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A UK-resident relative has died and left their estate to be divided between a few people. The executors are still drawing up a list of assets to file for probate, and they include some stock. I've been asked whether I would like to receive part of my share of the estate in stock.

One relevant issue here is that I live in a Eurozone country with a wealth tax, and for that tax to be assessed I would need to file a declaration for each of several categories (bank accounts; shares; bonds; real estate; etc.) if my holdings abroad in that category are above a threshold. I have a reasonable idea of how much hassle that would involve.

What I'm not sure is how much hassle it would be if I say that yes, I would like to receive part of my share in stock. I presume that I would have to open an account with a broker, but I don't know how easy that would be from outside the UK. Am I right to suspect that it would require either visiting a branch in person or dealing with notarisation of identity documents etc.?

PS To pre-empt a certain class of well-intentioned advice which isn't really what I'm asking, I am aware that transferring money to my country of residence is an option and that the exchange rate is pretty favourable right now compared to most of the past seven years. I haven't ruled that option out.

  • visiting a branch in person might not be required. But the documents part yes, I would believe. Try opening an account on Interactive Investor. Theirs is an online process, so you will come to know what all is required. – DumbCoder Jan 27 '15 at 11:16
  • You might find that a broker in your country of residence is able to handle UK listed stocks. If so, as long as their fees for that aren't too high, it might prove a simpler option – Gagravarr Feb 18 '15 at 13:03
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    "I have a reasonable idea of how much hassle that would involve." - find it out? You basically tell us: " I live in a Eurozone country with a wealth tax," but you do not tell us what country - only that the inheritance is in the UK (which is irrelevant for your wealth tax in your residence country). And we can not give legal advice. We literally cna not tell you how much hassle it would be because we do not even know which countrie's law to apply. – TomTom Jun 14 '18 at 8:00
  • @TomTom, if you keep reading past the background context, you'll find that the question is clearly highlighted. – Peter Taylor Jun 14 '18 at 12:56
  • But it does not talk about jurisdiction. – TomTom Jun 14 '18 at 13:18
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I presume that I would have to open an account with a broker, but I don't know how easy that would be from outside the UK. Am I right to suspect that it would require either visiting a branch in person or dealing with notarisation of identity documents etc.?

Depends how bad your choice of brokers is. Generally no. Actually for many brokers finding a branch is futile - there are none.

Unless ther are specific reasons, Interactive Brokers is a good first choice - they operate worldwide and in pretty much all markets, so they can hold whatever stock you have. Yes, it requires dealing with your identity papers, but neither notarization nor a visit to a (non existing anyway) branch is required. Heck, it is 2018 - asking to visit a broker branch is like asking for your local Amazon Shop. They all operate on the internet.

You then just need to send authorized transfer instructions to whoever holds the shares now. WHich the executor can actually help you dealing with.

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If you prefer the stock rather than cash, you might find it easier to take the cash, report it, and then buy the same stock from within your own country.

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    that might not be a very good idea given that it will result in 2 fx trades as well as the stock trade at what might be less than favourable rates for all 3 trades. prices may go up as well as down. – MD-Tech Feb 13 '15 at 9:09

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