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Transfer portfolio from European bank to the UK
fonsde
Posts: 81 Forumite
Does anyone know if any english Bank would accept mutual funds and bonds that are held with european banks? (EUR/USD)
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Comments
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Does anyone know if any english Bank would accept mutual funds and bonds that are held with european banks? (EUR/USD)
Most UK banks have pulled out of the investment advice market and those that did operate in that area, they usually sold their own product or were tied to one or small number of providers.
In the UK, you don't use banks for investments unless you don't know what you are doing.
What country are the mutual funds registered in?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
In Greece, but I believe they are register in Luxemburg.
What about private banking here?0 -
What about private banking here?
Expensive and low quality compared to whole of market options. Plus, tend to want around £100k plus.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So what are my options? They reason is because of capital controls applied in Greece. If I sell a security the money will be locked in a deposit account.
I dont necessary need financial advice, but it is good to have some.
My portfolio is over 100k0 -
Where are you resident for tax purposes?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I work and live in the UK (pay income taxes here).
But I also pay taxes for a property I own in Greece.0 -
by "bonds", do you mean corporate/government bonds which are quoted on some stock exchange? if so, then it might well be possible to hold them with any of a number of UK execution-only platforms. though it varies exactly which bonds can be held on which platform. and i don't know if transferring such bonds from a greek bank would be more difficult (or even allowed given the capital controls - or do those just apply to cash?).
i think luxembourger mutual funds are less likely to be something you can hold on UK platforms. typically, they only have UK and perhaps irish funds. you might need an offshore fund supermarket - see some suggestions in this article: https://the-international-investor.com/investment-faq/best-offshore-fund-supermarket0 -
Whole of market wraps will offer Luxembourg and Irish domiciled funds. However, I do not know if in-specie transfer options are possible on thoseI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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