{"id":30777,"date":"2023-10-12T08:00:00","date_gmt":"2023-10-12T06:00:00","guid":{"rendered":"https:\/\/www.confianz.be\/?p=30777"},"modified":"2023-10-12T21:00:12","modified_gmt":"2023-10-12T19:00:12","slug":"fines-foreign-ki","status":"publish","type":"post","link":"https:\/\/www.confianz.be\/en\/boetes-buitenlands-ki\/","title":{"rendered":"Fines on failure to declare foreign property"},"content":{"rendered":"

On 12 October 2023, the Belgian Official Gazette published fines on non-declaration or late declaration of acquisition or disposal of foreign real estate. Therefore, we discuss the penalties on foreign KI.<\/p>\n\n\n\n

Declaring your property abroad<\/h4>\n\n\n\n

You must declare any acquisition or disposal of property abroad, as well as any conversion thereof, to the Belgian tax authorities. For a purchase, for example, you have four months.<\/p>\n\n\n\n

Specifically, you should report the 'current normal sale value' in the tax return. So you can enter the purchase price in the case of a purchase and the acquisition value as stated in the deed in the case of an inheritance or gift. For Spain, this is the tax reference value.<\/a><\/p>\n\n\n\n

After that, the taxman converts the sale value to its value in 1975. On this amount, we take 5.30% to obtain the final KI. <\/p>\n\n\n\n

Any form of ownership should be declared, except bare ownership. As a couple, each partner makes an individual declaration for the full amount based on the division of ownership (e.g. 50\/50).<\/p>\n\n\n\n

You can find more information on the declaration requirement at the FPS Finance website.<\/a> <\/p>\n\n\n\n

Here you can find more information on How to file the return yourself.<\/strong><\/a><\/p>\n\n\n\n

Fines foreign KI<\/h4>\n\n\n\n

The penalties below are in force. For the non-declaration or untimely declaration of the acquisition (e.g. a purchase or inheritance) and\/or disposal (e.g. sale or donation) of a foreign property with a KI smaller than 745 euros, you risk a fine of 1,000 euros. For property with a foreign KI from \u20ac745 to \u20ac2,500, the fine is \u20ac2,000. Finally, the fine is EUR 3,000 for property with a foreign KI above EUR 2,500. <\/p>\n\n\n\n

You risk a fine per plot. So be sure to pay attention to the declaration of land as well.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Automatic data exchange<\/h4>\n\n\n\n

The Belgian authorities are aware of your property abroad thanks to automatic data exchange between EU countries. Non-declaration therefore makes no sense.<\/p>\n\n\n\n

\n

Do you have questions about buying or selling your property in Spain? If so, please feel free to contact<\/a> <\/strong>on.<\/p>\n<\/blockquote>\n\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

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