Guides say Belgian REIT dividends are taxed at 15% — why do you cost three names at 30%?

Because the guides dropped the condition from the sentence: the 15% in the law applies to dividends from public SIRs investing at least 80% of their property in EEA residential healthcare. Aedifica's book holds substantial UK property (the UK is no longer in the EEA), and WDP and Montea are logistics — none of the three qualifies, and all three were actually withheld at 30% on their 2026 payments, with net amounts at exactly 70% of gross in the exchange records. That is computed, not argued. This site prints both columns on the actually-applied basis; guides print one line on a wished-for basis — the reader chooses which column to trust.

Cofinimmo is famous — why isn't it in the basket?

Because it no longer exists: Aedifica's exchange offer took control in March 2026, the absorption merger completed on 1 July 2026 and Cofinimmo was delisted, with holders receiving 1.1784 Aedifica shares per share. Any material still offering to 'buy Cofinimmo' is un-updated data. This site writes it into the body text as a reader safety note: Belgian healthcare exposure now has exactly one door, the merged Aedifica.

CPINV's 6.70% in-hand is the basket's best — why not buy only it?

Because it is also the basket's smallest: a market cap of about EUR 0.53B, daily turnover of about EUR 0.7M, and an NTA that fell 5% in 2025. Part of the 6.70% net yield is consideration for thin trading and asset erosion. It suits the basket's yield seat (the kind with a position cap), not the whole portfolio — this site scores its cash flow the highest of the four (8) and its liquidity the lowest (4); read the two numbers together.

Opportunity rank #93 (cash-flow board) · Belgium

Belgium's SIR basket: four statutory payers grossing 6.50% — read the withholding table first (30% is standard, 15% fits one name)

Our take: Do, with conditions

5.66–7.89% Belgium SIR basket dividend yields (filing basis, withholding shown both ways) · Verified range · Data as of: 2026-11-06

Composite-board score: 5.8 · Where it is strong: Net cash flow, Stability & rule of law · methodology

Data updated: 2026-11-08

Belgium's listed property regime (SIR/GVV, FSMA-supervised) first: effectively exempt at company level (a taxable base of little more than abnormal benefits and non-deductible expenses), bought with a mandatory distribution of at least 80% of the adjusted result. The four basket names (FY2025 distributions paid in 2026; prices at 6 Nov 2026): Aedifica (pan-European healthcare, Europe's largest listed healthcare landlord after absorbing Cofinimmo) — EUR 4.00 at EUR 65.65 = 6.09% (77.7% of EPRA EPS; a 15.6% discount to post-merger NTA); WDP (logistics) — EUR 1.23 = 6.34% (80.4% payout, 97.7% occupancy, FY2026 guidance raised to EUR 1.29); Montea (logistics) — EUR 3.93 = 5.66% (80.2% payout); Care Property Invest (pure healthcare) — EUR 1.00 = 7.89% (86.2% of adjusted EPRA EPS; a 27% discount). Equal-weight gross: 6.50%. This entry's main line is withholding, because the circulating claim 'Belgian REIT dividends are taxed at 15%' is wrong: the standard rate is 30% — Aedifica, WDP and Montea were all actually withheld at 30% on their 2026 payments (net amounts are exactly 70% of gross in exchange records); the 15% applies only to SIRs with at least 80% of assets in EEA residential healthcare, and in this basket only CPINV qualifies (its payment was withheld at 15%, so its in-hand yield at source is 6.70%); Aedifica, though a healthcare landlord, failed the test through its large UK (non-EEA) book and was withheld at 30% (the withholding is a verified fact; the composition explanation is the researcher's inference). In-hand is therefore printed two ways: 4.84% at source withholding as applied, and 5.52% if the investor personally reclaims the excess down to the Belgium–Singapore treaty cap of 15% from FPS Finance (slow, paper-based, and omnibus brokers generally do not do it for you). One structural fact must ride along: Cofinimmo no longer exists — absorbed by Aedifica and delisted on 1 July 2026, so any 'five-name basket' material is stale; WDP and CPINV offer optional (scrip) dividends that foreign omnibus holders in practice cannot use — assume cash, without the scrip discount. None of the four dividends contains a return-of-capital component. Verdict: do, on conditions — the condition being to read the withholding table before sizing the position.

In short: four lines first

What it costs to get in

Listed shares; one share of each name costs about EUR 167 in total

Roughly what it earns

5.66–7.89%（Belgium SIR basket dividend yields (filing basis, withholding shown both ways)）

How much work for you

Very hands-off (listed route; treaty reclaim excepted)

The biggest catch

The numbers that matter

Belgium SIR basket dividend yields (filing basis, withholding shown both ways)

5.66–7.89%

Verified range As of: 2026-11-06 Source: Aedifica FY2025 annual results (GlobeNewswire, 13 Feb 2026): EPRA earnings of EUR 5.15 per share, dividend of EUR 4.00

Why we think it makes money

The two engines' sector contrast completes itself inside this basket: healthcare's long leases (about 15–16 years, inflation-linked) and logistics' high occupancy (97.7%) run under one 80%-payout discipline — Belgium is this site's European specimen for choosing REITs by sector.

The '15% tax rate' debunking carries payment evidence: three names actually withheld at 30% and one at 15%, with the net ratios in exchange records — this site pins 'which asset class a rate applies to' as checkable fact rather than quoting guides.

