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Aandelen met dubbele notering
Als er aandelen zijn met een dubbele notering, waar koop je die dan best?
Neem bv Argenx, die noteert zowel op Euronext Brussel en NASDAQ. Volume op NASDAQ is dubbel zo groot, maar je zit wel met valuta risico.
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9 Replies
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Dat vraag ik me ook af. Als ze op Euronext Brussel noteren kies ik daarvoor (dicht bij huis). Moeilijker vind ik het voor aandelen zoals vb BYD.
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Aangezien er hier weinig animo is om deze vraag te beantwoorden, heb ik het maar aan Gemini gevraagd. Hierbij het antwoord (thank you, Alphabet):
As a Belgian investor looking to buy ArgenX stock (ARGX), you have the choice between Euronext Brussels (EUR) and NASDAQ (USD). Here’s a breakdown to help you decide:
**Key Considerations for a Belgian Investor:**
1. **Currency Exchange:**
* **NASDAQ (USD):** If you buy on NASDAQ, you’ll be dealing in USD. This means your Belgian broker will convert your EUR to USD for the purchase and then convert USD back to EUR when you sell. Each conversion usually incurs a fee (typically 0.1% to 1% per transaction, though some brokers might have lower or higher rates, e.g., Interactive Brokers has a very low 0.03%). This can eat into your profits, especially if you trade frequently or if the exchange rate moves unfavorably.
* **Euronext Brussels (EUR):** Buying on Euronext means you’re trading in EUR, avoiding currency conversion fees. This simplifies your transactions and eliminates exchange rate risk on your capital (though the company’s underlying performance in USD will still indirectly affect its value).
2. **Transaction Costs (Brokerage Fees):**
* Brokerage fees vary significantly between brokers and exchanges. Generally, trading on Euronext (a European exchange) might be cheaper for a Belgian investor using a Belgian or European broker.
* For example, some brokers might charge a fixed fee per transaction or a percentage of the transaction amount. You’ll need to check your specific broker’s fee schedule for both Euronext Brussels and NASDAQ.
* Some brokers may have higher fees for international (US) markets compared to European markets.
3. **Belgian Taxes:**
* **Tax on Stock Exchange Transactions (TOB/Beurstaks/Taxe Boursière):** This tax is levied on both buying and selling securities on a stock exchange. For individual stocks, the rate is generally 0.35% of the transaction amount. This applies regardless of whether you buy on Euronext or NASDAQ. If you use a Belgian broker, they will typically handle this for you. If you use a foreign broker, you might be responsible for declaring and paying it yourself.
* **Dividend Tax (Roerende Voorheffing/Précompte Mobilier):** If ArgenX pays dividends, these will be subject to a 30% withholding tax in Belgium.
* **US-listed stock:** You may face *double withholding tax*. The US might withhold a certain percentage (e.g., 15%) on dividends, and then Belgium will apply its 30% tax. While tax treaties often exist to avoid double taxation, the process for reclaiming or crediting foreign taxes can be complex and depends on your specific broker and the treaty details.
* **Euronext-listed stock:** Dividends would generally only be subject to the Belgian 30% withholding tax.
* **Capital Gains Tax:** Belgium generally does not have a broad capital gains tax for individuals on stock sales, with some exceptions (e.g., speculative trading, or a potential future 10% tax for profits exceeding a certain threshold like €10,000, though this is subject to legislative changes and clarity). If you are deemed a “speculative trader” by the tax authorities, you could be subject to a 33% tax on capital gains. This applies irrespective of the exchange.
* **Tax on Investment Accounts (Taks op Effectenrekeningen):** This is a 0.15% tax on investment accounts exceeding €1,000,000.
4. **Liquidity:**
* NASDAQ, being a much larger and more liquid market, generally offers higher trading volumes and tighter bid-ask spreads for US-listed companies. While ArgenX is a Belgian company, its NASDAQ listing might see more activity from institutional investors, especially those focused on biotech in the US.
