Banking, Money and Taxes in Belgium

Managing your money as an expat in Belgium is a hassle free process thanks to a local infrastructure known to have the largest number of bank branches per capita in the world.

Most people carry out transactions at either ATMs or banks online. Some Belgian banks operate entirely online, where it is possible to do everything from opening an account to using the bank's investment services. Belgian banks charge separately for individual services, such as debit and credit cards and Internet banking facilities, in addition to regular transactions.

Opening a current account in any one of Belgium’s is relatively easy and expats will need their passport, a bank account application form (completed and signed) and proof of address, such as a utility bill. Some Belgian banks will even allow customers to open bank accounts online, while others allow foreigners to open an account online before they arrive in Belgium and expats will have to inform the bank once a residency permit has been issued.
 

Taxes in Belgium account for approximately one third of monthly salary deductions and depend on the family situation and whether or not there are dependants. The social security contribution is a13.07% of the gross income for everyone. The tax-free allowance depends on the family situation of the employee and tax deduction payments such as pension and dependants should be discussed with a specialist.
 

Expats will generally become tax residents of Belgium, and are therefore subject to Belgian tax on their worldwide income. Expats in Belgium should consider offshore investments in order to manage their tax liability and to control when tax charges are made. There are, however, special tax concessions for non-Belgians who are located on a temporary basis, allowing them to be treated as non-residents for tax purposes. 
 

For expatriates, taxes on cost of living allowances, housing allowances and tax equalisation allowances may be exempted within certain limits.