Popular investment vehicles in Belgium

Updated on December 2023.

• FIIS (Fonds d’investissement immobiliers spécialisés)

• Investment undertaking with fixed capital (SICAF)

• Derogatory tax regime (as regards the tax base and withholding tax

• No

• No

• Closed-ended

• Subject to the supervision of the Ministry of Finance They must be registered on the list of FIIS held by the Ministry of Finance

• Only institutional and professional investors

• Flexible regulatory regime
• Favorable tax treatment

• Obligation to have a real estate portfolio with a total value of at least EUR 10m at the end of the second financial year following the registration in the FIIS register and Real estate located in Belgium must be directly held by the FIIS (unlike foreign real estate, which may be held directly or indirectly) See footnote.

• Real estate investment for institutional Investor.

Note :The only exception exception to this rule is that Belgian real estate may be held indirectly via a subsidiary, in which the FIIS holds directly or indirectly all the shares, and provided that the FIIS rectifies this situation within 24 months (and therefore that the Belgian real estate in question is directly included in the FIIS balance sheet)