Changing tax residency within EU and Degiro

[8erkid]

@maska You will definitely need to discuss with DeGiro on your migration regarding the administrative Aspects of your trading accounts. Regarding taxation, my expectation is that given that Spain might lose its right to taxation on your capital gains, they might impose a tax on the transfer of your tax residence on these assets. Of course you could claim the value of the asset base increase on the country you move to. But looks like you’ll need to consult with a Spanish tax expert on migration as well as one in the country you move to. But definitely you’ll need to update DeGiro res your move, perhaps they can transfer your holdings to a broker of your choice in the country you move to. Hope this helps.

 

[maska]

@8erkid I see, thank you. Sounds like it would depend on if I migrate my assets somewhere else. Since I am not planning to change the broker and would like to stay with Degiro, I am not sure what to tell them exactly.

I can keep making deposits using my Spanish bank account, being already a tax resident of another country, theoretically, but in case of a withdrawal which tax will be applied in the end? This confuses me the most

 

[8erkid]

@maska I think you’re obliged to inform them - you can’t have a Spanish trading account if you’re not a Spanish resident. You should definitely have a conversation and have a backup broker ready to handle the transfer.

 

[mr_unemployed]

@8erkid Why can’t you have a spanish trading account if you are not spanish? I have trading accounts in all kind of european countries, without being resident there.

 

[maska]

@mr_unemployed Probably, you have the same country listed as tax residency on all of those accounts, so the broker or country of the account does not matter. Since you are holding an EU passport the physical residency does not matter for accounts in EU. I see it like this. ?

 

[mr_unemployed]

@maska Yes, I believe so. You can open accounts in europe wherever you want. But of course the broker/bank might decline you if you are not a local citizen.

 

[bakethebread]

@maska Get a tax advisor. If you change tax residency and you have significant investments they'll know what to do.

You'll have to file two tax reports and the residency change date ia significant where to file your taxes for sellings.

Furthermore you need to update your w8ben timely otherwise the info of sale gets forwarded to the wrong tax office.

If you chose wisely you probably will pay less capital gains taxes.

 

[bakethebread]

Change bank account is just an email by the way.

 

[bigork]

@maska https://preview.redd.it/40smtkfc7ap...bp&s=fc2963ec68b349915dd170e799db965291791c1b

If you ever see this comment OP, I wonder how did it go for you and was it a tedious process

 

[janet1971]

@maska RemindMe! 1 Day

 

[adsy]

@maska RemindMe! 2 Days

 

[darrenpb]

@maska RemindMe! 1 week