RedSquirrel
Member
I just checked Interactive Brokers again and saw that European customers are taken care of from the US website. It seems they moved the customer support form the UK since I last checked. Does anyone know more?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Holding shares in a private Tesla outside the US
- Thread starter hobbes
- Start date
jeewee3000
Active Member
Hi all, I got a reply from my broker in Belgium (Binck Bank). Here is my loose translation of it all:
"We understand you already want to be informed about this [privatisation], in the event such a decision would be taken by Tesla.
Currently to us it is also still unclear what may happen. Therefore it is difficult to inform you correctly. After all, there are many different scenarios and possibilities that Tesla can choose between.
It is therefore best to wait which decision is taken by Tesla or if everything goes back to normal."
The last line I find rather odd, it implies they don't think it might go through. Anyway, just wanted to let you guys know.
"We understand you already want to be informed about this [privatisation], in the event such a decision would be taken by Tesla.
Currently to us it is also still unclear what may happen. Therefore it is difficult to inform you correctly. After all, there are many different scenarios and possibilities that Tesla can choose between.
It is therefore best to wait which decision is taken by Tesla or if everything goes back to normal."
The last line I find rather odd, it implies they don't think it might go through. Anyway, just wanted to let you guys know.
Wolfke
Member
I also reached out to my Bank (Crelan). They said they expect to receive paperwork form Tesla once the "privatisation" is final so I can decide to sell my shares or transfer them into the private fund.
Thanks @avoigt for clarifying. You’re are a great resource lately.
I also hold shares bought via CC but at trade gate (Berlin). And while I got angry over the negativity tesla faces for to long, I’m now hell bound to hold the shares into going private - and I want to handle it failsafe.
So from my view it looks like I have to:
1) Open an us Depot
2) Transfer the shares
Please, has anyone from Europe a good advice for a US broker who is trustworthy and will enable to take the share into TSLA going private ??
Thx in advance
Earl
I wonder if we can bring attention to these concerns to Elon? I get his rationale for going private, but a lot of small investors will inadvertently be forced out.
My pleasure.
I just got a feedback from my Bank here in Germany. Its CC as said before.
My shares have been bought in Germany but transferred to a depot in the US. So I did not open a bank depot but they did the transfer. My shares are still with the same bank here in Germany.
They informed me that they do not have received information about a Meeting/ shareholder vote which is no surprise to me. Furthermore they advice that in case their is a vote I can participate but that will costs me $150. For me that is a confirmation that I can vote now since my stock is no longer with Clearing in Luxembourg but in the US.
"Aktuell liegen uns keine Informationen zu einer Hauptversammlung von Tesla vor, eine Anfrage an die amerikanische Lagerstelle haben wir bereits weitergeleitet. Wenn es hier zu einer Abstimmung kommen wird, informiert Sie die amerikanische Lagerstelle. Hier werden Gebühren von 150,00 USD fällig."
Still unclear to me is if that enables me to be treated in case of privatization like a US bank account owner.
Johan
Ex got M3 in the divorce, waiting for EU Model Y!
I'm really not sure if it makes much of a difference if you're holding your TSLA shares in a US or EU depository when the de-listing happens. When that happens you will no longer hold the shares in a depot, neither in the US nor in the EU. Those of us living in the EU and being citiziens in a European country will presumably not emigrate to the US in order to make it easier to own Tesla privately, so we're still going to have to go through maybe some more complicated paperwork I assume to get our stock certificates and make sure our information is correctly registered with the fund/attorney office/whatever system Tesla set up to keep track of stock ownership going forward. I don't understand how holding the shares with a US broker on the day of the de-listing really helps with that?
you initiate an asset transfer from one broker to another.
first you set up the new broker account, and when it comes time to choose the funding method, you choose shares from another account. this transfer takes days (usually 3-5 i think)
for example, if you chose IB, you can do it all online. but you need certain info from your existing account to be able to plug it into the transfer instructions as you go through the setup.
depending on people’s varying situations..
