u/Federal_Ebb1360

Considering transferring my full Keytrade portfolio to IBKR as an in-kind transfer (no liquidation), but want to hear from anyone who’s done it before pulling the trigger.

Context: Belgian, currently expat outside EU but still hold the Keytrade account from before I left. Position is primarily VWCE plus a couple of US stocks. Want to consolidate on IBKR for lower fees and better FX.
Specific questions:

1. Process and timeline. How long did the in-kind transfer actually take end-to-end? Anything go wrong?
2. Costs. Keytrade charges per-line transfer fees on outgoing transfers (last I checked ~€50/line). Did IBKR reimburse any of that? Anyone managed to negotiate?
3. TOB implications. In-kind transfer shouldn’t trigger TOB since no sale occurs, but want to confirm anyone has actually verified this with their accountant or had no issue at year-end declaration.
4. Cost basis preservation. Did Keytrade transmit cost basis cleanly to IBKR? Or did you have to manually reconcile for future tax reporting?
5. Reuters de Caïman / FATCA / reporting. Anything specific to be aware of as a Belgian (or formerly Belgian-resident) holding the account at IBKR Ireland vs Keytrade?
6. Alternative: just sell and rebuy? I know some people do this to simplify, but for a position with substantial unrealized gains the TOB on sale + spread + time out of market makes in-kind seem clearly better. Anyone disagree?

Appreciate any real-world experience. Plenty of theoretical advice online but I want to hear from people who’ve actually moved meaningful positions between these two brokers.

Thanks.

European expat in a tax-free jurisdiction. Partner + 2 young kids (5 and newborn). Income ~€280k all-in.
NW: €621k

- Stocks: €248k (single-stock concentration €128k = 21% of NW, VWCE €116k, other €4k)
- Cash: €92k (mix of 2.4% and 5% accounts)
- Home equity: €230k (purchase basis, ~80% LTV mortgage)
- Pension (illiquid): €45k
- Crypto + kids: €14k
- Up from €319k in Sept 2024. Concentrated position has done most of the work.

Savings: ~€95k/year deployable, plus variable annual comp that could add €100-200k+ in good years.

Mortgage: 3.99% fixed until May 2028, then floating at ~EIBOR + 1.50%. 25% free prepayment per calendar year, variable period only.

Questions:

1. Trim the concentrated position? 21% of NW in one stock. Unrealized gains, tax-free if sold while resident here. Trim to 10%? Hold? Systematic monthly sells?
2. Prepay vs deploy from 2028. Mortgage flips to ~7%. VWCE expected ~7%. Math is a wash but prepayment reduces leverage. Framework anyone’s settled on?
3. Lump sum deployment. Possible €500k+ windfall in next 18 months. DCA into VWCE over 12 months, lump sum, or mix with prepayment? Default plan is DCA but want to pressure-test.
4. Currency. Most liquid wealth is USD-pegged via local currency. VWCE is EUR. Eventual return to Europe 5-10 years out. More aggressive EUR allocation now, or doesn’t matter at this size?
5. Target. €1.2-1.5M liquid by 45 = optionality, not retirement. Reasonable for this profile or too conservative?

Not optimizing for early retirement. Goal is reaching the point where employment doesn’t have leverage over me.

Appreciate pattern matching from anyone who’s navigated similar – concentrated positions, expat arbitrage, high-variance comp.