Portugal: Equities – Relief at source resumed for Belgian residents


Following Announcement A20019, Clearstream Banking1 informs customers that following discussions with the Belgian Banking Federation (FEBELFIN), the Belgian Tax Authorities (BTA) have accepted to amend the last version of the Belgian certificates of residence (CORs) reverting to its previous version.



relief at source for Belgian residents is no longer suspended.


According to a new internal administrative instruction the BTA had started to include a validity period in the CORs issued to Belgian residents for the purpose of benefitting from the double taxation treaty (DTT) rates.

Due to this limited period of validity (starting from the registration date of the entity until the BTA’s signature date), the Belgian CORs were 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 had suspended the relief at source procedure for Belgian residents until further guidance from the local tax administration.

Following the decision of the BTA to revert to the previous version of the certificate which only specifies that the document is delivered based on the information available to the BTA on the date of signature and no longer mention any residency period, the relief at source for Belgian residents is available again.

Impact on customers

Customers wishing to obtain relief at source of Portuguese tax on equities on behalf of Belgian residents can do so on condition that they comply with the usual certification requirements.

We recommend that customers provide, in their certification package, the new CORs delivered by the BTA. However, if customers have already provided old CORs including a validity period, those will normally be considered valid for 2020 by our depository.

We remind customers  that the COR is the only document accepted by the Portuguese tax authorities to validate the Mod. 21- RFI. Please refer to our Market Taxation Guide – Portugal for further details about the certification process.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk or 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.