In Belgium

Bare ownership (nue-propriete / blote eigendom) is the right to own a property without the right to use or enjoy it. The enjoyment right (usufruct) belongs to another person. When the usufruct expires (typically at the usufructuary’s death), the bare owner automatically becomes the full owner.

Bare ownership commonly arises from:

  • Inheritance: children inherit bare ownership while the surviving spouse receives usufruct
  • Donation: parents donate bare ownership to children, retaining usufruct for themselves
  • Investment: purchasing bare ownership at a discount, waiting for usufruct to expire

How it works

Rights. The bare owner can sell their bare ownership to a third party, but the buyer inherits the same restrictions (they must respect the existing usufruct).

Obligations. Major structural repairs (roof, walls, foundations). The property tax is borne by the usufructuary.

Valuation. Bare ownership is valued by subtracting the usufruct value from the full ownership value. The usufruct value depends on the usufructuary’s age (conversion tables published by the FPS Finance).

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Good to know
Purchasing bare ownership is a long-term investment strategy: you buy at a significant discount (30-60% depending on the usufructuary’s age) and become full owner when the usufruct ends. No rental income during the waiting period, but substantial capital gain at consolidation.

Practical example

A 75-year-old widow’s apartment is worth 300,000 EUR. Her usufruct is valued at 30% (based on age): 90,000 EUR. The bare ownership is worth 210,000 EUR. Her son inherits the bare ownership and pays inheritance tax on 210,000 EUR, not 300,000 EUR. At his mother’s death, he becomes full owner without additional tax.