Belgium issues clarification statements regarding accounts of asylum seekers and CBI/RBI schemes under CRS

On 9 May 2019, the Government of Belgium announced that persons for whom an asylum application is processed are presumed to be non-tax residents (Link-French). Regarding the Common Reporting Standard (“CRS”) information, those accounts should not be considered as “reportable accounts”, provided that the account holder can prove his/her status as an asylum seeker on the basis of documents issued by the Belgian authorities.

An asylum seeker’s account may have the status of “non-reportable account” for a maximum of two consecutive calendar years. This time limit may only be extended in the event of evidence to the contrary, for example in the context of ongoing legal proceedings concerning an asylum application.

In addition, also on 9 May 2019, the Government of Belgium released an explanatory document with regard to the risks of Citizenship by Investment (“CBI”) and Residence by Investment (“RBI”) schemes under CRS (Link-French).

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