Inheritence Of Spanish Shares

Franky70

My sister and I will shortly be inheriting a shares portfolio left by my late Spanish mother but which are currently held by her bank in Spain. My sister is a Spanish resident but I have been told I will also need to open an account with the bank in Spain to receive my shares even though I am a UK resident. If thIs is the case would  I be able to transfer my shares to the UK without incurring large fees or tax demands? Any advice would be welcome.

MX5huggy

Get the shares sold in Spain. It very unlikely that a set of shares your mother chose some years ago meet your investment needs. 

If you are on good enough terms with your sister let her have them all and she can sell your half or if she has the cash give you the value of them. 

Franky70

Thank you for your advice MX5huggy. Anyone else out there able to comment? 

JohnWinder

Off-market share transfers in Spain still need to be undertaken by moving a paper (?parchment) share certificate to different buildings; no worse, can only stay in the same building? The medieval parts of Spain are appealing, but they don't need to persist into securities trading one would hope.

Voyager2002

Franky70 said:

Thank you for your advice MX5huggy. Anyone else out there able to comment? 

I second the advice, although I can think of specific (unlikely) circumstances under which it would not be the best option, which is why I did not post. If you can really be bothered you could compare the costs of selling in Spain with the costs of transfer to a UK-based platform and then selling, and the costs of holding in Spain versus the costs of holding on a UK-based platform. I doubt whether the saving from this exercise would justify the time and effort involved.

PRAISETHESUN

I'd get the estate to sell them and distribute the cash, rather than distributing the shares which you then need to sell under your own name - this could have tax implications for you otherwise. Dual tax residency stuff isn't particularly fun to deal with.

Notepad_Phil

Franky70 said:

Thank you for your advice MX5huggy. Anyone else out there able to comment? 

There was a similar thread a week or so ago about someone trying to do what you are doing i.e. trying to transfer Spanish shares to the UK. They couldn't find anyone who would allow this and the closest means to do this seemed to be to sell them and then puchase the CDI (CREST Depository Interest) versions of them if they existed e.g. https://www.youinvest.co.uk/faq/what-international-markets-can-i-deal

However in your case there's no real reason for you to repurchase the CDI versions (even if they existed) so as per others above I would just get the estate to sell them in Spain and distribute the cash.