This gap could make Belgian savers want to open an account in a French or Luxembourg bank. But is it easy? In theory, a Belgian resident has “the right to open an account abroad in accordance with the free movement of capital and the free provision of services provided for by European legislation”, recalls Paul Wilwertz, responsible for communications at ABBL (Luxembourg Banking Association). “A certain number of banks established in Luxembourg offer online onboarding procedures. he specifies.
Why does Belgium remain so unattractive for savers? (Comparative)
Exceptions
On the Febelfin side, we confirm that in the euro zone, “It is normally possible to open a savings account abroad but there may be exceptions.. Example: some foreign banks may require that the client be a tax resident.
What is certain is that the saver will have to show his credentials. “Such an account may be opened, to the extent that this opening complies in particular with the obligations relating to the fight against money laundering and terrorist financing, know your customer (KYC) and international sanctions to which the bank is subject. submitted”recalls Paul Wilwertz.
Clearly, opening the account will not be done in two clicks. Far from it. It can even be very “complicated”explains a Belgian resident who wanted to open an account in a French bank. Questioned on the question, the French Banking Federation is in any case cautious. “We recommend turning to commercial banks to see under what conditions they can (to Belgian customers, Editor’s note) offer access to these investments”, the press service tells us.
The report which dismantles the argument of Belgian banks to justify their low savings rates
Another obstacle noted by Febelfin is fiscal. “You will need to declare the account to the central contact point of the National Bank of Belgium and mention it in the tax declaration. It will also be necessary to indicate the interest received, which will potentially be taxed at 30%.“, recalls the federation of the Belgian banking sector. Which also does not fail to point out that in return for these fairly low savings rates, Belgian banks offer mortgage rates”very good” and mostly at fixed deadlines.
