Question 1

How do I declare my Curvo account to the Belgian National Bank?

Accepted Answer

There are three ways to declare your foreign Curvo account to the Belgian National Bank:

Online
Through a paper form
By email

1. Online

The easiest way is to do it online. Declare your accounts by filling in the form available on the website of the National Bank of Belgium. If you go for the electronic route, remember that you'll either need your identity card (with chip!), your PIN code and a card reader or else access to your itsme account.

We'll use the French speaking form as an example.

Step 1

Start with login into CSAM account using itsme:

Step 2

Then select "contribuable" or "belastingbetaler":

Step 3

Click on "Add new account":

Step 4

Enter the account information. You must first find your account number.

| To find your account ID, head on over to "Account" on the app then click on "Profile". You'll see your account ID at the bottom of the screen.

![Where to find your Curvo account ID (it's 9 digits for yours that

Question 2

How do I declare my Curvo account to the Belgian tax authorities?

Accepted Answer

You will have to declare that you have a Dutch investment account through Curvo.

| As a Curvo customer, we will provide you with detailed instructions when you are filling your tax form.

According to the Belgian tax authority, if you have a foreign account (such as Curvo) you need to do the following:

Declare it to the Belgian National Bank (view instructions)
Mention it every year on your tax form (view instructions for the 2021 tax form)

Useful links

Dutch:

Praktische modaliteiten voor de melding van buitenlandse rekeningen aan het CAP op de website van de Nationale Bank van België
FAQ rond buitenlandse rekeningen op de website van de Federale Overheidsdienst Financien

French:

Modalités pratiques de communication au PCC des comptes ouverts à l’étranger sur le site de la Banque Nationale de Belgique
[FAQ sur les comptes à l'étranger](https://finances.belgium.be/fr/particuliers/international/revenus-et-comptes-a-l-etranger/comptes

Question 3

How is my money invested?

Accepted Answer

Purchases are not instantaneous as you are not purchasing ETFs through an exchange but rather institutional funds where the orders are run once a day. Curvo is for long-term investing and not suited for timing the market.

Here is a rough timeline of events when you send money to your Curvo account:

Your money is received at the Rabobank deposit account.
The next business day, this amount will be processed by our investment partner NNEK and orders will be created that fit the strategy you are investing in. The orders are passed on the same day to Vanguard, iShares (Blackrock) and BNP Paribas (the fund providers for the Curvo portfolios). This needs to happen when the markets are open (Monday to Friday) and these are run once a day.
Once confirmation the fund providers is received, the custodian fully processes the execution of the orders and safeguards the assets. The custodian is a legal entity separate from both Curvo and NNEK.
That same day (but it can be a day later depending on when we receive the information from the custodian), you will see an updated portfolio in the app.

If we dive deeper though, it works as follows. The funds where your money is invested provide one price per day. This is not a random or worse price for you, it's the new price that's the result of the movements of the underlying stocks/bonds in the fund that day. The reason the execution can take a few days is because of the settlement period. This is the time it takes to confirm a

Question 4

How do monthly contributions work?

Accepted Answer

Through Curvo, you can easily set up monthly contributions through SEPA Direct Debit. The money is debited the first business day of the month and you can edit or revoke the contributions as you wish through the app.

How long does it take for the money to be invested? It can take up to 8 business days as there are two factors at play:

1) SEPA Direct Debit

Under SEPA Direct Debit, funds are debited even if the customer does not have sufficient funds on his bank account. For example, if you set up a direct debit of €300 but you only have €200 on your bank account, the full amount of €300 would still be debited and transferred to the Curvo account. What happens though is that your bank will come to us a few days later and automatically take the money back. This is a risk if for instance the funds have been invested by then.

As all customers are new, our partners NNEK provide a 4 business-day window as a safety net, to see if the customer's bank will call the funds back. There is a plan on building a more robust "trust" system for customers who have been using Curvo for a couple of months. The idea would be to reduce the length of this window as the "trust" in a customer increases after successful contributions have taken place.

2) Initiating the purchases

Purchases are not instantaneous as you are not purchasing ETFs through an exchange but the funds are purchased directly from Vanguard and BlackRock (institutional mutual funds instead of ETFs). The price is se

Question 5

What taxes do I have to pay?

Accepted Answer

Transaction tax (TOB): NO
Dividend tax: NO
Reynders tax: YES
Wealth tax: YES

The details

By investing with Curvo:

You will not have to pay the transaction tax (TOB or "beurstaks" or "taxe boursière") because Curvo portfolios only work with index funds that are exempt from it.
You will not have to pay dividend taxes because all funds in Curvo's portfolios automatically reinvest dividends. This is called an accumulating fund.

On the other hand, there are two taxes which are mandatory.

1. Reynders tax

The Reynders tax is charged by the Belgian state whenever a bond fund is sold. This happens when your portfolio is rebalanced or when you withdraw all or parts of your investments. The tax amounts to 30% of the profits for the bond funds that are sold. Stock funds are exempt from this tax.

Example

Imagine you're investing €10,000 in the Curvo Energetic portfolio. The portfolio consists of roughly 70% stock funds and 30% bond funds. So the breakdown is:

€7,000 in the stock funds
€3,000 in the bond funds

A year later, your portfolio has grown in value. The stock funds have gone up to €7,800 and the bond funds are valued at €3,200. Your investments are now worth €11,000.

You decide to withdraw the full €11,000. Upon the sale, you will have made a profit of €200 on the bond funds. So the Reynders tax will amount to €60 (30% of €200).

How do you pay it?

The Reynders tax needs to be declared with your yearly personal tax

Question 6

Do you have more information about the funds in the portfolios?

Accepted Answer

We recommend you explore our portfolios page on the Curvo website for a detailed breakdown of how funds are selected.

The seven funds that Curvo portfolios work with are as follows:

Vanguard ESG Developed World All Cap Equity Index Fund ISIN IE00B5456744 Factsheet Key Investor Information Doc

Vanguard ESG Emerging Markets All Cap Equity Index Fund ISIN IE00BKV0W243 Factsheet Key Investor Information Doc

Vanguard SRI Euro Investment Grade Bond Index Fund ISIN IE00BYSX5D68 Factsheet Key Investor Information Doc

iShares Euro Government Bond Index Fund (IE) ISIN IE0031080868 Factsheet Key Investor Information Doc

iShares Euro Government Inflation-Linked Bond Index Fund (IE) ISIN IE00B4WXT857 Factsheet [Key Investor Information Doc](https://www.ishares.com/ch/individual/en/literature/kiid/eu_priips-ishares-euro-government-inflation-linked-bond-index-fund-ie-inst-

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