller accepts, this offer becomes binding. It is often at this point that suspensive conditions are inserted (obtaining a loan, absence of major damage or pollution, etc.).
Signing the preliminary sale agreement definitively commits both parties. A deposit of 10% of the price is usually paid, often into an escrow account. Renouncing without valid reason exposes one to losing this deposit, which serves as a penalty clause.
Notarial Deed and Timelines
The law requires that the final notarial deed be signed within four months following the preliminary agreement. During this period, the notary performs essential checks: title verification for the last 30 years via the mortgage registry, urban planning, easements, absence of undeclared debts or mortgages, mandatory certificates (electricity, soil, asbestos for old buildings, energy performance certificate).
The signing of the deed of sale takes place at the notary’s office, in the presence of the parties or by power of attorney if the buyer is abroad. Once the deed is signed and registered, the property transfer becomes enforceable against third parties and the registration fees (or VAT for a new property) must be paid.
The overall timeline between accepting the offer and handing over the keys is in practice around 2 to 4 months, sometimes longer in case of complex financing or specific urban planning issues.
Notary Costs and Additional Fees
Notary fees are regulated at the federal level, identical regardless of the chosen notary, calculated on a decreasing scale. To these fees are added 21% VAT and various administrative costs.
As a general idea:
| Item | Indicative Range |
|---|---|
| Notary fees | ≈ 0.2% to 4% of the price (1–1.6% on average) |
| VAT on fees | 21% |
| Administrative fees (file, extracts…) | ≈ €800 – €900 |
| Administrative fees for loan deed | ≈ €600 – €800 |
For a property priced at €330,000, the notary’s gross fees are, for example, around €2,500, excluding VAT and other fees. Foreigners pay exactly the same amounts as nationals; there is no nationality surcharge.
A Specific Tax Environment for Investors and Expatriates
Belgian real estate taxation is both protective of owner-occupiers and quite complex for investors, especially as each region has its own reductions and exemptions. For an expatriate, two aspects are crucial: the taxation of rental income and the registration fees / VAT upon purchase.
Rental Income Taxation: The Role of the Cadastral Income
Unlike many countries, tax on private rental income is not calculated on the rent actually received when the property is rented to a private individual for residential use. The base is the cadastral income (CI), a notional value corresponding to the theoretical net annual rent of the property, historically set on references from the 1970s and then indexed each year.
For a dwelling rented to a household for strictly private purposes, the mechanism is as follows:
1. The cadastral income is indexed (via an annual coefficient). 2. The result is increased by a flat rate of 40%. 3. This amount is added to the owner’s other income and taxed according to the progressive scale of personal income tax (25 to 50%).
Flat-rate taxation on the cadastral rental value, rather than on actual rent, often results in a lower tax burden, especially for older properties. Although some economists propose a reform to tax actual rents, this has not yet been implemented.
If the property is rented to a company or used for professional purposes (office, shop, practice), the logic changes: the tax is then calculated on the gross rent, after a flat-rate deduction of 40% for expenses, limited to two-thirds of the revalued cadastral income. Income from movable property (furniture, equipment) is subject to a separate regime with a 30% withholding tax after a 50% deduction, i.e., an effective rate of 15% on the “furniture” portion of the rent in case of furnished rental.
Non-residents are taxed on their Belgian real estate income under the non-resident income tax regime. Above €2,500 of taxable income, they must file a specific return. However, the numerous double taxation treaties avoid full double taxation.
Property Tax: The Annual Owner’s Tax
Every owner – whether residing in Belgium or not – also pays the property tax, an annual regional tax calculated, again, on the indexed cadastral income, with provincial and municipal surcharges. The overall rate generally represents 30 to 50% of the indexed CI, which in practice translates to the equivalent of 0.25 to 1.25% of the actual value for a standard dwelling, roughly €800 to €2,500 per year for a typical house.
Property tax reductions can be granted under certain conditions, notably for properties with low cadastral income, large families, disabled persons, certain listed buildings, or those managed by social housing agencies. However, the granting and amount of these reductions depend on local policies and vary significantly from region to region.
Capital Gains: Sales and Profits
Belgium offers a rather favorable environment for individuals regarding real estate capital gains, provided certain deadlines are respected.
For private individuals outside professional activity:
The sale of your primary residence is exempt if you have occupied it for at least 12 months, including 6 in the year preceding the sale. For a second home or rental investment, a capital gain is taxed at 16.5% if the resale occurs within 5 years of acquisition, then generally becomes non-taxable. For bare land, the tax is 33% if sold within 5 years, 16.5% between 5 and 8 years, and exemption thereafter. The capital gain is calculated on the difference between the sale price and the purchase price, increased by 25% for acquisition costs and by 5% per year of ownership, with sales costs deducted.
Capital gains on inherited properties are, however, exempt from income tax, but the inheritance may have already been subject to inheritance taxes, often high and very variable depending on the region and degree of kinship.
