AboutDr. Joseph de Beauchamp Expertise Blue Chips stocks, investment, return, risk, and all information on investing in blue chip stocks is a complex area. I can help answer these questions.
Experience
Past/Present clients Over 2000 of the largest public companies.
Question -------------------------I'm a little confused by the first part of your answer. I purchasd the stock offshore. Grand Cayman, where I lived for 5 years, to be exact. There it sat for about 10 years until around 5 years ago when laws changed. They, then, said U.S. citizens, not living on the island, could not have on island accounts. At the time of purchase, I did live on the island and IT WAS delivered into an overseas account. Much later, 10 years, they had to send me the certificate at my U.S. home.
Followup To
Question -
I used to live outside the U.S. Now I live inside. Outside I bought stocks. Laws changed and I had to have certificates sent to me in U.S.
I would like to sell one stock. I called the company. They said to send cert. and letter stating sell. They take .15cents/share and $45 fee. Obviously, this takes time and price control out of the equation. I called some brokers, they will sell @$1.00/share + $5.00 fee, but time and price will be controlled.
Is there a most efficient way for me to go about this sell? Way to do it myself and cut out the middle man, while maintaining time/price control? What will be the tax obligations?
Answer -
If you had the delivery of the certs. into a overseas account at the time of purchase, then none of this would be important to know. Since you are here, and the records will show that you are in the USA, you need to go into a stock broker dealer and sell the stocks. You will have to report the taxes on the profit or loss on your tax returns --big $500k fines if you do not and you should seek a tax person to make sure that you do this correctly. The broker dealer costs are small compared to the control on the price to sell. I would go with a local broker dealer and set limit prices to control the price on your terms.
Dr. Joseph de Beauchamp
Answer Very strange, since you can have Grand Cayman overseas accounts and not live on the island. You could open up an account and then be back to where you were, starting and staying with an overseas account. I would suggest this.
