Partial exemption (Teilfreistellung)

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In Germany, 30% of gains from equity ETFs are tax-free. On €1,000 of gains you only pay tax on €700. Applies automatically – you don't need to do anything.

Teilfreistellung (partial exemption) is a tax advantage for funds and ETFs that has applied in Germany since 2018. Part of the income automatically remains tax-free.

Partial exemption rates:

• Equity funds/ETFs (at least 51% shares): 30% tax-free
• Mixed funds (at least 25% shares): 15% tax-free
• Real estate funds: 60% tax-free
• Pure bond funds: 0% tax-free

Example MSCI World ETF: you sell with a €10,000 gain. 30% is partially exempt = €3,000 tax-free. Only €7,000 is taxed: 7,000 × 26.375% (capital gains tax + Soli) = €1,846 in taxes. Without partial exemption it would be €2,638. Savings: €792.

The partial exemption applies automatically – your broker calculates it correctly. You don't have to apply for anything.

Did you know? Thanks to the 30% partial exemption, the effective tax rate on equity ETFs falls from 26.375% to about 18.5%. On €10,000 of gains: almost €800 saved.

→ ETF-Rechner

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