Declaring foreign accounts

Who must report information?

All Belgian residents holding foreign accounts must declare their foreign accounts directly to the Central Point of Contact for accounts and financial contracts (CPC). They must do so before or, at the latest, simultaneously with filing their personal income tax return for that year. Any subsequent changes to these accounts must also be reported to the CPC by the resident.

This reporting requirement applies to all foreign accounts of which Belgian residents are holders or co-holders.

Foreign accounts opened in the name of minor children of a Belgian resident must be declared to the CPC by both parents separately. This declaration must be made in the name of each of the parents (and not in the name of the minor child).

While the declaration to the CPC is a one-off action, the existence of a foreign account must be mentioned annually on the tax return.

Residents who are only a proxy holder of a foreign account are not required to declare this account to the CPC.
 

To the web application of the CPC

What information must be reported?

According to the Royal Decree of 13 April 2015, holders of foreign accounts must report the following information to the CPC:

  • the resident’s name, first official name and National Register identification number.
    If the resident is not listed in the National Register, the identification number assigned by the Crossroads Bank for Social Security (the “BIS” number) must be submitted instead;
     
  • for each foreign account:
    • the account number (the IBAN number if it exists);
    • the name of the foreign banking, exchange, credit or savings institution;
    • the BIC code of this institution, or its full address if it does not have a BIC code;
    • the country where the account was opened;
    • the year in which the account was opened;
       
  • upon the closure of each foreign account the existence of which was previously reported to the CPC by the resident: the account number, the name of the financial institution, the country where the account was held and the date it was closed.

Changing data

All information on how to correct data previously reported to the CPC can be found in the section 'correcting data'.

Some fictitious examples

Fictitious example 1: a taxpayer holds multiple foreign accounts

  • an account A, opened in 2007 and closed in 2021,
  • an account B, opened in 2010 and closed in 2014,
  • an account C, opened in 2013 and currently still active,
  • an account D, opened in 2020,
  • an account E, opened in 2021.

The reporting of data to the CPC in relation to:

  • accounts A, B and C should have been made at the latest simultaneously with filing the personal income tax (PIT) return for tax year 2015 (income 2014), on the grounds that existing foreign accounts had to be declared for the first time during tax year 2015;
  • account D should have been made at the latest simultaneously with filing the PIT return for tax year 2021 (income 2020);
  • account E must be made at the latest simultaneously with filing the PIT return for tax year 2022 (income 2021), together with the notification of closure of account A.

Fictitious example 2: a foreign account was opened in the name of a minor child who reaches the age of majority

 

In 2016, a foreign account was opened in the name of a minor child. This account had to be included every year in the personal income tax return in the name of the parents. As of 2021, the child’s income is no longer added to that of the parents (as the child has reached the age of majority).

For the purpose of the CPC, both parents had to declare the child’s account separately in their own names at the latest simultaneously with filing their personal income tax (PIT) returns for tax year 2017 (income 2016). At the latest simultaneously with filing their personal income tax (PIT) returns for tax year 2022 (income 2021), when the child has reached the age of majority, both parents must separately complete a closure and detachment form. In box 2E of this form, which indicates the last taxable period during which the children’s income was added to that of the parents, they must enter the year ‘2020’.

Fictitious example 3: a foreign account was opened through a foreign exchange broker based in another country

 

A share account opened in a Paris branch of a German foreign exchange broker must be declared using the address of the registered office of the German foreign exchange broker, not the address of the Paris branch. If the registered office is not known, the address of the regional office, branch, agency or office (where the account was opened) must be mentioned instead.

Need more information?

  • Declaring the existence of a foreign account to the CPC (only available in Dutch, French or German)
  • Reporting a change to a foreign account (closure/detachment, correction of data, deletion) (only available in Dutch, French or German)
  • Central Point of Contact for accounts and financial contracts | FPS Finance (belgium.be) (only available in Dutch, French or German)
  • Foreign accounts | FPS Finance (belgium.be) (only available in Dutch or French)

For any questions: FPS Finance - Contact | FPS Finance (belgium.be).