Taxes by Country

Tax rules for retail investors in Germany, Austria, Switzerland, Belgium, France, Italy, Spain, and the Netherlands. As of September 2026. Tax law changes, verify the figures yourself before any decision. This is not tax advice and doesn't replace individual professional advice.

All eight countries at a glance → (plus deposit insurance and financial regulators)

How withholding tax on foreign dividends works →

Germany25 percent flat tax plus solidarity surcharge, a €1,000 annual allowance, 30 percent partial exemption for equity funds, and the annual advance lump-sum tax for accumulating funds.Austria27.5 percent capital gains tax from the first euro, no allowance, no holding-period exemption. Accumulating funds get taxed annually via deemed-distribution income.SwitzerlandPrivate capital gains are tax-free. Dividends get taxed as income and the portfolio as wealth. Anyone classified as trading as a business loses the exemption.BelgiumSince 2026, a 10 percent capital gains tax applies to realized gains above an allowance of €10,000 per person per year. Stock-exchange tax and dividend withholding tax remain in place alongside it.FranceThe flat tax (PFU) covers capital gains, dividends, and interest at a flat 31.4 percent, slightly raised since early 2026. Alternatively, the progressive rate can be chosen if it's cheaper.Italy26 percent flat tax on capital gains, dividends, and interest, regardless of holding period. Crypto gains are taxed considerably higher from 2026, at 33 percent, than traditional securities.SpainCapital gains, dividends, and interest fall into the progressive savings base at rates of 19 to 30 percent. This scale applies uniformly nationwide, unlike general income tax with its regional surcharges.NetherlandsThe Netherlands doesn't tax your actual gain, it taxes an assumed return on your entire wealth above an allowance. Whether you sold or not makes no difference.