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Increased number of Belgians declare foreign bank account

Credit: Belga

The tax administration has noted an increase in the number of Belgians reporting an account, insurance or legal arrangement that they have abroad, L’Echo reported on Thursday.

For the 2018 tax year, 173,048 Belgians said they had an account abroad. That’s almost 10,000 more (up 5.5%) than in 2017.

The tax administration saw the number of insurance declarations taken out abroad increase by 4.4% to 45,825 and the number of Belgians holding legal arrangements (foundations, trusts, etc.) reaching 1,705 (50 more compared to 2017).

According to tax lawyers, the increase is mainly due to the greater exchange of data between countries. This international tax cooperation makes it virtually impossible today to conceal assets abroad.

The Brussels Times