On September 23, 2020 a Royal Decree amending 2018 procedures on beneficial ownership (UBO) register of legal entities and introducing new disclosure obligations was published in Belgium.
The major changes involve:
Disclosure obligations will require the support of adequate, accurate and current documentation, which will be available only to competent authorities.
Certain other information on the following UBOs of international non-profit organizations (I)NPOs and foundations will instead be publicly accessible to citizen (with or without a legitimate interest):
Furthermore, trusts and fiduciaries established outside Belgium, but having a link with Belgium (eg owning real estate in the country), must also report their UBOs to the register, and since this is possible only through a company number, they would firstly need to register in the Crossroads Bank for Enterprises.