Belgium 比利时
医疗与物流双引擎的规则收入 — 到手取决于税务管道而非收租
比利时 SIR 篮子是欧元计价、规则约束的收入袖套：四家 FSMA 监管房东须分派经修正结果的 ≥80%，相对 EPRA NTA 折价 9–27%，分属两个截然不同的引擎——长租约医疗（Aedifica、Care Property Invest，租金挂钩通胀）与比荷卢物流（WDP、Montea，出租率 97%+）。毛收益率 5.7–7.9% 真实且经备案核实，但比利时在源头 claw 回 30%（只有纯 EEA 医疗账簿享 15%），篮子到手更多取决于税务管道，而不是收租能力。它的角色是压舱石与老龄化对冲，不是增长；不带任何居留、签证或税务居民价值。宏观弱点同屏：公共债务 >100% GDP、赤字 3.4%。
Four grades
Identity & tax (in one line)
Identity & tax: Belgium has no golden visa or investor visa; the professional card serves genuine self-employment only, and buying property or shares confers no residence. Tax: SIRs are effectively exempt at company level with mandatory distribution of at least 80% (adjusted-result basis); dividend withholding is 30% standard, with 15% only for SIRs holding at least 80% of assets in EEA residential healthcare; the Belgium–Singapore treaty caps individuals at 15% (reclaim-based); Belgium's new capital-gains tax applies to residents only.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
A statutory distribution of at least 80% plus effective company-level exemption: the SIR's institutional shape is clean, with tax collected once at investor level through withholding — Belgium's problem is not the regime, it is the withholding rate table.
The two engines are a ready-made lesson: healthcare (15–16-year leases, inflation-linked rents, demographic demand) and logistics (97%+ occupancy, EPS growth targets of about 6%) run under the same distribution discipline in one basket — readers pick a seat by sector.
Its '15% tax rate' misreading is another of this site's standard tax-myth specimens: the preferential rate is real but belongs only to SIRs with at least 80% of assets in EEA residential healthcare — read the condition before quoting the rate is the Belgium page's first lesson.
Entry routes
Listed route (the only main line): buy the SIR basket (entry No. 93) through a broker with Euronext Brussels access; one share of each name costs about EUR 167 in total, with no Belgian account or filing needed (withholding is final at source; treaty reclaim is voluntary).
Direct route: none (no entry) — Belgium has no investor visa, and this site captured no citable net-yield series for foreign retail landlords; status runs through active-business channels such as the professional card, unrelated to assets.
Risks
- The withholding plumbing is a basket-level risk: three of the four names are withheld at 30% at source, and the excess comes back only through a slow paper reclaim — the 0.68 points between 4.84% and 5.52% in-hand are bought with paperwork.
- The sovereign balance sheet: debt above 100% of GDP and a 3.4% deficit — Belgium's long rates and the SIRs' valuation discounts share a macro root, and the fiscal-consolidation path is the discount's path.
- Merger after-effects are in their observation window: Aedifica's post-Cofinimmo leverage (debt/assets of 42.7%) and synergy delivery (guided at least EUR 16M annualised, landing in 2027) are the readings of the next two years.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 93 | Belgium's SIR basket: four statutory payers grossing 6.50% — read the withholding table first (30% is standard, 15% fits one name) | 5.66–7.89% | Do, with conditions |