CPINV is one of this site's rare 'headline equals in-hand' specimens: its 15% domestic rate turns 7.89% gross directly into 6.70% net — its presence in the basket proves the tax plumbing can matter more than the assets.

How to actually get in

Listed route: buy the four names through a broker with Euronext Brussels access (AED is also listed in Amsterdam); one share of each costs about EUR 167 in total, with no Belgian account or filing needed. CPINV is thin (about EUR 0.7M a day) — limits and staging; the treaty reclaim is voluntary paperwork through FPS Finance.

What it costs, what it earns

Entry amount: Listed shares; one share of each name costs about EUR 167 in total
How much work for you: Very hands-off (listed route; treaty reclaim excepted)

Costs & taxes, item by item:

The reclaim's time cost: 15 points of excess are withheld first and recovered later (paper, slow) — price the position as if the reclaim fails and treat recovery as a bonus; that is this entry's cost discipline.
Euro exposure and small-cap spreads (CPINV/Montea depth).

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

无投资者签证（已确认不存在）

This asset does not count toward the channel No status channel

Threshold: —

比利时没有黄金签证、没有投资者签证：单纯地产投资不产生居留资格，唯一相邻通道是针对真实自雇经营的职业卡（professional card，须商业计划评估）。买 SIR 股份或比利时物业都不产生任何居留权。

Source: ABIL 比利时移民指南

Tax (investor level)

股息预扣标准 30%（2017 年起的一般税率）；15% 只适用于 ≥80% 资产在 EEA 内专做住宅医疗的 SIR 的股息——不是「比利时 REIT 税率」。

比新条约上限：个人 15%（公司持 ≥25% 满 12 个月为 0%、≥10% 为 5%）——超额的 15 个点可向 FPS Finance 追回，但经外国综合账户券商一般不在源头减免，实务是先按 30% 净收、再自行纸质追回。
公司层有效免税（应税基仅异常利益与不可扣开支），税在投资者层经预扣一次征收；进入制度有一次性 15% 退出税（历史项）。比利时新 10% 资本利得税（2026 年起）只对居民，非居民组合投资者不适用。

Double-tax treaties: 条约上限 15%（个人）——追回路径与时效不保证，本站到手两列并呈。

Source: WIB 92 art. 269；比新税收协定第 10 条；FPS Finance

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.

Risks: what could go wrong

The withholding plumbing is the basket-level first risk: if 30% source withholding meets a failed reclaim, the basket in-hand stays at 4.84% — a gap to the 6.50% gross large enough to change this entry's rank. Size on 4.84%; treat 5.52% as upside. If these happen, our take changes: If major international brokers begin applying the 15% treaty rate at source (a practice change), this entry's in-hand basis is finalised upward.

Aedifica's merger ledger: debt/assets of 42.7%, net debt/EBITDA of 8.3×, and guided average debt cost rising from about 1.9% toward about 3% (2028–29) — Europe's largest healthcare landlord's payout safety margin reads at a discount until deleveraging lands. If these happen, our take changes: Checked yearly against synergy delivery (at least EUR 16M annualised) and leverage prints.

CPINV's asset-side erosion: its EPRA NTA fell 5% in 2025 (EUR 18.25 to EUR 17.42) while earnings rose — part of its 27% discount and 6.70% net yield is consideration for declining asset values, not pure mispricing. If these happen, our take changes: Reviewed against the annual NTA versus adjusted EPS paths.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

The reason Aedifica failed the 15% healthcare-EEA test (its UK book's share) is the researcher's inference from portfolio composition: the 30% withholding itself is exchange-record fact; cite the cause with its nature stated.
Cofinimmo's final audited FY2025 EPRA EPS/NTA were not captured (its last distribution of EUR 5.20/3.64 is OGM-documented); Montea's FY2025 optional-dividend terms and Montea/CPINV FY2026 dividend guidance were not captured and are not printed.

FAQ

Guides say Belgian REIT dividends are taxed at 15% — why do you cost three names at 30%?: Because the guides dropped the condition from the sentence: the 15% in the law applies to dividends from public SIRs investing at least 80% of their property in EEA residential healthcare. Aedifica's book holds substantial UK property (the UK is no longer in the EEA), and WDP and Montea are logistics — none of the three qualifies, and all three were actually withheld at 30% on their 2026 payments, with net amounts at exactly 70% of gross in the exchange records. That is computed, not argued. This site prints both columns on the actually-applied basis; guides print one line on a wished-for basis — the reader chooses which column to trust.
Cofinimmo is famous — why isn't it in the basket?: Because it no longer exists: Aedifica's exchange offer took control in March 2026, the absorption merger completed on 1 July 2026 and Cofinimmo was delisted, with holders receiving 1.1784 Aedifica shares per share. Any material still offering to 'buy Cofinimmo' is un-updated data. This site writes it into the body text as a reader safety note: Belgian healthcare exposure now has exactly one door, the merged Aedifica.
CPINV's 6.70% in-hand is the basket's best — why not buy only it?: Because it is also the basket's smallest: a market cap of about EUR 0.53B, daily turnover of about EUR 0.7M, and an NTA that fell 5% in 2025. Part of the 6.70% net yield is consideration for thin trading and asset erosion. It suits the basket's yield seat (the kind with a position cap), not the whole portfolio — this site scores its cash flow the highest of the four (8) and its liquidity the lowest (4); read the two numbers together.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。