for example, IB lets you trade and hold securities in many markets. if you chose them, once you have the shares in IB acct, you should be able to cross sector your european tesla shares for us tesla shares without a buy/sell transaction which realizes PnL (again, pls research this once you’ve decided your broker).
also, if you’re doing this in hopes of getting private equity tesla shares, there will probably be many conditions to be met
your account type, whether you’re accredited or not, etc.
again, there is a lot of speculative info right now.
while it helps to be at at broker where you have flexibility, none of us really know yet if we will be entitled to anything but cash if the deal goes through. although, i’m strongly leaning towards the assumption that shareholders/owners of individual accounts will need to be accredited investors to opt for private equity shares.
tsla will have to release an S-4 sec filing that will explain the exchange offer (don’t know timing of this). but the offer itself, will probably take months.
again, do you own homework, not an advice, just trying to help people focus on the right things to prepare for what’s upcoming.
Many banks in Germany where you would have your Girokonto also offer brokerage services. I can just log into my online banking account and buy/sell shares there. Might be the easiest way to start, just ask your bank! Welcome to the forum, anyway!
I agree to your analysis although I believe we all don't finally know if there is a difference. The reason why is simple. As far as I know its up to Tesla to define what shareholders can participate. Unless we see the conditions they put on the table everything is open.
Still have transferred my stocks to a US deport a while ago for another good reason.
Its been confirmed to me today that I now can execute a vote right which I could not while my stocks have been in Germany.
That vote helps me and Tesla to define the destiny of the company. If I am able to participate in the de-listing I will vote for it.
On top of it its a prove that I am now a known shareholder to Tesla which I was not before. As a known shareholder who will vote I can assume that they want to make sure I vote for the privatization which I will not do if they would tell me that for whatever reason I cannot participate in the migration of going private.
As for Consorsbank I had a phone-call with them today.
30€ is right and the transfer to a US place should take 1-3 days.
Downside: Every trade is now 25€ instead of 10,- or so. But till i won't daily trade in the US market, that's not a big hurdle.
Tanks again @avoigt - I'm going to transfer my stake tomorrow.
This is a German thing? I've never heard of this before "transfer the depot"?
As for Consorsbank I had a phone-call with them today.
30€ is right and the transfer to a US place should take 1-3 days.
Downside: Every trade is now 25€ instead of 10,- or so. But till i won't daily trade in the US market, that's not a big hurdle.
Tanks again @avoigt - I'm going to transfer my stake tomorrow.
Happy to hear it was helpful.
Should have mentioned the increase in trading costs but frankly said I do assume the deal will go through so as a private shareholder we can trade twice a year and who knows for what costs.
I don't believe its a "German thing". I should have be more precise and say you transfer your shares instead depot.
If you have a depot with your bank account the bank you deal with does not necessarily hold the stock but they are often located at a so called clearing service center like Clearstream for instance (About Clearstream).
They manage you securities on behalf of your bank. Its a service. That service can be provided elsewhere. Most people who have shares at their local bank are not aware about this and finally it does not matter .... for most.
Johann Koeber
Happy Owner
Thanks to AVoigt, Hobbes and others.
I also hold some of my core shares at Cortalconsors in Germany, more with Interactive Brokers.
Now I wonder if I will be able to transfer the shares from Cortalconsors to IB. I understand this will probably involve moving them from Clearstream. I would prefer to have all shares with one single broker when they become private.
Has anyone here transferred assets from Cortalconsors to IB?
I also hold some of my core shares at Cortalconsors in Germany, more with Interactive Brokers.
Now I wonder if I will be able to transfer the shares from Cortalconsors to IB. I understand this will probably involve moving them from Clearstream. I would prefer to have all shares with one single broker when they become private.
Has anyone here transferred assets from Cortalconsors to IB?
Received a reply from Schwab after asking if I could create an account as a Norwegian citizen/resident: "I am sorry to inform you that due to regulatory restriction, we are unable to open an account for you based on your country of residency. Schwab is committed to ensuring it is in compliance with all laws and regulations, including those that could be applied by foreign governments. As a result, certain products and services may not be available in every jurisdiction or country such as yours."
Similar threads
