A securities account is an account in which investments such as shares, bonds, treasury certificates, funds or gold can be held and managed. Every individual who has one or more securities accounts is liable for the TSA if his/her share in the total average value of the securities account(s) amounts to at least €500,000. The TSA is not due if the natural person’s share in the average value is less than €500,000.

The TSA is payable by Belgian residents who have a securities account with a Belgian or foreign intermediary (e.g. a bank). Non-residents are also liable for the TSA if they have a securities account with a Belgian intermediary.

The TSA amounts to 0.15% and is payable on the entire share in the average value. As soon as the total average value of at least €500,000 is exceeded, the TSA is due on the total amount.

Only the following financial instruments are taken into account for calculating the average value:

  • Listed or unlisted shares and certificates concerning these instruments;
  • Listed or unlisted bonds and certificates concerning these instruments;
  • Listed or unlisted units in mutual funds or shares in investment companies which do not fall under a life insurance or pension savings scheme;
  • Treasury certificates;
  • Warrants.

Options, futures or swaps are not to be used to calculate the average value, and are therefore not part of the taxable base. Financial instruments which are not held on a securities account (e.g. registered shares) are not part of the taxable base either.


Only natural persons (private individuals) are liable for the TSA. It makes no difference whether the natural person is the full owner, bare owner or usufructuary of the securities account. The TSA is therefore not applicable if a legal person (e.g. a company or not-for-profit association) is the holder of the securities account. If a natural person contributes his securities account(s) to a company after 1st January 2018, with the sole purpose to avoid the TSA, such a natural person is still qualified as the holder of the securities account for the taxable period and the TSA is still payable.


The intermediary that manages the securities account (e.g. a credit institution) is responsible for determining the average value and for filing the declaration for and the payment of the TSA. If the securities account is held abroad, it is possible that the holder himself is responsible for the calculation of the average value, declaration and payment of the TSA.

If a holder has several securities accounts, each of which with an average value that does not exceed €500,000, but which together do exceed €500,000, the TSA is also payable. In such a case, the holder can ask the intermediary to declare and pay the TSA.

Entry into force

The TSA entered into force on 10 March 2018. The first reference period for which the TSA is due runs from 10 March 2018 to 30 September 2018. The full TSA is due for this reference period. If shareholders and other stakeholders of Montea have questions about the impact of this tax on their securities portfolio in logistics real estate, they can always contact our finance team colleagues.