Opening a foreign broker account as a Belgian requires paperwork with the National Bank of Belgium. But what happens when you close that account?
Many Belgians don't know they need to officially declare the closing of their foreign accounts too. This oversight can lead to complications with the tax authorities and potential fines under Belgian anti-money laundering legislation.
Here's a simple guide to properly closing your foreign account in the eyes of the Belgian government, with clear step-by-step instructions to keep you compliant.
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:
Consult our guide to brokers for a detailed comparison of brokers.
What if you never declared your account?
You can declare the account and mention a closing date at the same time.
Conclusion
Properly declaring the closure of your foreign accounts is another piece of the Belgian investment compliance puzzle. We've walked you through the steps to ensure you stay on the right side of the tax authorities and avoid potential penalties. While the process isn't complex, it's another administrative task you need to remember when managing investments with foreign brokers.
What's your next step? If you're looking to simplify your investment journey, you might want to explore domestic options that reduce these administrative requirements. Or if you have other foreign accounts, make sure they're properly declared. The most important thing is to keep your investments aligned with both your financial goals and Belgian regulations.