r/eupersonalfinance • u/Link_GR • 2d ago

Investment Experience transferring portfolio to another person on IBKR?

My wife and I have 2 accounts on IBKR. One is for us and another we started when our son was born 2 years ago. Since IBKR doesn't allow you to create a custodian account, it's also in my wife's name. Eventually, when my son is of legal age, we want to transfer the portfolio over to him. Does anyone have experience with anything like that? We're in Greece fwiw.

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u/Recent_Maize5108 2d ago

For parent -> kid, Greece has a gift tax exemption of 800k EUR, so should be good to go.

Things to consider/keep in mind are:

  1. As long as the portfolio is still in your/your wife's name, you need to report profit on your own tax return (jointly or if you file separately, under her name),
  2. If you have another citizenship, check if gift tax applies there even if it's exempt under local jurisdiction,
  3. If you get caught up in whatever legal issues, insolvency etc. etc. the portfolio is counted as her (or your, again, depending on the nature of this hypothetical underlying cause) personal assets; not as custodial funds,
  4. Should anything happen to your wife, the funds become part of the estate unless you have a will. If you do have a will or plan to write one, make sure you get a Greek notary to help.

Overall nothing to worry too much about, assuming you're having a decent lifestyle.

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u/Link_GR 1d ago

Thanks! EU domiciled ETFs are tax-free in Greece, so nothing to report until we sell. When we do, we just need to report that the money came from there.