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Receiving money from family

Question

A rich uncle wants to get rid off some money.

Is there a limit on the Belgian side of how much one can receive without paying tax or having to declare it?

If it is split between several persons, can it be done in one transfer?

kasseistamper

If you don't employ an accountant, this is something that you should discuss with your bankers.
Anything over €10,000.00 will be subject to scrutiny by your bank to ensure that money laundering is not involved. It isn't a case of declaring it; rather of explaining it.
However, the most significant factor is where rich uncle lives. Many/most countries have rules in place to ensure that rich people do not give money away in order to avoid inheritance taxes when they die. It is up to uncle to check this out before deciding what he will do.

Apr 8, 2013 08:59
eric

It probably depends on which region in Belgium that the gift takes place. Probably you would/should have to pay 7% tax on the gift irrespective of the amount, but don't take my word for it, ask a notaire.

Apr 8, 2013 15:30
amadainmhor

thats real funny, 7%!! more like 67% if its not a parent or sibling. But agreed, notaire is the best to ask. Or put it offshore

Apr 9, 2013 11:46
Dune

I think the post above has got it right, it would be more like 67% than 7%. Wouldn't risk bringing any substantial amount into Belgium, without getting some professional advice on the taxation, otherwise before you know it, the taxman will have his sticky fingers on it!

Apr 9, 2013 12:20
robtlaw

There are many essential implications of gifting in Belgium and it’s mainly dependent on your individual situation. I would be glad to offer a free consultation. Please feel free to contact me at rob@dunhillfinancial.be

Apr 11, 2013 10:34