Best broker for expats in Belgium (2026)
Updated · figures checked 2 November 2026
The short version
- For English speakers, Keytrade Bank combines an English website, no custody fee, and the Belgian stock exchange tax and dividend tax handled for you.
- Saxo has the lowest fee we verified on a typical Euronext order and also handles Belgian taxes, but its Belgian site is in Dutch and French only.
- The rule that matters most: if your broker does not collect the stock exchange tax (TOB), you must declare and pay it yourself. Interactive Brokers does not collect it on individual accounts.
- Trade Republic is cheap per trade in an English app, but we could not confirm whether it collects the TOB, so check before you invest.
Not rated: DEGIRO, Revolut (stock trading). Their official pages could not be read when we checked, so we do not score them rather than guess.
Values link to the provider page we read on the date shown on hover. Prices change: confirm on the provider's site before you sign.
Moving to Belgium changes how your investments are taxed, even if your portfolio stays exactly the same. Once you are a Belgian tax resident, every purchase and sale of shares or funds can trigger a Belgian transaction tax, dividends are taxed at source in Belgium, and a new tax on capital gains is being introduced. A broker that handles these taxes for you saves real paperwork. A broker that does not leaves you with monthly declarations in Dutch or French.
This guide is for expats who want to invest in shares and ETFs (exchange-traded funds) from Belgium: people who held an account with a broker back home and need to know whether to keep it, and people starting from scratch with a Belgian salary. We compared seven brokers on what they publish: the fee for a typical order, custody fees, whether they collect the Belgian taxes, and whether you can use them in English.
What decides the choice for most newcomers is not the last euro of commission. It is whether the broker deals with the Belgian taxes automatically, and whether you can read the contract and the tax documents in a language you understand.
How to choose a broker as a Belgian resident
The stock exchange tax (TOB) and who pays it
The tax on stock exchange transactions is called TOB (taxe sur les opérations de bourse in French, beurstaks or taks op de beursverrichtingen in Dutch). The rates and caps, as published by the FSMA’s financial education site Wikifin: The TOB has three rates: 0.12% (max €1,300) on bonds and distributing listed funds registered with the FSMA or an EEA regulator, 0.35% (max €1,600) on shares, 1.32% (max €4,000) on accumulating listed funds registered with the FSMA or an EEA regulator; charged on both purchase and sale on the secondary market. (source, checked 2 November 2026) It applies to trades on the secondary market, not to everything: The TOB does not apply when subscribing to shares or bonds at issue. (source, checked 2 November 2026)
The key question is who pays it to the tax office. The TOB is charged by your bank or stockbroker when you buy or sell securities. (source, checked 2 November 2026) That is the normal case with a Belgian broker or a foreign broker with a Belgian set-up. It is not universal. Interactive Brokers does not automatically charge the Belgian TOB on individual accounts. (source, checked 2 November 2026) If your broker does not collect the TOB, the duty to declare and pay it moves to you. The FPS Finance pages that explain the declaration form, deadline and payment account were behind a bot check when we checked, so we cannot summarise the procedure here. Read it on the FPS Finance page on the stock exchange tax (Dutch; a French version also exists) before you choose a broker that leaves it to you.
Dividend tax and the yearly exemption
Belgium taxes most investment income at source: Most dividends and interest bear 30% Belgian withholding tax (roerende voorheffing), which is final: no further declaration needed. (source, checked 2 November 2026) A Belgian broker deducts it before the dividend reaches your account. With a foreign broker that does not, you declare the dividend in your tax return yourself.
There is a partial relief. Dividends from shares received in 2026 are exempt up to €833 per taxpayer; the exemption is reclaimed through the tax return. (source, checked 2 November 2026) Even when your broker withholds the tax, the exemption is not applied automatically: you claim it back in your yearly return. Keep the dividend statements your broker sends.
For foreign shares, two layers of tax often apply: the tax of the company’s country, then the Belgian tax on what is left. Some brokers reduce the foreign layer automatically under a tax treaty; others leave it to you.
The new capital gains tax
Belgium is adding a tax on gains from financial assets. A 10% capital gains tax on financial assets applies in principle to gains realised from 1 January 2026 (law expected to be voted in 2026, as of Wikifin's 27 January 2026 update); speculative gains are taxed at 33%. (source, checked 2 November 2026) Rules on exemptions and on how brokers report or withhold this tax were still being detailed when we checked. Look at the Wikifin page on taxes on your Belgian investments for the current status before you sell a position with a large gain.
