My lawyer is Catarina Almeida Garrett (yes her last name is the same as my name, it caused some confusion lol)
I’m very happy with her, strongly recommend
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Which banks are authorized to act as an agent for
IMGA Ações Portugal
Fund? It’s an interesting investment option, but many banks do not seem to have access. Thanks
Hi Joseph, have you found that a lawyer has been helpful/required during the process? It’s all seems very straightforward to me, I just don’t yet understand at which stage I’d need legal services. I must be overlooking something?
Thanks,
Michael
Hi Seba
Thanks for all the info provided.
Can you share the details of the lawyer and the BPI contact person?
Thanks in advance
Naveen
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I also need BPI contact.
@crmark, were you able to hold IMGA funds at Atlantico? I was opening an account via Bordr and they said, after checking with Atlantico, that IMGA funds can’t be held at their bank.
Checking as it’s easier to open an Atlantico account than Bison.
For what it’s worth, I qualified with the imga funds and have just completed biometrics. I have a funds background and read the prospectuses of the other funds and also did background research on the funds managers. I spent many hours doing this and I was was not confident with the prospectuses and sought a fund I could liquidate if necessary… I feel my choice was vindicated now gv changes are proposed. We are already seeing some other investors finding their funds cannot be gotten out in the short term.
The lawyers and advisors will tell you they cannot guarantee sef approval of the imga fund . I have not heard of any rejections and feel lawyers may have conflict of interest if commissions are paid to them by fund managers.
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@Snufkin, thank you for the information. Exactly why I’m looking at the funds route. I’m a US Person so FATCA compliance is key. Do you know if Optimize Portugal, and Sixty Degrees Ações Portugal are compliant like IMGA Ações Portugal is?
If you don’t mind I’d appreciate asking a few more questions on DM about IMGA.
Sure, drop me a dm, however I’m not a U.S. citizen so not familiar with the US specific issues. Happy to answer anything else
Hi All,
For those who have applied using the IMGA fund or similar. Just a heads up, you can broadly hedge your market exposure. As the fund basically invests in very similar stocks to the Portugal Stock Index (PSI) you are able to hedge out your exposure for a very low cost. Any of the trading online platforms (SAXO, CMC, IG etc) should have a CFD product for the PSI stock index, where you can short sell the same amount. Given where interest rates are, the holding cost per year is very low or even zero. You have to allocate some money for the margin (~10-15%) so there is an opportunity cost but there is little or no direct cost for holding the trade.
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What do you mean about interest rates? They’re ~3% minimum no, in europe?
Not nothing, and good info for more conservative investors, but I don’t see the need. Generally I think all markets are going to be trending upward for my time horizon, despite PS’ attempts to drive Portugal into the ground
Hi Garrett,
The higher the interest rate, then the lower the cost to short the index and hedge. When interest rates were low, to hedge an index would cost 3-4% per year now it costs nothing, which is great to take the country/market risk out of the picture (for those as you say, who are conservative)
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Hmm, I’m not sure I follow. Why is it cheaper to short with higher interest rates? I’ll admit I’m no advanced trader
when you short a stock (or index), you are selling it, therefore you (in retail land, your broker) gets paid the money, that money sits in an account earning interest at 3-4% which offsets the cost of being implement it. In reverse if you buy stocks on margin, you have to pay interest on the amount you borrow (plus additional costs) at 5-6% (or more).
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Ah that makes sense, thank you for the patient explanations
You need to short on same amount (350k/500k) or higher with the interest rate?
Somehow I only find PSI 20 Index CFD available for trading on SAXO platform. There is a PSI 20 ETF on another platform, but is unavailable for borrowing/shorting. There is PSI 20 index futures and options on Euronext. But there is not enough liquidity to trade. Please correct me if I am wrong.
One queston for investing in qualified GV funds is whether investors can split their money into more than one funds, although some funds have minimum subscriptions of 500k Euro.
yes you can. A friend of mine invested in 2 funds a couple of years ago. We are investing currently and also going the two-fund route. Just have to add up to 500k euro!