Europe Capital Gains Tax Rates 2026

Tax Foundation Research & Analysis

Published January 1st, 2026

Detected March 13th, 2026

Summary

This analysis details the top marginal capital gains tax rates for individuals across European countries in 2026. It highlights Denmark as having the highest rate at 42.0% and Romania (not explicitly listed but implied by context) as having the lowest. The data provides a comparative overview for investors and financial professionals.

View original document View source feed page

What changed

This document provides a comparative analysis of top marginal capital gains tax rates for individuals across European countries, with data projected for 2026. It details specific rates for various nations, noting that Denmark has the highest rate at 42.0% and Romania has the lowest. The analysis clarifies that these rates apply to the sale of listed shares after an extended holding period and include surtaxes where applicable. It also explains the economic implications of capital gains taxes, such as creating a bias against saving and the 'lock-in' effect.

While this document is primarily informational and does not impose new direct obligations on regulated entities, compliance officers and financial professionals should be aware of these varying tax landscapes. Investors and financial advisers may use this information to guide investment strategies and tax planning for clients operating within or investing in Europe. The data serves as a reference point for understanding the tax environment in 2026, particularly for cross-border investments.

Source document (simplified)

In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Today’s map focuses on how capital gains tax A capital gains tax is levied on the profit made from selling an asset and is often in addition to corporate income taxes, frequently resulting in double taxation. These taxes create a bias against saving, leading to a lower level of national income by encouraging present consumption over investment. rates differ across Europe.

When a person realizes a capital gain—that is, sells an asset for a profit—they face a tax A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. on that gain. For example, if you buy a share for €100 and sell it for €120, you pay capital gains tax on your €20 gain.

These taxes create a bias against saving, leading to a lower level of national income by encouraging present consumption over investment. Higher taxes also cause investors to sell their assets less frequently, which leads to fewer taxes being assessed. This is known as the realization or lock-in effect.

The capital gains tax rates shown in the map are the top marginal capital gains tax rates levied on individuals, taking into account exemptions and surtaxes. If the capital gains tax rate varies in a country by type of asset sold, the tax rate applying to the sale of listed shares after an extended period of time is used.

Explore our interactive map below to see how your country compares.

2026 Data 2025 2024 2023 2022 2021 2020 2019

Expand or Collapse Table

2026 Capital Gains Tax Rates in Europe

Top Marginal Capital Gains Tax Rates on Individuals Owning Long-Held Listed Shares without Substantial Ownership (Includes Surtaxes)