Fees beyond the commission
Compare the full cost of a trade, not the headline. The table shows the fee for a share order of the same size on Euronext so the brokers line up. Then check three other things: a currency conversion fee if you buy US shares with euros, a fee to transfer your shares to another broker later, and any fee to collect foreign dividends. All three appear below where the broker publishes them.
Language, documents and regulation
Several Belgian brokers publish their sites, contracts and tax documents only in Dutch and French. That is not a reason to rule them out if you read one of those languages, but it matters when you have to check a tax statement in April. On regulation, every broker here is a bank or investment firm supervised in the EU. We checked them in the ECB list of supervised banks and the Dutch AFM register; the National Bank of Belgium lists were unreachable on the day.
The providers compared
Brokers appear in score order, as in the table. DEGIRO and Revolut are listed in the table as not rated: their sites blocked our checks, so we did not score them.
1. Keytrade Bank 6.8/10
Ranked 1 of 7 rated providers in this guide.
Best for: English-speaking expats who want a Belgian-tax-compliant broker without paperwork.
Keytrade Bank is the Belgian branch of Arkéa Direct Bank, a French bank in the Crédit Mutuel group supervised by the European Central Bank. It is one of the longest-running online brokers in Belgium and, unlike most local competitors, it has an English website and an English tariff.
For a typical Euronext order the fee is €5.95 (orders €250.01 to €2,500, Euronext). Smaller orders cost less and larger ones more, in tranches published in the tariff. Custody fee: Free for private individuals. US orders are charged in dollars and cost noticeably more per trade, which matters if you mainly buy US shares.
The Belgian taxes are the strong point. Stock exchange tax (TOB): Yes, deducted automatically. Belgian dividend tax: Yes, 30% Belgian withholding applied to dividends automatically. On US dividends Keytrade applies the reduced treaty rate automatically before the Belgian withholding. For most expats that means no TOB declaration and a simpler tax return.
Two costs to know. Transferring your securities to another bank is charged per line, so a portfolio with many small positions is expensive to move out. And the documents asked from non-Belgian residents were not published on the pages we read: expect to provide your residence card and Belgian address. Phone and email support are published on the tariff.
Keytrade suits English-speaking residents who want a Belgian broker that handles the tax for them and trade mainly on European exchanges. Frequent US traders may find the dollar fees high.
- Fee, €2,000 share order (Euronext)
- €5.95 (orders €250.01 to €2,500, Euronext)
- Custody fee
- Free for private individuals
- Pays the stock exchange tax (TOB) for you
- Yes, deducted automatically
- Withholds Belgian 30% dividend tax
- Yes, 30% Belgian withholding applied to dividends automatically
- Website in English
- Yes
What works
- Low fee for small Euronext share orders (€2.45 up to €250)
- TOB and Belgian withholding automatic
- English website
Watch out
- US orders cost $14.95 minimum
- €50 excl. VAT per line to transfer securities out
How this 6.8/10 is calculated
Verified criteria carry 90% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%, 44% after reweighting) | 8/10 | €5.95 for a €2,000 Euronext order, no custody fee for individuals, TOB and dividend withholding handled. |
| English accessibility (25%, 28% after reweighting) | 6/10 | English website and English tariff PDF exist; English app, contracts and support were not verified. |
| Service (20%, 22% after reweighting) | 6/10 | Phone +32 2 679 90 00 and info@keytradebank.com published on the tariff; hours not checked. |
| Simplicity (10%) | not verified | Onboarding requirements for non-Belgians not published on the pages checked. |
| Digital (5%, 6% after reweighting) | 5/10 | Online trading platform; app features not verified. |
Regulator: ECB (SSM): Arkéa Direct Bank is listed within the Confédération Nationale du Crédit Mutuel group, LEI 969500EYUH381IUM2589 (Arkéa Direct Bank); Belgian branch BE 0879 257 191 per Keytrade tariff (checked 2026-11-02).
2. Saxo (Belgium) 6.4/10
Ranked 2 of 7 rated providers in this guide.
Best for: Cost-conscious investors who want low fees and Belgian taxes handled automatically.
Saxo is a Danish bank, Saxo Bank A/S, with a Belgian branch in Antwerp registered with the National Bank of Belgium and supervised by the FSMA and the NBB. It offers a wide range of markets on its own platform.
