Capital Gains Tax Rates in Europe, 2026

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.