Overseas transfer of shares? - Aussie Stock Forums

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  1. #1

    Default Overseas transfer of shares?

    I'm going O/S for a while, who knows I might stay but have shares here which I'd like to keep for now. My question is; would it be better to keep them in a chess sponsored account with one of the main bank/traders here and then transfer them to an institution O/S if staying or should I quit my chess and take control of these shares.

    My thinking in taking control is; if I have the documentation of ownership I can walk into any bank/trader and have them up and running within days as apposed to having to deal with two different institution in to different countries, God only knows what kind of inter-institutional/ national fees and chargers are likely to arise, let alone the period of time any transfer is likely to take?

    How would a person take control of any shares if they wanted to, for the reasons I have already stated?

    Any help with sorting out this dilemma would be greatly appreciated.

    Cheers M_B

  2. #2
    hoarding tinned food kennas's Avatar
    Join Date
    Apr 2006
    By the river
    Blog Entries

    Default Re: O/S Transfer?

    May depend on how long you are OS for. If it's just a few months to 3 years, then keep the shares sponsored in Australia. If not, I'm not sure.

    If returning to Australia, open an account with Etrade or CBA or whoever, and transfer the shares into the on line holding account with the broker. Have your residential address as you parents, and ask them to forward any paperwork.

    Then you can keep trading on line while you are OS.

    I've been in Peru for 1 year with 2 to go and I am trading through Etrade and IG. Not sure if this is really kosher, but it works.

  3. #3
    wildkactus's Avatar
    Join Date
    Nov 2007
    Aussie OS - Hong Kong

    Default Re: O/S Transfer?

    It all depends on how long you will be OS.

    If short term then I would do as Kennas said Above, If it is a permenent move, then It may be worth selling up everything and setting up OS, this also helps with the non resident for tax issue, but it will trigger a taxable event so keep this in mind.

    When I moved OS it was permenently, so I sold every thing and opened up new OS accounts, and started fresh, this was the best for me.
    But it mat not be the best for you, so check with a good accounant / lawyer that is familiar with dealing with these maters, most are not.

    All the best with the OS move.

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