For companies, capital gains are part of the taxable result subject to corporate income tax (standard rate of 25%, reduced to 20% on the first €100,000 for some SMEs), with possible rollover or spreading regimes in case of reinvestment in depreciable assets located in Belgium or the EEA.
Registration Fees, VAT, and Total Acquisition Cost
This is one of the most frequent shocks for an expatriate used to lower transaction costs: in Belgium, the total of taxes + notary fees + additional costs can increase the bill by 15 to 25% above the purchase price in some cases. Planning cash flow and down payment is therefore crucial.
Registration Fees by Region
Registration fees (transfer fees) are due on the purchase of most existing properties. The standard rates per region are high, but many reductions exist for the primary residence.
| Region | Standard Rate (investment / second home) | Reduced Rate Primary Residence (conditions) |
|---|---|---|
| Flanders | 12% | 3% (and sometimes 2%) |
| Brussels-Capital | 12.5% | Rebate on a price bracket |
| Wallonia | 12.5% | 3% for the “family home” |
In Flanders, a rate of 3% (even 2% in some configurations) applies to the purchase of a single primary residence, subject to price conditions and a deadline to move in. In parallel, an additional advantage is granted for modest properties, with a reduction of several thousand euros.
Average savings on registration fees thanks to the rebate for a first residence in Brussels, which can increase with energy renovation.
In Wallonia, a reduced rate of 3% is provided for the primary residence, with a rebate on a first bracket (approximately €20,000, corresponding to savings around €2,500), and a 6% regime for so-called “modest” dwellings under conditions.
Professional investors, who buy and resell within a determined period, sometimes benefit from intermediate rates (4% in Flanders, 5% in Wallonia, 8% in Brussels). Note that in case of resale within two years, a portion of the paid fees can be recovered (60% in Flanders and Wallonia, 36% in Brussels) under conditions.
VAT on New Builds and Major Renovations
For new constructions or certain renovations considered as new builds, VAT applies, at the standard rate of 21%. In this case, there are no registration fees on the building part, but the land is often subject to fees, unless the same seller simultaneously transfers the land and construction, in which case VAT sometimes extends to the whole.
A reduced VAT rate of 6% can apply to certain demolition-reconstruction projects or social housing. However, these regimes are strictly conditional and mainly aimed at owner-occupation rather than pure rental investment.
Total Cost: A Numerical Example
In practice, for an expatriate buying an existing apartment intended for rental, it is prudent to consider that:
– for an old property in Brussels or Wallonia, registration fees alone represent 12.5% of the price,
– notary fees, VAT on these fees, file costs, and the mortgage registration tax add an additional 2 to 3 points,
– in total, the bill can reach 15 to 20% of the price for an existing purchase, and exceed 20% for a new purchase subject to VAT.
Overall figures cited in studies place the “round-trip cost” (purchase + resale) between 10.2 and over 20% of the price, depending on the property type and region.
Financing: What an Expatriate Can Expect from Belgian Banks
Another decisive aspect for the foreign investor is access to local credit. On this point, Belgium appears rather open, but with stricter requirements for non-residents.
Banks and Access Conditions
Major banks that regularly work with foreigners include BNP Paribas Fortis, KBC, ING, Belfius, Crelan, and even some international players. There is no law prohibiting financing a non-resident, but banks are never obliged to lend and are cautious when the client has neither local income nor local banking history.
To be considered a resident by a Belgian bank, one generally needs to hold a valid residence permit (Card A, B, European Blue Card…). Non-residents, such as expatriates buying in Belgium but working abroad, must provide additional proof: income evidence, tax returns from the country of origin, bank statements, and sometimes translated and apostilled foreign credit reports.
Down Payment, Ratios, and Rates
In practice, financing rules vary according to profile.
| Buyer Profile | Typical Maximum Financing | Usual Minimum Down Payment |
|---|---|---|
| Belgian / EU resident | 80–90% of price | 10–20% |
| Non-resident EU | ≈ 80% | ≈ 20% |
| Non-resident outside EU | 60–75% (often 60–80%) | 20–40% (even 50%) |
| Pure investor / rental | 70% (sometimes 60–70%) | ≥ 30% |
Banks closely examine the debt-to-income ratio, with a frequent limit around 33 to 40% of gross income dedicated to repayments. The maximum term fluctuates between 25 and 30 years, provided the borrower is not older than 65–70 years at maturity.
Interest rates have risen compared to historical lows, but remain moderate for a developed European market. The most recent data indicate:
– an average rate around 3.6% in 2023 for the overall market,
– 5–10 year fixed rates around 3.2% for the best profiles,
– 20-year fixed rates in a range of 3.8–4.2%,
– premiums of 0.2 to 0.5 points for non-residents.
Interest rates that highly creditworthy foreigners can obtain for a mortgage.
