The Belgian authorities require you not only to declare your foreign account, but also to let them know when you closed the account. But it's unclear how you do that exactly, and foreign brokers don't provide clear instructions. Good news: we wrote in a step-by-step guide. Learn how to comply and declare the closing of your foreign account.

Why you need to declare the closing of your foreign account

As part of its anti-money laundering legislation, the Belgian government wants to gain better insight into the foreign assets of its residents. That's why you need to declare your foreign account, and also let them know when you no longer hold the account.

What happens if you don't declare the closing of your foreign account

You risk a fine. The amount is unclear, but failure to disclose an update of the status of your foreign account is an offence under Article 307 Β§2/5 of the Income Tax Code 1992 (IT4C 92). It's best not to risk a sanction, so do let the National Bank of Belgium know by following the steps below.

How to declare the closing of your foreign account

When you've closed the account, you need to notify the Central Point of Contact (CPC) of the National Bank of Belgium. The easiest way is online through the website of the NBB. This is the method we describe below. Alternatively, you can fill in a closure/decumulation form that you mail or e-mail. This form is available in Dutch, French and German.

Let's get started!

Step 1: head to the NBB website

Head to the NBB website on https://cappcc.nbb.be/my.policy and continue with the login.

Step 2: log in

Log in with your itsme account or eID card reader. The NBB uses CSAM, which is the main gateway to the services of the government. You'll most likely recognise this screen from when you declared your account with the NBB.

Step 3: choose your preferred language

We will choose Dutch for the rest of the steps.

Step 4: go to the declaration of foreign accounts

Click on "Aangeven".

Step 5: select to close an account

Step 6: insert the details of the account

Unfortunately, the tool does not automatically list all the accounts you've previously declared. You'll need to insert the details of the account, which is a bit cumbersome. Hopefully they will fix this one day!

Step 7: select the account

Select the account you just added and click "Volgende".

Step 8: confirm

Confirm, and you're all set!

When to declare the closing of your foreign account

As far as we know, the authorities haven't published any guidelines. But to be on the safe side, it's best to declare the closing of your account as soon as it's been closed.

For which brokers do you have to declare the closing of the foreign account

Belgian brokers provide a domestic account, so there's no need to declare any foreign account. But you do need to declare the closing of your account for most foreign brokers:

Broker You need to declare the closing of your account to the NBB
Bolero 🟒 No
BUX πŸ”΄ Yes
DEGIRO πŸ”΄ Yes
eToro πŸ”΄ Yes
Keytrade Bank 🟒 No
ING Self Invest 🟒 No
Interactive Brokers πŸ”΄ Yes
LYNX πŸ”΄ Yes
MeDirect 🟒 No
MEXEM πŸ”΄ Yes
Re=Bel 🟒 No
Revolut πŸ”΄ Yes
Saxo Bank 🟒 No
Shares πŸ”΄ Yes
Trade Republic πŸ”΄ Yes

Consult our guide to brokers for a detailed comparison of brokers.

Summary

The Belgian authorities require to not only declare your foreign account, but also to let them know when you closed it. This is important to be compliant and avoid any fines. The steps above should make it straightforward.