On price it came out cheapest for a Euronext order of our sample size: €2 (0.08%, min €2, Bronze tier, Euronext Brussels). Higher tiers lower the percentage further for larger clients. Custody: Free, and account opening and management are free. Trades in another currency carry a currency conversion fee, so US shares bought with euros cost more than the commission suggests.
Saxo handles Belgian taxes for you: TOB: Yes, automatic settlement of TOB (free). Dividend tax: Yes, automatic settlement of withholding tax (free). That puts it level with Keytrade on the tax question.
The weak point for expats is language. The Belgian site and tariff are in Dutch and French, and the English Belgian path did not exist when we checked (No Belgian English site (NL/FR; /en-be returns 404)). A global English Saxo site exists, but we did not verify whether it serves Belgian clients. Onboarding documents for non-Belgians were not published. Phone orders cost extra, and a closed account that still holds securities or cash is charged monthly, so empty the account fully when you leave.
Saxo suits cost-conscious investors who read Dutch or French, or who are comfortable with a platform in English but contracts in a local language. If English documents matter, Keytrade is the safer choice.
- Fee, €2,000 share order (Euronext)
- €2 (0.08%, min €2, Bronze tier, Euronext Brussels)
- Custody fee
- Free
- Pays the stock exchange tax (TOB) for you
- Yes, automatic settlement of TOB (free)
- Withholds Belgian 30% dividend tax
- Yes, automatic settlement of withholding tax (free)
- Website in English
- No Belgian English site (NL/FR; /en-be returns 404)
What works
- Lowest verified fee for a €2,000 Euronext order
- TOB and Belgian withholding handled
- No custody fee
Watch out
- No Belgian English site
- 0.25% FX fee on non-EUR trades
- €15/month if a closed account still holds assets
How this 6.4/10 is calculated
Verified criteria carry 90% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%, 44% after reweighting) | 10/10 | €2 for a €2,000 Euronext order, no custody fee, TOB and withholding settled automatically for free. |
| English accessibility (25%, 28% after reweighting) | 2/10 | Belgian site and tariffs in NL/FR; the en-be path returned 404 (a global English site exists but was not checked for Belgian clients). |
| Service (20%, 22% after reweighting) | 5/10 | Antwerp office address and a contact page are published; phone hours not checked. Phone orders cost €15 extra. |
| Simplicity (10%) | not verified | Onboarding documents for non-Belgians not published on the pages checked. |
| Digital (5%, 6% after reweighting) | 6/10 | Web platform and mobile app referenced in the tariff (refer-a-friend via app); itsme/eID requirement not checked. |
Regulator: DFSA (Denmark, primary); NBB and FSMA for the Belgian branch, BE1003939706 (Saxo Bank A/S, branch) (checked 2026-11-02).
3. Trade Republic 6.0/10
Ranked 3 of 7 rated providers in this guide.
Best for: Small regular investors who want the lowest per-trade cost in an English app.
Trade Republic is a German bank, Trade Republic Bank GmbH, with a Belgian branch in Brussels. It is an app-first broker with an English Belgian site and help centre, aimed at small and regular investors.
Its pricing is simple. There is no order commission, only €1 external settlement cost per trade (plus spreads/third-party costs). Account fee: No securities account fee. There is no minimum investment, and the app comes with a card.
The problem is the Belgian tax. Trade Republic’s Belgian help article on the TOB returned an error page on our check date, so its TOB handling is listed as not confirmed: Belgian TOB help article returned 404 on check date. Belgian dividend tax: not published on the pages checked. We are not saying it does not collect them; we could not confirm it. Before you invest, ask support in the app whether the TOB and Belgian withholding tax are deducted on your account, and keep the answer.
Onboarding runs entirely in the app; documents for non-Belgians were not listed on the pages we read. Support is through the online help centre; phone or chat channels were not checked.
Trade Republic suits small regular investors, for example a monthly ETF savings plan, who want the lowest cost per trade in English. Its score would rise if the TOB handling is confirmed.
