Portugal: Equities - Relief at source suspended for Belgian residents


Clearstream Banking1 informs customers that according to a new internal administrative instruction the Belgian Tax Authorities (BTA) have started to include a validity period in the certificates of residence (CORs) issued to Belgian residents for the purpose of benefitting from the double taxation treaty (DTT) rates. This period of validity starts from the registration date of the entity until the BTA’s signature date.

Due to this limited period of validity, the Belgian CORs are no longer in line with the requirements of the Portuguese tax authorities stating that the COR must cover the period when the withholding tax took place. Consequently, the Portuguese market has suspended the relief at source procedure for Belgian residents until the local tax administration confirms the validity of the new version of COR. 



Belgian residents wishing to obtain the benefits of the DTT signed between Belgium and Portugal can no longer obtain the reduced rate at source.

The quick refund procedure is still available on condition that the COR provided covers the date of payment of the dividend. Please refer to our Market Taxation Guide – Portugal for further details about the quick refund.

We are closely monitoring the situation with our local depository in charge of both the Belgian and Portuguese markets; they are trying to resolve this issue as soon as possible.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.