As experienced property managers, we understand that choosing the right real estate structure plays a crucial role in the success of professional investors. At TREVI Rental Management, we help our clients optimise their returns with tailored advice and strategic solutions.
In this article, we focus on long lease (emphyteusis) and superficies rights, two alternative property structures that are still underutilised but can offer strong opportunities for real estate investors in Belgium.
One important development is the increase in registration duties from 2% to 5% for both long lease and superficies rights, introduced by the federal government.
This tax change has largely gone unnoticed, yet it directly impacts investment strategies. Even so, these structures remain relevant alternatives to traditional property purchases.
Long lease is a legal arrangement in which a person, called the leaseholder, obtains the right to use and manage a property for a long period, while ownership remains with another party.
The duration typically ranges from 15 to 99 years.
In a context of rising land prices, long lease allows investors to reduce their initial capital requirement, since land can account for up to 40–50% of total property value.
However, there are also limitations:
Long lease is widely used in professional real estate strategies.
Government bodies and public institutions often retain land ownership while granting long lease rights for residential or infrastructure projects, particularly in strategic areas like ports, stations or city redevelopment zones.
Developers use long lease for projects such as hotels, holiday parks and parking facilities. By avoiding land acquisition, they significantly reduce investment costs while maintaining attractive returns.
Cities like Ghent use long lease to maintain control over land while ensuring access to affordable housing, often linked to social rental systems.
A superficies right allows a person to build on land owned by someone else and retain ownership of the building.
This means:
Unlike long lease, the holder of a superficies right always owns the building or structure.
In many development projects, one company owns the land while another builds on it using a superficies right. This structure:
Superficies rights are often used between companies to separate land ownership from operational activities. This protects real estate assets from business risks such as insolvency.
A major advantage of superficies rights lies in tax planning.
By separating these two elements, investors can optimise their tax burden.
However, with the increase in registration duties to 5%, careful financial analysis is now essential.
Registration duties are applied to the total compensation paid over the full duration of the agreement.
Example:
Total base: €1,000 × 12 × 30 = €360,000
The 5% rate is applied to this total amount.
Despite the tax increase, long lease and superficies rights remain attractive for investors who:
Each case must be evaluated individually, taking into account financial, legal and strategic considerations.
To better understand how to structure your investment, read our blog article “What Should You Consider Before Buying a Second Property to Rent Out?”.
At TREVI Rental Management, we help investors navigate complex legal and fiscal frameworks in Belgium. Our expertise allows you to choose the right structure for your real estate strategy and maximise your returns.
Are you considering investing in real estate using advanced structures such as long lease or superficies rights? Contact TREVI today and discover how we can help you optimise your property portfolio.
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