- Fee, €2,000 share order (Euronext)
- €1 external settlement cost per trade (plus spreads/third-party costs)
- Custody fee
- No securities account fee
- Pays the stock exchange tax (TOB) for you
- not confirmed: Belgian TOB help article returned 404 on check date
- Withholds Belgian 30% dividend tax
- not published on the pages checked
- Website in English
- Yes (en-be)
What works
- €1 per trade
- No account fee
- English app and help centre
Watch out
- Belgian TOB handling not confirmed at check date
How this 6.0/10 is calculated
Verified criteria carry 100% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%) | 7/10 | €1 per trade and no account fee; TOB handling could not be confirmed on the check date. |
| English accessibility (25%) | 6/10 | Belgian site and help centre in English (en-be); contracts and support language not verified. |
| Service (20%) | 4/10 | Help centre online; phone or chat channels not checked. |
| Simplicity (10%) | 5/10 | App-based onboarding; documents for non-Belgians not checked. |
| Digital (5%) | 7/10 | App-first broker with card and help centre (ATM withdrawals free above €100). |
Regulator: ECB list (less significant institution, Germany; national supervisor BaFin/Bundesbank), LEI 5299009IFX1XTKDY4568 (Trade Republic Bank GmbH) (checked 2026-11-02).
4. Interactive Brokers 5.8/10
Ranked 4 of 7 rated providers in this guide.
Best for: Experienced English-speaking investors comfortable filing TOB themselves.
Interactive Brokers serves European clients through Interactive Brokers Ireland Limited. It is known for low fees, a very wide range of markets and professional tools, and its website and pricing are in English. We could not confirm the Irish register entry because the Central Bank of Ireland search returned an error, so its regulator status is shown as unverified.
On cost, a Euronext order of our sample size is €3 (Fixed pricing, 0.05%, min €3, smart routed, Belgium). Custody: None from IBKR; third parties may charge. Exchange fees are passed through on some ETF trades.
The catch is Belgian tax. TOB: No, not charged automatically on individual accounts. Its own help page says so plainly. A Belgian resident using Interactive Brokers must therefore declare and pay the TOB to the FPS Finance, using the official procedure, for every month with trades. Belgian dividend tax: not published on the pages checked, so expect to declare dividends in your tax return as well.
Many expats arrive with an existing Interactive Brokers account. Keeping it is possible, but the paperwork starts on the day you become a Belgian resident. If you trade often, the monthly declarations become real work.
It suits experienced investors who trade global markets, read tax rules in English and are ready to file the TOB themselves. For a buy-and-hold ETF investor it adds paperwork that a Belgian broker removes.
- Fee, €2,000 share order (Euronext)
- €3 (Fixed pricing, 0.05%, min €3, smart routed, Belgium)
- Custody fee
- None from IBKR; third parties may charge
- Pays the stock exchange tax (TOB) for you
- No, not charged automatically on individual accounts
- Withholds Belgian 30% dividend tax
- not published on the pages checked
- Website in English
- Yes
What works
- Low fees
- English platform
- No custody fee
Watch out
- TOB not collected: monthly self-declaration
- Belgian dividend withholding handling not confirmed
How this 5.8/10 is calculated
Verified criteria carry 80% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%, 50% after reweighting) | 6/10 | €3 for a €2,000 order and no custody fee, but you must declare and pay TOB yourself. |
| English accessibility (25%, 31% after reweighting) | 6/10 | Website and pricing in English; app and support language not verified. |
| Service (20%) | not verified | Not verifiable on our check date: service channels were not shown on the pages fetched. |
| Simplicity (10%, 13% after reweighting) | 4/10 | You handle Belgian TOB declarations yourself. |
| Digital (5%, 6% after reweighting) | 6/10 | Trader Workstation, IBKR Desktop, IBKR Mobile and APIs listed. |
We could not confirm this company in the Central Bank of Ireland register on 2026-11-02.
5. ReBel (Belfius) 5.4/10
Ranked 5 of 7 rated providers in this guide.
Best for: Belfius clients who want cheap Euronext trades with Belgian taxes handled.
ReBel is the online investment service of Belfius, a Belgian bank supervised by the ECB with the National Bank of Belgium. It sits inside the Belfius app and Belfius Direct Net.
On price it is among the cheapest Belgian options: a Euronext Brussels share order of our sample size costs €3 (shares €1,000.01 to €2,500, Euronext Brussels). Custody fee: None, except funds not managed by Belfius AM or Candriam. ETFs on Euronext Brussels are even cheaper on small orders, and investors aged 18 to 24 pay no brokerage on Euronext and US markets. Belgian taxes are applied automatically: TOB: Yes, applied automatically. Dividend tax: Yes, applied automatically. Belfius also refunds the other bank’s fees when you transfer your securities in.