* For retail investors, however, the liquidity difference might not be a major concern unless you are dealing with very large orders.
5. **Reporting and Administration:**
* Buying on Euronext through a Belgian broker will generally simplify your tax reporting as the broker will typically handle the TOB and withholding tax on dividends for you.
* If you buy on NASDAQ through a foreign broker (especially a non-Belgian one), you might be responsible for calculating and declaring certain taxes yourself, which can be more administratively burdensome.
**Which should you buy?**
Given that you are from Belgium, the **Euronext Brussels (EUR) listing for ArgenX is generally the more straightforward and potentially more cost-effective option.**
**Reasons to prefer Euronext Brussels:**
* **Avoids Currency Conversion Fees:** This is a significant ongoing cost for US-listed stocks.
* **Simpler Tax Administration:** Your Belgian broker will handle most of the required tax declarations (TOB, dividend withholding tax).
* **Reduced Currency Risk:** Your investment’s value won’t fluctuate based on the EUR/USD exchange rate. While the company’s performance is still global, your holding currency is stable.
* **Potentially Lower Brokerage Fees:** Depending on your broker, trading within Euronext might have lower commissions.
**When NASDAQ might be considered (with caveats):**
* **If your broker offers significantly lower transaction fees on NASDAQ (unlikely for a Belgian investor buying a US-listed stock from Europe when considering all costs including FX).**
* **If you actively trade other US stocks and already have USD in your brokerage account, making the currency conversion less of a one-off issue.**
* **If you believe the higher liquidity on NASDAQ is crucial for your trading strategy (though for most long-term retail investors, this is less impactful).**
**Recommendation:**
Unless you have a compelling reason (like already holding a significant USD balance with a broker offering extremely favorable US trading terms), stick with the **Euronext Brussels (ARGX.BR) listing.** It will simplify your investing experience, reduce overall costs related to currency exchange, and make tax compliance easier as a Belgian resident.
**Before making any decision, always:**
* **Check your specific broker’s fee schedule** for both Euronext Brussels and NASDAQ transactions, including currency conversion fees.
* **Consult with a financial advisor** to discuss your personal financial situation and investment goals.
* **Verify the latest tax regulations** with a tax professional, as tax laws can change.
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TLDR;
Unless you have a compelling reason (like already holding a significant USD balance with a broker offering extremely favorable US trading terms), stick with the **Euronext Brussels (ARGX.BR) listing.** It will simplify your investing experience, reduce overall costs related to currency exchange, and make tax compliance easier as a Belgian resident.
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Da’s wel een heel lang antwoord, Steven.
Argenx koop je best op Euronext Brussel. Een Amerikaans aandeel koop je best op Wall Street. Dus: op de thuismarkt. Daar is meestal de grootste liquiditeit.
Voor Chinese aandelen heb je de keuze: Wall Street, of – als je broker het toelaat – Hong Kong of Shenzhen.Pascal
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Eén van de grootste misverstanden – vandaag ook alweer 2x gelezen op ons forum – is dat je een extra muntrisico hebt als je een aandeel koopt op een andere beurs (vb Argenx op Wall Street of Shell in Londen ipv Amsterdam).
Dat klopt dus niet. De noteringen volgen de wet van de communicerende vaten. In principe zal de koers hetzelfde zijn in Brussel, Amsterdam, Londen en Wall Street.
Bijvoorbeeld:
Argenx stijgt 1% in Brussel. Dollar daalt 1%. Argenx stijgt 2% op Wall Street.
Shell stijgt 1% in Londen. Pond daalt 2%. Shell daalt 1% in Amsterdam.
Pascal
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Da’s een interessante, dat wist ik niet (en Gemini blijkbaar ook niet :)).
Bedankt om dit recht te zetten, Pascal.
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Da’s graag gedaan, Steven!
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En ik maar vreemde munten kopen??? ;~/
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Dat klopt idd; is voor veel beginnende beleggers erg verwarrend.
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