Choosing wealth management in Belgium: rules, fees and mandates

Large banks and specialist houses

Wealth management in Belgium covers the private banking and portfolio management services offered by the large banks and by specialist houses, under FSMA supervision and the European MiFID II investor protection rules. The large banks run private banking divisions, while houses such as Delen Private Bank focus entirely on private wealth, and entry thresholds vary by institution and by type of mandate.

Belgium's large banks run private banking divisions, while specialist houses such as Delen Private Bank focus entirely on managing private wealth. Entry thresholds for private banking in Belgium vary by institution and by the type of mandate chosen.

MiFID II profile and suitability of advice

Before any advice or mandate, the bank gives the client a MiFID II questionnaire on knowledge, experience, financial situation and risk tolerance. Recommendations must then remain suitable for that profile, under FSMA supervision.

Discretionary management or investment advice

A discretionary mandate delegates decisions to the manager within a defined framework, with periodic reporting. Advice leaves each decision to the client, and the bank must justify the suitability of its recommendations in writing.

Custody of securities and the Protection Fund

Securities are kept separate from the bank's own assets and, if instruments cannot be returned, the Protection Fund pays up to 20,000 euros per investor. Cash in the account falls under the Guarantee Fund.

The 0.15% annual securities account tax

Securities accounts with an average value above one million euros bear an annual 0.15% tax, which Belgian banks withhold for their clients. A non-resident is liable for securities accounts held in Belgium.

The 10% capital gains tax from 2026

Since 1 January 2026, Belgian residents pay a 10% tax on gains on financial assets after an annual allowance of 10,000 euros. Banks withhold it at source unless the client opts to declare everything personally.

Management fees, custody charges and ex ante disclosure

The rules require a costed estimate of all charges before signing: management fees, custody fees, transaction costs and fund costs. An annual report then summarises the charges actually paid over the year, in euros and as a percentage.

KBC Bank private banking for non-resident clients

A non-resident approaching KBC Bank for wealth management should expect an in-depth review of the source of assets, questions about tax residence and an entry threshold specific to the bank's private services.

Inheritance and gifts of portfolios in Belgium

For a wealth management account, inheritance and gift taxes are set by the Regions, with different scales in Flanders, Brussels and Wallonia. A Belgian portfolio held by a non-resident may also be of interest to their own country of residence.

Tax information: CRS, DAC2 and form 3916

Assets managed in Belgium for a foreign resident are reported to their tax authority through CRS and DAC2. A French tax resident declares the securities and cash accounts on form 3916, and the income received in the annual return.

Documents required for wealth management in Belgium

The private bank begins by identifying the client: identity document, proof of address, tax residence and tax identification number. It then asks about the wealth, its make-up and its history. The more precise these elements, the better the adviser can propose a suitable mandate and the more smoothly the compliance review moves forward.

Next comes the source of funds. Depending on the situation, the bank may ask for the deed of sale of a property, a certificate of inheritance, details of a professional activity or earlier account statements. These documents check the consistency between the declared wealth and the planned deposits, and they are examined more strictly for a non-resident.

The MiFID II profile questionnaire completes the file: objectives, investment horizon, market experience and capacity to bear losses. Answer sincerely, because this profile frames the recommendations. In practice, the time to open depends on the bank and the complexity of the file, and no portfolio management can be promised before the bank agrees.

Comparing private banking in Belgium: criteria and questions

To compare two offers, start with the type of service: discretionary mandate or advice. Ask who takes the decisions, how often you receive reports and what investment horizon is assumed. Also specify any restrictions, for example on the products used, currencies or derivatives, so that the mandate stays consistent with your profile.

Then examine the total cost: management fees, custody fees, transaction costs, the costs of underlying funds and any performance fee. The rules require a costed estimate before commitment. Compare it with the annual cost report to see whether the charges actually borne match those announced by the Belgian private bank.

Finally, ask the institution about its entry threshold, the language of service, the team that will follow the account and the quality of tax reporting for a non-resident client. Ask for sample reports and the procedure in case of disagreement. A serious wealth manager in Belgium will agree to detail these points before the mandate is signed.

Common mistakes with a Belgian private bank

The first mistake is to expect a guaranteed return. No manager can promise performance, and a well-drafted mandate mentions the risk of capital loss. Be wary of any pitch that plays down this risk. The second mistake is to understate one's risk limits in the MiFID II questionnaire in order to access a more ambitious strategy.

Many clients also neglect to read the fees. A percentage that looks low can add up with custody charges and significant fund costs. It is useful to ask for a costed simulation over several years. Another frequent confusion is to mix up the deposit guarantee, which covers cash, with the capped and separate protection of securities.

Finally, do not lose sight of the tax rules of your country of residence. Wealth management in Belgium can produce income and gains taxable elsewhere, depending on treaties and local laws. Plan for collecting the annual tax statements and talk to an adviser before transferring securities or opening an additional account.

Reporting obligations and checks before signing

Assets managed in Belgium for a resident of another country are subject to automatic exchange of information. The bank collects the tax residence self-certification and sends balances and income to the Belgian authority, which then passes them on to the authority of the country of residence. The client remains responsible for their own declarations.

Keep the annual statements, transaction notices and cost reports: they are used to complete returns for income, foreign accounts and, depending on the country, wealth. If you hold both a securities account and a cash account, declare both where the rule in your country requires it, and report closures.

Before signing a mandate, finally check the conditions with the bank, with the competent supervisor such as the FSMA and with an independent adviser. Taxes, thresholds and protections change, and this information is general. Personalised advice remains necessary for an inheritance, a gift or an international tax situation.

Before choosing a private bank in Belgium, compare the private banking division of a large bank with a specialist house such as Delen Private Bank, and ask each one which entry threshold applies to the type of mandate you want. Request the fee schedule in writing, and ask how the securities account tax would apply to your portfolio and how an inheritance or gift of that portfolio would be handled.

Gather the documents the bank requires before the first meeting and read the mandate carefully before signing. A frequent mistake is to sign without understanding the reporting obligations that follow, so ask the adviser to explain what will be reported, to whom, and what you must still check yourself.