Two things hold it back for newcomers. First, you must be a Belfius client, and the ReBel page says you become one in the Belfius app with itsme, the Belgian digital identity app. Plan for this step before you count on ReBel. Second, there is no English: No (Belfius retail /en pages return 404).
ReBel suits expats who already bank with Belfius, read Dutch or French and want cheap Euronext trades with taxes handled. It is the strongest product on price among the Belgian banks here; the low English score is what pulls its total down.
- Fee, €2,000 share order (Euronext)
- €3 (shares €1,000.01 to €2,500, Euronext Brussels)
- Pays the stock exchange tax (TOB) for you
- Yes, applied automatically
- Withholds Belgian 30% dividend tax
- Yes, applied automatically
- Website in English
- No (Belfius retail /en pages return 404)
What works
- Low fees on Euronext
- TOB and withholding automatic
- Free brokerage for 18 to 24 year olds
Watch out
- Belfius client required
- No English pages
- Onboarding via itsme in the app
How this 5.4/10 is calculated
Verified criteria carry 100% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%) | 9/10 | €3 for a €2,000 Euronext Brussels share order, no custody fee on most products, Belgian taxes applied automatically. |
| English accessibility (25%) | 0/10 | ReBel pages in NL/FR; Belfius retail English URLs returned 404. |
| Service (20%) | 5/10 | Integrated in the Belfius app and Belfius Direct Net; service channels not checked on the ReBel pages. |
| Simplicity (10%) | 4/10 | Requires being a Belfius client; ReBel page says you can become a client in the app with itsme. |
| Digital (5%) | 7/10 | Fully in the Belfius app, order notifications, client onboarding with itsme. |
Regulator: ECB (SSM, significant institution) with NBB, LEI A5GWLFH3KM7YV2SFQL84 (Belfius Bank NV) (checked 2026-11-02).
6. Bolero 4.4/10
Ranked 6 of 7 rated providers in this guide.
Best for: French or Dutch speakers who want a Belgian broker that handles TOB and capital gains tax for them.
Bolero is the online investment service of KBC Bank. You do not need to be a KBC client to use it, which makes it an option even if you bank elsewhere.
It is the most expensive of the verified brokers for our sample order: €7.50 (orders €1,000.01 to €2,500, Euronext). Custody fee: None ("Geen bewaarloon"). Collecting dividends from foreign shares and ETFs carries a fee, which adds up on a dividend portfolio. Belgian shares are free on that point.
Tax handling is thorough. The TOB is handled on every trade (Yes, Belgian stock exchange taxes are listed separately on the trade note), and Bolero has an opt-in to withhold the new capital gains tax at source and pay it to the tax office for you. Belgian dividend withholding: not published on the pages checked, so ask before you rely on it.
Language is the barrier: No (NL/FR only; /en returns 404). The tariff and support pages are in Dutch and French, and the documents asked from non-Belgian residents were not published. An order desk phone line is listed.
Bolero suits French or Dutch speakers who want a Belgian broker to take care of the TOB and the capital gains tax with as little paperwork as possible.
- Fee, €2,000 share order (Euronext)
- €7.50 (orders €1,000.01 to €2,500, Euronext)
- Custody fee
- None ("Geen bewaarloon")
- Pays the stock exchange tax (TOB) for you
- Yes, Belgian stock exchange taxes are listed separately on the trade note
- Withholds Belgian 30% dividend tax
- not published on the pages checked
- Website in English
- No (NL/FR only; /en returns 404)
What works
- Belgian broker: TOB handled on every trade
- No custody fee
- Opt-in withholding of the 10% capital gains tax
Watch out
- No English website
- Highest per-order fee among verified brokers for a €2,000 order
- 2% collection fee on foreign dividends (max €125)
How this 4.4/10 is calculated
Verified criteria carry 100% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%) | 6/10 | €7.50 for a €2,000 Euronext order is the highest of the fees verified in this guide, but there is no custody fee and Belgian TOB is handled for you. |
| English accessibility (25%) | 0/10 | Website is offered in NL and FR only; https://www.bolero.be/en returned 404. |
| Service (20%) | 6/10 | An order desk phone line (02 303 33 00) is published; opening hours and chat were not checked. |
| Simplicity (10%) | 5/10 | Not KBC client required per Bolero; onboarding documents for non-Belgians were not published on the pages checked. |
| Digital (5%) | 5/10 | Web platform and a Bolero Mobile app are listed; other digital features not verified. |
Regulator: ECB (SSM, significant institution) with NBB, LEI 6B2PBRV1FCJDMR45RZ53 (KBC Bank NV) (checked 2026-11-02).