Costs Related to Credit
Borrowing in Belgium also involves specific setup costs:
– bank application fee: often between €300 and €500, legally capped for standard loans,
– valuation report: about €200 to €600 plus VAT,
– registration fee on the mortgage: 1% of the guaranteed amount,
– federal “mortgage tax”: 0.3%,
– notary fees for the loan deed: several thousand euros (e.g., approximately €4,500 for a loan of €170,000).
Banks also require the subscription of fire insurance (de facto mandatory) and very often credit life insurance (life insurance linked to the loan), the cost of which varies greatly depending on age, term, and coverage, but is frequently between €300 and €700 per year for a standard setup.
Rental Market: Opportunities and Constraints for an Expatriate Owner
For an expatriate considering renting out their property, Belgium offers a mix of advantages (sustained demand, decent yields, automatic indexation clauses) and constraints (strong tenant protection, regional regulations).
Tenant Profiles and Market Tensions
Demand is particularly strong in major cities and university hubs.
In Brussels, demand is strong for well-located 1-2 bedroom furnished apartments, driven by international institutions. In Antwerp, it is driven by the port, logistics, diamonds, and students. Ghent and Leuven have a constant need for small student housing. Liège, Namur, and Charleroi offer more affordable markets with good rental yields in certain neighborhoods.
Studies show low vacancy rates in these hubs, with sometimes several dozen applicants for the same dwelling in cities like Ghent or Leuven. The shortage of social housing (over four years of waiting on average) contributes to this tension.
Rental Rules and Indexation
Residential leases are mainly governed by regional legislation but retain common characteristics: “standard” nine-year duration, strong tenant protection, obligation to register the lease. Terminations by the owner are regulated (reasons, notice periods, compensation).
For investors, the rent can be indexed annually on the lease anniversary date based on the health index. However, this possibility is limited for dwellings with low energy performance. In the Brussels-Capital Region and Wallonia, owners of properties rated F or G thus see their indexation rights very restricted, or even temporarily suspended.
Property Management: A Key Issue for Expatriates
Managing a rented apartment in Brussels or Antwerp remotely, while living in Singapore or Dubai, requires delegating a large part of the tasks. The Belgian market has adapted to this demand, with many management agencies dedicated to expatriates.
Agencies or managers offer full-service management of your rental property. Their services include tenant search, lease drafting, conducting property inspections, annual rent indexation and collection. They also handle follow-up in case of non-payment and coordinate repairs (heating, electricity, internet). Some also offer initial furnishing services and preparation of the dwelling for furnished or short-term rental.
Remuneration often takes the form of a percentage of collected rents (a “no cure, no pay” model for non-payments with some operators) and, for the initial rental placement, the equivalent of one month’s rent excluding VAT to cover advertising and candidate selection.
For an expatriate, outsourcing management to these professionals helps limit risks related to local constraints (mandatory certificates, energy standards, sometimes tense relations with tenants, disputes) and transforms a potentially time-consuming investment into a more passive one.
Residence, Worldwide Taxation, and Expatriation: Mind the Intersection of Rules
Finally, an expatriate investing in Belgium must keep in mind that Belgium applies, for its tax residents, the principle of worldwide taxation. In other words, a Belgian resident must in principle declare all their worldwide income, including real estate, with mechanisms to avoid double taxation (exemption with progression or partial tax credit depending on treaties).
Non-residents are taxable in Belgium only on their Belgian-source income (rents, capital gains, property tax). Under most tax treaties, the right to tax real estate income belongs to the country where the property is located. Consequently, a non-resident owner must file a tax return in Belgium if their local real estate income exceeds a certain threshold.
These interactions become even more sensitive if the expatriate considers settling permanently in Belgium to work under an expat tax status (new special tax regime for executives and researchers, applicable for five years renewable), or if they are affected by future measures on taxation of financial capital gains and “exit tax” on financial assets upon departure. Even if these latter do not directly target real estate, they influence the overall wealth strategy.
Conclusion: A Solid Market, but to Be Approached Methodically
Belgium stands out as a coherent real estate investment ground for expatriates seeking a combination of stability, secure legal framework, reasonable yield, and sustained rental demand. The absence of restrictions for foreigners, the solidity of property rights, and the massive presence of international institutions constitute lasting assets.
Real estate investment in Belgium involves high entry costs, taxation fragmented across three regions, and demanding tenant protections requiring rigorous management. Its highly detailed regulatory environment (urban planning, energy performance, pre-emption rights, condominiums) makes recourse to local professionals almost indispensable: notary, lawyer, manager, and tax advisor.
For an expatriate, the key is to approach Belgium not as a speculative “quick win” market, but as a long-term ecosystem, where one progressively builds wealth: carefully choose the city and neighborhood, balance yield and security, anticipate energy renovations, calibrate financing, and delegate management wisely. In this framework, Belgian real estate can become the solid pillar of an international wealth strategy, rather than just a European pied-à-terre.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
