Belgium wealth tax proposal triggers debate over impact on investors

Belgium's centrist party Les Engagés has drafted a wealth tax that would levy an annual charge on financial assets exceeding €500,000, rising to 0.6 % on amounts over €3 million. The plan is presented as a way to boost public finances and reduce inequality.

Odoo founder Fabien Pinckaers warned that the tax could force him to pay more than €30 million each year despite having only about €100 000 in personal liquid assets. He said, "Adieu la Belgique," and argued that such a levy would push entrepreneurs to sell stakes or leave the country. Odoo employs about 15,000 people, generates €323 million in exports and contributes roughly €100 million in taxes annually, highlighting concerns that the tax could affect productive assets.

Critics cite examples from Norway, where higher wealth taxes prompted large departures, and France, which has limited its tax to immovable property. Supporters stress fairness and the need for additional revenue, while opponents warn of capital flight and reduced investment. A recent poll on the fairness of taxing semi‑millionaires shows a split public opinion, with Les Engagés backing the measure and parties such as N‑VA and MRA opposing it.