7. LYNX 4.1/10
Ranked 7 of 7 rated providers in this guide.
Best for: Active traders who want global markets with TOB withheld.
LYNX is a Dutch investment firm, Lynx B.V., with a Belgian branch in Ghent, supervised by the Dutch AFM. It gives access to global markets through the Interactive Brokers trading platform, but unlike Interactive Brokers it deals with the Belgian TOB.
A Euronext order of our sample size costs €6 (0.09%, min €6, max €99, Belgium), which hits the minimum for smaller orders. Custody: No custody fee listed; third-party custody fees apply on some exchanges. Account opening, closing and securities transfers in and out are free, and the first withdrawal each month is free.
TOB: Yes, withheld at source and paid to the tax authority. Dividend tax is split: Belgian shares yes; for foreign shares you declare the net dividend yourself. LYNX states that for dividends on foreign shares you declare the net dividend in your tax return yourself, which is extra work if you hold US or European shares.
English website: No (NL/FR; lynx.be/en returns 404). Live chat is shown on the fee page. Onboarding documents were not published.
LYNX suits active traders who want global markets and professional tools without filing the TOB, and who can handle Dutch or French. Buy-and-hold investors with small orders pay more here than at Keytrade or Saxo.
- Fee, €2,000 share order (Euronext)
- €6 (0.09%, min €6, max €99, Belgium)
- Pays the stock exchange tax (TOB) for you
- Yes, withheld at source and paid to the tax authority
- Withholds Belgian 30% dividend tax
- Belgian shares yes; for foreign shares you declare the net dividend yourself
- Website in English
- No (NL/FR; lynx.be/en returns 404)
What works
- TOB withheld at source
- Wide market access (TWS)
- Free securities transfers
Watch out
- €6 minimum per order
- Foreign dividends to declare yourself
- No English site
How this 4.1/10 is calculated
Verified criteria carry 90% of the scoring weight. Criteria we could not verify are left out and the others are reweighted.
| Product quality (40%, 44% after reweighting) | 6/10 | €6 minimum for a €2,000 order, TOB withheld, but foreign dividends must be declared by you. |
| English accessibility (25%, 28% after reweighting) | 0/10 | Belgian site in NL/FR; lynx.be/en returned 404. |
| Service (20%, 22% after reweighting) | 5/10 | Live chat shown on the fee page; Gent office address published. |
| Simplicity (10%) | not verified | Onboarding documents not published on the pages checked. |
| Digital (5%, 6% after reweighting) | 5/10 | TWS platform and trading apps listed; LYNX+ platform. |
Regulator: AFM (Netherlands), Lynx B.V., Amsterdam (checked 2026-11-02).
If you already have a broker in your home country
Many expats arrive with an account abroad. Before you keep it, check three things with that broker: whether it accepts Belgian residents at all, whether it collects the Belgian TOB, and whether it withholds Belgian dividend tax. If the answer to the last two is no, you take on the declarations yourself from the date you become resident.
Moving your shares to a Belgian broker is usually possible without selling them. Ask the new broker about an incoming securities transfer. Belfius refunds the other bank’s fees on incoming transfers, and LYNX does not charge for transfers. Outgoing transfers are charged per line at Keytrade, so think about where you want to end up before moving twice.
Accounts held abroad can also have to be reported in your Belgian tax return and to the National Bank’s central register. The official FPS Finance pages were blocked when we checked, so read the rules yourself on the FPS Finance page on taxes on investments or ask a tax adviser before your first return.
If you do not speak Dutch or French
Only three brokers in this guide have an English website: Keytrade, Trade Republic and Interactive Brokers. Among them, Keytrade is the only one we could confirm handles both the TOB and Belgian dividend tax. Saxo, Belfius ReBel, Bolero and LYNX publish in Dutch and French; their apps may be easier to use than their contracts, but your tax documents and terms will be in a local language.
If you invest small amounts every month
Fixed minimum fees matter more than percentages when your orders are small. Trade Republic’s per-trade cost is the lowest here. Among the brokers confirmed to handle Belgian tax, Saxo and Belfius ReBel (ETFs on Euronext Brussels) are cheap on small orders, and Keytrade has a lower tranche for small orders too. Remember the TOB rates quoted above: accumulating funds carry a much higher rate than distributing funds and shares, which affects which ETF you buy.
