A Proof of Wealth (PoW) is a document or information used to verify your financial position and/or ownership. It is often used in various business and financial transactions, such as obtaining a loan, opening a bank account, making significant investments, applying for visas in certain countries, or participating in specific investment programs.
To verify the source of your funds, you are asked to provide evidence of the origin of your wealth. Proof of Wealth is requested to ensure fairness and avoid risks. It helps ensure everyone follows the rules and provides clarity and trust in business and financial agreements.
What documents would suffice as a Proof of Wealth?
Tax returns:
Filed tax returns can indicate your income and financial activities. In most cases, we prefer an annual tax return.
Payslips:
Recently received pay stubs provide insight into your regular income. Your details should be visible on these slips.
Pro tip:
Sending a payslip under three months old showing your income and address is enough for both the Proof of Address and Wealth. Two birds, one stone!
Bank statements:
Bank statements provide a summary of both receipts and expenses. Not only should your name be visible, but also the available balances in your bank account and a clear source of income.
Student grants:
A letter from the government (DUO) or a bank statement showing that you receive money from the government for studying.
Ownership documents:
Notarial deeds, land registry information, or real estate sales agreements can confirm ownership and value.
Investment Overview:
Overviews of stock portfolios, investment funds, securities accounts, etc. Preferably confirmed by an accountant or notary.
What are the general requirements for a proof of wealth?
The document shows a clear source of income
The document must display your full name
The document must display the date
The document should be in good condition and readable
The document should not be older than three years
Letters should be fully photographed/scanned (All corners visible)
When do I provide which documents?
While a tax return or payslip has our preference, there might be situations where you cannot/ do not want to hand this in. In that case, you can also send other documents depending on your situation.
I am a business owner.
If you are a freelancer or business owner, please send us recent invoices and the corresponding bank statements. We do not accept solely invoices as they do not confirm whether the invoice is also paid.
I am a student.
If you do not have a job and are still studying, we would like you to send us a bank statement of the monthly student grant you receive. If you do not have a student grant, bank statements showing you received money from your parents as a gift will also suffice.
I invest with previous investments.
If, for any reason, you cannot provide recent tax returns, we have an alternative way to assess your investments. We ask you to send us screenshots or evidence of your purchases and ownership of cryptocurrencies.
I live off benefits/pensions/insurance policies.
We require certain documents about your benefits, pensions, and insurance policies. Below, we explain which documents we would like to receive from you:
If you receive benefits, we ask you to provide a recent summary of the benefits. This document should include details such as the name of the issuing entity, the amounts, and dates of the benefits. We also need a bank statement showing the deposit.
If you are retired, we request an overview of your pension income. This could be a pension overview from your employer or pension fund detailing the pension amounts and the frequency of payments. We also need a bank statement showing the deposit.
Please provide policy documents for all relevant insurances, such as life insurance, health insurance, auto insurance, etc. These policies offer insight into your insurance coverage and premium payments.
I invest with gifts/donations/inheritance?
A bank statement clearly showing the transfer or deposit can serve as evidence for gifts and donations. The bank statement should contain essential information, such as the name of the organization, the transaction date, the donated amount, and the recipient's account details.
For an inheritance, you usually need to provide a statement or deed of inheritance to prove your entitlement to the inherited amount or properties. This statement is usually issued by a notary or authorized legal entity and confirms your position as an heir.
Can my data be deleted?
Based on Dutch legal obligations arising from the AMLD (Anti-Money Laundering Directive) and SW (Sanctions Act), we cannot delete any data obtained during the onboarding process or your customer relationship.
We understand this might not be the answer you were hoping for, but we hope you understand that we are legally obligated to retain your documents. This is required by Dutch regulators and De Nederlandsche Bank (DNB).
Under the Anti-Money Laundering and Counter-Terrorism Financing Act (AMLD), certain institutions must conduct client due diligence and store customer information. This can include making a copy of your ID or other customer details. As this is a legal requirement, retaining your personal data does not violate the General Data Protection Regulation (GDPR). The GDPR allows the processing of personal data when legally required. Thus, the AMLD provides a clear purpose (to comply with the law) and a legal basis for processing personal data under the AMLD.
AMLD (Anti-Money Laundering Directive) = Wwft (Wet ter voorkoming van witwassen en financieren van terrorisme)
GDPR (General Data Protection Regulation = AVG (Algemene verordening gegevensbescherming)