In this day and age transfer of holdings should not be an issue. Especially with all the retail investors rising interest this will soon become overdue.
I really feel this is a reasonable service to ask for, even if it wont be for free.
Also providing this service shows everyone that t212 is confident in their product and service and there is no need to keep hurdles for customers who intend to change the broker for whatever reason.
I would imagine if the system is implemented it would allow customers to transfer TO t212 as well, only a good thing.
In short, I very much look forward to transfers of holdings and hope they will be implemented at some point (short to midterm)
This can have a bit of friction, e.g. transfer of stocks & ETFs not added before in the platform, or stocks & ETFs from exchanges not present in T212. Also non-UCITS ETFs/ETPs or other financial products could be against the regulation of T212 UK/Cyprus (e.g. Crypto ETN/ETPs in UK).
Also fractional shares transfers in (and out) couldnāt be possible, as be residual fractions on T212 balance sheet.
Would T212 give up the shares if we pay them a fee for my bank to have it if they do all the work ?
I could just get rid of the decimals on my shares and have share per unit.
I am sure any bank would be glad to bring money to their own platform and pay the fee.
I believe IBKR charges at least 100$, and it depends of different brokers. Some charge between 50 to 100$ per company to transfer out. Usually transfer in are cheaper or free, but not always.
Just no. Not at all. Potential tax excluded, you are buying back the same amount of shares.
I dont know how you get that from ?
assuming you buy 20 shares of a stock at 20dollars and the stock goes to 200 dollars.
Then it means I will have 18 shares at 200 dollars. This is just if there is no tax on capital gain.
You buy 20 shares, at 20$ (for 400$), and they grow to 200$. You sell them at that price (for 4000$), and then buy again 20 shares at 200$ (for 4000$).
Without fees and taxes, you get the same 20 shares.
Edit: could you explain your finding of 18 shares thought?
I think Jeffries wants to keep any gains as unrealised, as in keeping the original book cost / average entry price. Possibly as not to crystallise any capital gains.
Both arguments are correct bar the 18 shares unless they have to pay 10% CGT. My question would be what has changed in services since you signed up(0.15% fx fee perhaps), to want to move? Ideally you would want to take the path of least resistance or greatest benefit to yourself in terms of broker choice / where to hold any positions.
I would move to another broker or bank if I have to change country for work. I am being considered to work in New York or Miami in the near future and I believe T212 is not an acceptable broker over there.
Well, thatās a weird calculation; your total position is 4000$, if you choose to only reopen 3600$ you canāt really complain that you get less shares
And yes, some do; I have no capital gain taxes where I am š¤·
No dividend taxes either, and dividend tax withheld in other countries are offset against my income tax as well
Edit: maybe this is where the confusion is; you do recoup your initial investment (of 400$) on top of the net profit of 3600$ (for a total of 4000$); that allows you to buy back a full 20 shares for 4000$.
Say the price move from 20 to 21$; your position is 20 shares, or, if you sell, 420$ in your pocket (netting you a gain of 20$), not just the 20$ of gain. That allows you to buy 20 new shares for a price of 21$.
Netherlands.
It really is, our tax system is actually so great, even more so for investors.
Instead of the capital gain tax and dividend tax, we have a wealth tax, that apply on your net worth except main residence value, with a free tier up to ~40k-ish, or ~80k with a tax partner.
The idea is they estimate you would yield about 4% return on your existing wealth, and tax that at 30%, so about 1.2% of your wealth taxed per year; but there are lower tiers where most of your wealth is considered āsavingsā and taxed at a much much lower rate, and only upper tiers are considered āinvestedā. That 1.2% per year would only really be in place after 1M of net wealth in reality.
And it also means any returns in excess of 4% a year is actually tax free
Psst, donāt say this on Portuguese social networks, the Socialists/Comunists/Left Wing Extremists (a coalition that support the Portuguese Socialist Party Government on the last 6 years) will call it capitalist fake information.
Well, anytime youād want!
But to warn you, our housing market is prettyyyy hot. Like, the hotest of EU. We have a housing shortage of 300.000 unit and growing, so both house prices and (very rare to find) renting prices have gone through the roof, with little hope of changes. Lots of immigrants from everywhere in Europe, and ability to finance a house purchase at more than 100% (no down payments).
The housing market is hot in almost everyplace (especially the capital and major cities in the developed world) due to the low interest rates environment from Central Banks and to TINA.