If you are aged 18 to 24
Belfius ReBel charges no brokerage on Euronext and US markets for clients aged 18 to 24. If you are a young expat already banking with Belfius, or willing to open an account there, that is hard to beat for a first portfolio.
Step by step: opening a broker account in Belgium
- Register at your commune first. Most brokers ask for a Belgian address, and some sign-up routes use itsme.
- Choose the broker by asking two questions: does it collect the TOB, and does it withhold Belgian dividend tax?
- Open the account online or in the app. Prepare your passport or residence card, proof of address and your Belgian national register number if you have one.
- Fund it from your Belgian current account.
- Before your first trade, check the fee for your order size and currency in the broker’s tariff.
- If your broker does not collect the TOB, read the FPS Finance procedure and diarise the declaration.
- Each spring, collect the yearly tax statement and the dividend statements to claim the dividend exemption in your tax return.
Our verdict
Keytrade Bank is the best fit for most English-speaking expats: an English site, no custody fee and Belgian taxes handled automatically. Saxo is the cheapest broker we could verify that also handles Belgian taxes, and the better pick if Dutch or French documents are not a problem. Trade Republic is the low-cost app for small regular investing, once you have confirmed how it treats the TOB on your account. Belfius ReBel is excellent value for existing Belfius clients. Interactive Brokers suits experienced traders ready to declare the TOB themselves. Bolero suits French or Dutch speakers who want every tax handled, including the new capital gains tax, and LYNX suits active traders who want global markets with the TOB withheld.
Frequently asked questions
What is the TOB (beurstaks / taxe sur les opérations de bourse)?
A Belgian tax on buying and selling securities on the secondary market: 0.12%, 0.35% or 1.32% depending on the product, capped at €1,300, €1,600 or €4,000 per transaction. Source.
Which brokers pay the TOB for me?
On the pages checked, Bolero, Keytrade Bank, Saxo, Belfius ReBel and LYNX state that they charge or withhold the TOB automatically. Interactive Brokers states it does not charge it on individual accounts. Trade Republic, DEGIRO and Revolut could not be confirmed on 2026-11-02. Source.
Do I pay Belgian tax on dividends?
Most dividends bear 30% Belgian withholding tax. For 2026 the first €833 of share dividends per taxpayer is exempt, but you reclaim it in your tax return. Source.
Is there a capital gains tax on shares in Belgium?
Per Wikifin (updated 27 January 2026), a 10% tax on gains on financial assets applies in principle from 1 January 2026, with exemptions still to be detailed. Bolero offers opt-in withholding of this tax. Source.
Is a foreign broker cheaper?
Per-trade fees can be lower (e.g. €1 at Trade Republic, €3 minimum at Interactive Brokers), but if the broker does not collect the TOB you must declare and pay it yourself. Source.
Do brokers charge a custody fee?
None of the brokers verified here charges a general custody fee for private individuals; Bolero charges 2% (max €125) to collect foreign dividends and some exchanges carry third-party custody fees. Source.
Official sources
- Wikifin (FSMA): taxes on your Belgian investments, incl. TOB rate table (updated 27 January 2026), checked 2 November 2026
- ECB/SSM list of supervised entities (cut-off 1 September 2026), checked 2 November 2026
- AFM register of investment firms: Lynx B.V., checked 2 November 2026
- Bank of Lithuania financial market participants: Revolut Securities Europe UAB, checked 2 November 2026
- www.wikifin.be: The TOB has three rates: 0.12% (max €1,300) on bonds and distributing listed funds registered with the FSMA or an EEA… (checked 2 November 2026)
- www.wikifin.be: The TOB does not apply when subscribing to shares or bonds at issue. (checked 2 November 2026)
- www.wikifin.be: The TOB is charged by your bank or stockbroker when you buy or sell securities. (checked 2 November 2026)
- www.wikifin.be: Most dividends and interest bear 30% Belgian withholding tax (roerende voorheffing), which is final: no further decla… (checked 2 November 2026)
- www.wikifin.be: Dividends from shares received in 2026 are exempt up to €833 per taxpayer; the exemption is reclaimed through the tax… (checked 2 November 2026)
- www.wikifin.be: A 10% capital gains tax on financial assets applies in principle to gains realised from 1 January 2026 (law expected … (checked 2 November 2026)
- www.ibkrguides.com: Interactive Brokers does not automatically charge the Belgian TOB on individual accounts. (checked 2 November 2026)