What happens when you win a large sum of money from a contest or lottery?

What happens when you win a large sum of money from a contest or lottery?

You’ve won a significant amount of money from a contest, raffle or other form of lottery, congratulations! While it’s certainly nice to suddenly receive a large sum like this, it can also be overwhelming. We’re happy to tell you the best way to deal with your windfall and which pitfalls you should watch out for.

1. Confirm the results of the contest or lottery

Double-check that you won on the official lottery website or watch the broadcast of the draw.

2. Enjoy your winnings

You don't win a large sum of money every day after all! But don't go shouting about it from the rooftops; keep it to yourself or within your family.

3. Collecting your lottery winnings

Stay vigilant and don't believe just anyone calling out of the blue. Contact the organisers yourself and they’ll help you collect your winnings. You don’t need to go to a point of sale, you’ll usually receive a discreet invitation to attend the head office.

What do you need?

  • Your winning ticket
  • Your ID card
  • The number of the account into which the money is to be deposited

4. Managing your money the right way

Be sure to first contact your expert for personal advice. They will discreetly help you manage your earnings in a professional and secure fashion. For sums above 250,000 euros, you can head to a KBC Private Banking branch.

Alternatively, you can put together your own team of professionals including a lawyer, financial adviser, accountant and so on, but this often makes things more complicated.

5. The money is in your account, what now?

How do you calculate how much you need and what you can spend? That’s where KBC Private Banking comes in. Our handy Private Plan clearly sets out all your income and expenses such as rent, transport, and purchases so you always know exactly where you stand both now and in the future.

6. Donating some of your winnings to your children or partner

There are several options for donating money, each with its own legal and tax implications. Your private banker will be happy to give you personal advice in this regard.

Make an appointment

7. FAQs

No, you don’t have to pay any taxes on your winnings. If you put the money into a savings account, the capital is not taxed and you’ll only pay taxes on the interest. Your private banker will be happy to explain this to you in more detail.

Make an appointment

No, this usually isn’t necessary.

It’s wise to avoid potential problems by preventing your lottery win from becoming public knowledge. Once the news is out, anonymity isn’t something you can buy back.

Useful links

This text was not approved by or produced in collaboration with the National Lottery.