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Degiro Closing Positions

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  • 22-05-2020 4:55pm
    #1
    AmberGold
    Registered Users Posts: 1,284 ✭✭✭


    Just got an email today from Degiro re some positions I have they're unable to service, they have instructed me to close them by Dec 7th so no mad panic.

    Here's the text from the mail

    We are contacting you to inform you that we are ending our service provision with respect to one or more specific US products that you hold in your portfolio. For an overview of the impacted products and their concerning ISINs, please see here. Considering the length of the list, we recommend searching for the ISIN code(s) of the US product(s) in your portfolio to efficiently determine the product(s) impacted.

    DEGIRO has already ended the possibility of buying these US products but allowed you to hold existing positions. Due to the operations necessary to maintain the custody and correct processing of these products, unfortunately, this will no longer be possible.

    Its an extensive list including ETF's like Vanguard FTSE AW and Bluechips like JP Morgan and Enterprise Product Partners. Is this the norm, I've only started using them and wasn't expecting this.

    Looks like they are closing most of their Vanguard portfolio, see list below. This is just the Vanguard ETFs, there's 6 or 7 pages of other ETF's and equities.

    VANGUARD EXTENDED DURA NYSE Arca US9219107094
    VANGUARD EXTENDED DURATION
    TREASURY ETF NYSE US9219107094
    Closed US products 18-05-2020
    43 | DEGIRO B.V. is registered as an investment company with the Netherlands Financial Markets Authority (AFM).
    VANGUARD FTSE ALL-WLD NYSE Arca US9220427184
    VANGUARD FTSE ALL-WLD EX-US
    SMCP IDX ETF NYSE US9220427184
    VANGUARD FTSE P London Stock Exchange US9220428661
    VANGUARD FTSE PACIFIC NYSE Arca US9220428661
    VANGUARD FTSE PACIFIC ETF NYSE US9220428661
    VANGUARD GLOBAL EX-U.S NASDAQ US9220426764
    VANGUARD INT DIV APP INDX FD NASDAQ US9219468108
    VANGUARD INT HIGH DVD YLD IN NASDAQ US9219467944
    VANGUARD INTERMEDIATE NASDAQ US92206C7065
    VANGUARD INTERMEDIATE- NYSE Arca US9219378190
    VANGUARD INTERMEDIATE- NASDAQ US92206C8709
    VANGUARD INTERMEDIATE-TERM
    BOND ETF NYSE US9219378190
    VANGUARD LONG T London Stock Exchange US92206C8139
    VANGUARD LONG-TERM COR NASDAQ US92206C8139
    VANGUARD LONG-TERM GOV NASDAQ US92206C8477
    VANGUARD MORTGAGE-BACK NASDAQ US92206C7719
    VANGUARD SHORT-TERM BO NYSE Arca US9219378273
    VANGUARD SHORT-TERM BOND ETF NYSE US9219378273
    VANGUARD SHORT-TERM GO NASDAQ US92206C1027
    VANGUARD SHORT-TERM IN NASDAQ US9220208055
    VANGUARD TOTAL INTERNA NASDAQ US92203J4076


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    #2
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    Where is VOO?

    Not there according to ISIN.

    Only found 1 out of my 4 on that list:

    Global X Internet of Things ETF


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    #3
    timetogo1
    Registered Users Posts: 848 ✭✭✭timetogo1


    Yeah I got that email too. Anybody know why?
    There are 3 of my stocks affected and they were all doing OK for me (in my long term holdings list)

    Here's the full list of all their closed (closing) positions.

    https://www.degiro.com/data/pdf/english/closed-us-products.pdf


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    #4
    Shedite27
    Registered Users Posts: 9,368 ✭✭✭Shedite27


    Is that all their ETF's? Or all their american-based ETF's?


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    #5
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    Shedite27 wrote: »
    Is that all their ETF's? Or all their american-based ETF's?
    It's neither, just a select few.


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    #6
    Gandorf
    Registered Users Posts: 168 ✭✭Gandorf


    And more bad news:
    We would like to inform you about changes that have been made to our policy for withholding lowered tax treaty rates (‘relief at source’) on US income (e.g. dividend).

    As of 30-06-2020, we will only apply lowered tax treaty rates on income on a selected list of US products. These changes have been made due to the regulatory and operational setup that is required in order to provide relief at source on US income. For US products available through our platform, but not on this list, the statutory tax rate will be applied.

    None of the Vanguard ETFs are in the supported list.

    So I think this means that even if you fill in the W8-BEN form you'll be charged 30% tax rather than 15% on dividends. I'm not sure if you can offset the 30% with Revenue or if you can only offset 15%, does anyone know?


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  • Options
    #7
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    Gandorf wrote: »
    And more bad news:



    None of the Vanguard ETFs are in the supported list.

    So I think this means that even if you fill in the W8-BEN form you'll be charged 30% tax rather than 15% on dividends. I'm not sure if you can offset the 30% with Revenue or if you can only offset 15%, does anyone know?

    Discussion on it in the other Degiro thread:

    https://www.boards.ie/vbulletin/showthread.php?t=2057789028&page=35


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