| Country | Top Marginal Capital Gains Tax Rate | Additional Comments |
| --- | --- | --- |
| Austria (AT) | 27.5% | - |
| Belgium (BE) | 10.0% | Capital gains from the sale of financial assets exceeding the annual exemption of 10,000 EUR will be taxed at 10%. Each year, 10% of the annual exemption can be carried forward for a maximum of five years. Capital gains from shareholdings of at least 20% are taxed at progressive rates up to 10%. Capital gains realized outside the normal management of someone’s private assets that are considered speculative gains remain subject to a 33% taxation. |
| Bulgaria (BG) | 10.0% | Capital gains are subject to flat PIT rate at 10%. |
| Croatia (HR) | 12.0% | - |
| Cyprus (CY) | 0.0% | Shares listed on any recognised stock exchange are excluded from CGT. |
| Czech Republic (CZ) | 0.0% | Capital gains included in PIT but exempt if shares of a joint stock company were held for at least three years (five years if limited liability company). |
| Denmark (DK) | 42.0% | Capital income from shares up to DKK 79,400 is taxed at 27%. Share income in excess of this amount is taxed at 42%. |
| Estonia (EE) | 22.0% | Capital gains are subject to PIT. From 20% in 2024 |
| Finland (FI) | 34.0% | Capital gains are fully taxable and included in the taxable capital income subject to 30% tax rate up to taxable capital income of EUR 30,000 and 34% tax rate on the excess. |
| France (FR) | 34.0% | Flat 30% tax on capital gains, plus 4% for high-income earners. |
| Germany (DE) | 26.4% | Flat 25% tax on capital gains, plus a 5.5% solidarity surcharge. |
| Georgia (GE) | 0.0% | Capital gains from shares held for more than two years is generally exempt from PIT. |
| Greece (GR) | 0.0% | Capital gains only applies to the sale of shares at a 15% rate if an individual holds at least 0.5% of the share capital of the listed entity. |
| Hungary (HU) | 15.0% | Capital gains are subject to flat PIT rate at 15%. |
| Iceland (IS) | 22.0% | Exemption for capital income up to ISK 300,000 per year. |
| Ireland (IE) | 33.0% | Annual gains of up to EUR 1,270 for an individual are exempt from CGT. |
| Italy (IT) | 26.0% | - |
| Latvia (LV) | 28.5% | Flat 25.5% on capital gains, plus 3% for high-income earners. |
| Lithuania (LT) | 20.0% | Capital gains are subject to PIT, with a top rate of 20%. |
| Luxembourg (LU) | 0.0% | Capital gains are tax-exempt if a movable asset (such as shares) was held for at least six months and is owned by a non-large shareholder. Taxed at progressive rates if held <6 months. aAdependency contribution of 1.4 percent is due for individuals subject to the Luxembourg social security system on the taxable part of the gains. |
| Malta (MT) | 0.0% | Transfers of shares listed on recognized stock exchanges are usually exempt from PIT. |
| Moldova (MD) | 6.0% | Capital gains are taxed at 50% of the PIT rate. |
| Netherlands (NL) | 36.0% | Net asset value is taxed at a flat rate of 36% on a deemed annual return (the deemed annual return varies by the total value of assets owned) above an annual amount of EUR 59,357 per person. |
| Norway (NO) | 37.8% | Capital gains are taxed at a 22% rate. A multiplier of 1.72 before taxation applies to gains from the sale of shares. |
| Poland (PL) | 19.0% | - |
| Portugal (PT) | 19.6% | PIT applies if the assets were held for less than one year. Otherwise, a flat capital gains tax rate of 28 percent from the sale of shares and other securities. Capital gains income is 10 percent tax-free for holding periods between 2 and 5 years, 20 percent for 5 to 8 years, and 30 percent after 8 years. |
| Romania (RO) | 1.0% | Gains derived from the transfer of securities and from operations with derivative financial instruments through intermediaries are taxed at 3 percent for holding periods less than 356 days and at 1 percent thereafter. |
| Slovakia (SK) | 0.0% | Shares are exempt from capital gains tax if they were held for more than one year and are not part of the business assets of the taxpayer. |
| Slovenia (SI) | 0.0% | Capital gains rate of 0% if the asset was held for more than 15 years (rate up to 25% for periods less than 15 years). |
| Spain (ES) | 30.0% | - |
| Sweden (SE) | 30.0% | - |
| Switzerland (CH) | 0.0% | Capital gains on movable assets such as shares are normally tax-exempt. |
| Turkey (TR) | 0.0% | Shares that are traded on the Stock Exchange and that have been held for at least one year are tax-exempt (two years for joint stock companies). |
| Ukraine (UA) | 19.5% | Capital gains are subject to PIT. |
| United Kingdom (GB) | 24.0% | - |
Source: Bloomberg Tax, "Country Guides;" and PwC, "Worldwide Tax Summaries." Denmark levies the highest top capital gains tax of all countries covered, at a rate of 42 percent. Norway levies the second-highest top capital gains tax at 37.8 percent. The Netherlands follow at 36 percent.

Several European countries do not levy capital gains taxes on the sale of long-held shares. These include Cyprus, the Czech Republic, Georgia, Greece, Luxembourg, Malta, the Slovak Republic, Slovenia, Switzerland, and Turkey. Of the countries that do levy a capital gains tax, Romania levies the lowest rate, at 1 percent, followed by Moldova at 6 percent, and Belgium and Bulgaria (both at 10 percent).

On average, the European countries covered tax capital gains arising from the sale of listed shares at 16.7 percent. Across EU Member States, the average lies at 17.7 percent.

In comparison, the United States levied a combined top rate of 28.7 percent on long-term capital gains in 2024, consisting of a 20 percent federal top rate, a simple state average of 4.9 percent, and 3.8 percent Net Invested Income Tax (NIIT).

Several European countries have changed their capital gains tax rates in the last year or are planning to do so.

Belgium started levying capital gains tax on the sale of shares at a rate of 10 percent from 2026. The Czech Republic reduced its top rate on capital gains back from 23 percent to zero by uncapping its capital gains exemption.

Stay informed on the tax policies impacting you.

Subscribe to get insights from our trusted experts delivered straight to your inbox.

Subscribe Share this article Twitter LinkedIn Facebook Email

About the Author

Expert

Alex Mengden

Economist Alex Mengden is an Economist at the Tax Foundation, where he focuses on international tax issues and tax policy in Europe. He holds a BA in philosophy and economics from the University of Bayreuth and an MSc in economics from the Ludwig Maximilian University of Munich.