Why Certain Belgian Banks Are Closing Accounts for Non‑Residents
Why Certain Belgian Banks Are Closing Accounts for Non‑Residents
Across Belgium, a number of non‑resident clients have been informed that their bank accounts and investment portfolios must be closed due to cross‑border banking restrictions. This trend has surprised many expatriates as some people are still living in Belgium working for Inter Governmental Organizations. The underlying reason is a combination of Belgian banking law, regulatory obligations, and additional compliance costs.
Under Article 90 of the Belgian Banking Law of 25 April 2014, Belgian banks must hold the appropriate licence to provide certain financial services abroad. If a client lives outside Belgium, the bank may be required to comply with the rules of that foreign jurisdiction — something many institutions now consider too complex or too costly to maintain.
This shift has created uncertainty for thousands of people who previously relied on Belgian accounts for savings, investments, or day‑to‑day banking. But it has also opened the door to other solutions for those who still have a legitimate connection to Belgium.
Below we address the most common questions affected clients are asking.
Frequently Asked Questions
Q: Why are Belgian banks closing accounts for non‑residents?
A: Belgian banks are closing accounts for non‑residents because Article 90 of the Belgian Banking Law requires banks to hold a licence to provide services abroad, and many institutions cannot comply with the regulatory requirements of every foreign jurisdiction. In practice, this means that if you live outside Belgium, your bank may no longer be authorised, or willing, to serve you.
Q: What is the legal basis for these account closures?
A: The legal basis for these account closures is Article 90 of the Belgian Banking Law of 25 April 2014, which governs the supervision and licensing of credit institutions. Banks must also consider the rules of the client’s country of residence, which may impose additional requirements on cross‑border financial services.
Q: What are the “own rules” that other countries impose on cross‑border banking?
A: The “own rules” that other countries impose on cross‑border banking include marketing restrictions, product‑registration requirements, and local regulations on investments, loans, and insurance. Because each country has its own framework, certain Belgian banks often find it impossible to comply with all jurisdictions simultaneously.
Q: What happens to my existing investments if my account is being closed?
A: If your account is being closed, your existing investments typically must be transferred or liquidated within a set timeframe, often around one year. Clients usually receive a formal termination letter outlining deadlines and next steps.
Q: Does my nationality matter, or is it based on where I live?
A: Your nationality does not matter; account status is determined by your country of residence and tax residence. Even Belgian citizens living abroad can be treated as non‑residents for banking purposes.
Q: Are expatriates, EU officials, or international workers treated differently?
A: Expatriates and EU officials are not treated differently; the same rules apply to all clients whose residence or tax residence is outside Belgium. Certain banks apply the policy uniformly, regardless of profession or employer.
Q: Can I request an exception to keep my account open?
A: You can request an exception, but exceptions are rare and must meet strict criteria. Some banks allow a review, but approval is uncommon.
Q: What counts as a “connection to Belgium” for keeping or opening an account?
A: A “connection to Belgium” may include employment in Belgium, Belgian real estate ownership, first‑degree family members residing in Belgium, or ongoing economic activity with Belgian entities. These links can help justify having or maintaining a Belgian account or investment relationship.
Q: I am leaving Belgium — do I have to close my bank account?
A: If you leave Belgium and no longer have a qualifying link to the country, your bank may eventually require you to close your account. Some banks allow non‑residents to keep accounts temporarily, but long‑term retention usually requires a demonstrable Belgian connection.
Q: What if I still need a Belgian or EU‑based investment account?
A: If you still need a Belgian or EU‑based investment account, you may be able to open one through a licensed brokerage that can serve clients abroad, provided you have a legitimate connection to Belgium. Understanding the nuances of being an expat is important to navigating the financial landscape. There is a certain embedded “know how” in truly advising expats.
What This Means for Affected Clients
For many non‑residents, these account closures feel sudden and disruptive. But the underlying issue is regulatory, not personal — but options can be explored for one's financial planning issues.
Contact Monnet Capital
If your Belgian bank account or investment portfolio is being closed; or simply want to explore one's financial planning options — Monnet Capital can potentially help you navigate more complex cases. We appreciate that each situation requires a case-by-case assessment.
We specialise in supporting:
- Non‑residents with Belgian ties
- EU - IGO officials and international workers
- SME looking to move & set up in Belgium
If you would like tailored guidance, please submit your inquiry through the contact form on this page.
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