Capital gains tax in Europe – ranking
Where are capital gains tax-free, and where are they taxed most? 19 countries, ranked by the typical rate for private investors.
Capital gains are tax-free (0%) in Switzerland, Luxembourg. The highest rate is in Denmark at 42 %. As of 2026.
| # | Country | Capital gains |
|---|---|---|
| 1 | Switzerland | 0 % |
| 2 | Luxembourg | 0 % |
| 3 | Belgium | 10 % |
| 4 | Czechia | 15 % |
| 5 | Greece | 15 % |
| 6 | Spain | 19 % |
| 7 | Poland | 19 % |
| 8 | United Kingdom | 24 % |
| 9 | Italy | 26 % |
| 10 | Germany | 26.375 % |
| 11 | Austria | 27.5 % |
| 12 | Portugal | 28 % |
| 13 | Sweden | 30 % |
| 14 | France | 31.4 % |
| 15 | Ireland | 33 % |
| 16 | Finland | 34 % |
| 17 | Netherlands | 36 % |
| 18 | Norway | 37.84 % |
| 19 | Denmark | 42 % |
Capital gains = typical rate for private investors; special cases: CH/LU long-term gains tax-free, NL taxes a notional return, NO/DK tiered.
As of 2026. General education, not tax advice. Rates and allowances change – seek professional advice before deciding.
In which European countries are capital gains tax-free?
Long-term capital gains are tax-free in Switzerland, Luxembourg (as of 2026).
Which country taxes capital gains the most?
Denmark at 42 % (as of 2026).
Does the rate alone tell the whole story?
No – allowances, holding periods and special rules change the effective burden. General education, not tax advice.
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