ETF tax guides

Seven guides, in two groups. The first three are about what to compare at all — the ongoing charge is one of four costs and often the smallest, and the accumulating-versus-distributing question turns out to be a tax question with a different answer in each country. The other four explain those four tax systems: the Netherlands charges on what it assumes you earned, Germany on a partially exempted real return, Belgium on the transaction rather than the gain, and Italy on the balance every year and the gain at the end.

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What to compare, and why the obvious number is usually not the important one. These apply wherever you live.

The total cost of owning an ETF — all four charges, not just the TER

The ongoing charge is one of four costs of owning an ETF. The other three — tracking difference, withholding tax and broker charges — are often larger.

Calculator: ETF cost calculator: every annual cost of holding one fund

Accumulating or distributing — and why the answer is your country

Whether to reinvest dividends inside the fund or receive them is a tax question, and the four countries covered here give four different answers.

Calculator: Accumulating vs distributing: the answer changes with your country

Choosing a broker — the costs that depend on how you invest

Commission, custody fees, currency conversion and free-ETF lists affect investors differently. Which broker is cheapest depends on how you actually invest.

Calculator: ETF broker comparison for the Netherlands, Germany, Belgium and Italy

How your country taxes it

Four countries, four completely different mechanisms. Each guide explains one of them and links to the calculator that applies it.

ETF tax in the Netherlands — how Box 3 actually works

How Dutch Box 3 taxes an ETF portfolio: deemed returns rather than real ones, the tax-free threshold, fiscal partners, and what it costs per year.

Calculator: Box 3 calculator — Dutch wealth tax on an ETF portfolio

ETF tax in Germany — Vorabpauschale and Teilfreistellung explained

How Germany taxes ETFs: the annual advance charge on accumulating funds, the partial exemption for equity funds, and the allowance that absorbs both.

Calculator: Vorabpauschale calculator — German advance tax on accumulating ETFs

ETF tax in Belgium — TOB, Reynders and no capital gains tax

How Belgium taxes ETFs: a transaction tax charged on every buy and sell with a rate that varies elevenfold, plus a levy on the bond portion of returns.

Calculator: TOB and Reynders calculator — the two Belgian ETF taxes

ETF tax in Italy — stamp duty, capital gains and the accumulating advantage

How Italy taxes ETFs: an annual stamp duty on the portfolio with no threshold, a flat rate on gains at sale, and why accumulating funds win here.

Calculator: Imposta di Bollo calculator — the Italian tax on holding an ETF

Not investment or tax advice. Verify any figure with your national tax authority before filing.