Bart De Wever

Spear’s Review

Bart De Wever’s elevation to the prime ministership of Belgium did not happen smoothly. It took seven months of negotiations between five different parties to form a coalition, led by De Wever’s conservative New Flemish Alliance party, before he was sworn in as premier.

At the time of writing, there is a real risk that De Wever’s time in office will be shorter than the negotiations it took to get him there. But if he hangs on, his tenure will be of real consequence for his country’s wealthiest citizens – and anyone who has business interests in Belgium.

Previously, the country had no capital gains tax on financial assets. But as De Wever aims to reduce the budget deficit by around €10 billion by 2029, he has approved a draft law introducing a 10 per cent tax on capital gains from financial assets realised by Belgian tax residents, which is set to come into effect on 1 January 2026 if the legislation passes. His plan also includes a proposal to raise VAT, but whether he will survive long enough to enact it remains to be seen.

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