スペインの投資では、一つの投資機関から別の投資機関への移転には税金がかからない
ESTRATEGIAS DE INVERSIÓN
La infidelidad puede ser rentable
La legislación permite traspasar el dinero de un fondo a otro sin peaje fiscal
Piedad Oregui 14 OCT 2012 - 00:00 CET
INVESTMENT STRATEGIES
Infidelity can be profitable
The legislation allows transferring money from one fund to another without toll tax
Piedad Oregui 14 OCT 2012 - 00:00 CET
The collective investment industry in Spain has a very wide window-over 2,400 funds. The client who comes to this bazaar should know that not all funds behave the same way. If yields are compared within the same category is concluded that there are substantial differences in revenues (and there are even cases that while some funds offer capital gains, other losses incurred). In addition, not all funds are used for all participants (depending on the amounts, risk, deadlines ...). Even a saver should be aware that there are no funds "for life", but depending on your personal circumstances and the cycle time of some funds are more interesting than others. Considering all the above, the collective investment provides a hook, not always well known among investors, as is the ability to change the money invested in one fund to another with added tax advantages.
According to the Unitholders Inverco Observatory report: vision of investment funds and their managers, 60% of the participants know they can postpone paying taxes until you repay your investment, but only four out of ten know that may convey or change your investment from one fund to another without tax. That is, unaware that transfers have no personal income tax purposes: not taxable capital gains or capital losses are deducted, until final repayment occurs. The data support this conclusion: in 2006, 2007 and 2008 moved some funds to more than 65,000 million euros in 2009, just over 33,000 million, in 2010 and 2011, the volume of transfers did not reach the 28,000 million, and in 2012, in the first half, have changed little investment destination over 9,600 million euros.
Slap on the wrist
The CNMV has published a monograph entitled: Competition and structure of the investment fund industry in Spain: the role of banks.
It is noted that marketing costs incurred by the managers rely on managed assets. "Because managers belonging to banks market their funds mainly through the branch network of the group, would be expected to benefit its stakeholders
heavily on economies of scale [...] However, marketing fees charged by distributors of the group do not necessarily reflect those economies. " According to their data, we can see that the commissions charged to retail investors are higher than those charged to wholesale investors. "You can also check how SGIIC (Undertakings for Collective Investment Schemes) belonging to banks are able to charge higher fees to their customers that independent SGIIC". The report adds that, according to their results, "the fund management companies that offer lower returns on average tend to have a higher market share in the retail segment." In light of the results of this work, from the CNMV noted that it seems "convenient" promote measures that will reduce the costs faced by investors, especially retailers. "Some of these measures could be oriented towards creating tools and independent public help compare different funds available in the market."
Transfer the assets from one fund to another is not only convenient according to experts for reasons of profitability or diversification, but also easy.
The participant that you want to transfer your fund must apply, as explained in a practical guide published by the CNMV, in the target entity, ie, the manager of the new fund selected. It is desirable to clearly identify the originating fund to avoid delays and incidents. It must be done in the relevant documentation so that in no case can no longer become a transfer but a refund and a new subscription, which would force tax on any gains on the sale.
It is also important to specify the amount moving target: the transfer can be made by the entire investment in a fund or just for part of it. Finally, in this first step, so that the transfer is faster and more secure it is advisable to give the target entity a copy of the extract in the bottom position of origin.
Once completed this documentation, some management companies provide procedures through their respective websites, is this entity that transfers the request to the holding fund manager to be changed. The latter check the data of the participant and, if there is no problem, transfer the capital and the corresponding tax information. On average, the transfer between funds in the same management or marketing thereof should be made no later than five working days; between different investment funds or marketing managers can take up to eight business days.
All this, in principle, free of charge unless there in the background that is abandoned or redemption fees in the new selected subscription fees.
From the CNMV is recalled that while more frequent transfers occur between Spanish mutual funds can also be performed from and to other collective investment: foreign funds, mutual funds or investment companies (SICAV). They note also that when the background source is a secured liquidity window, "before ordering the transfer is a transfer bridge advisable within the home manager (to another fund without redemption fee)." This will avoid the risk that the transfer order does not arrive in time for its implementation within the window and have to pay a redemption fee. They add another more precise: if a fund is denominated in foreign currency exchange rates may affect the amount transferred.
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