When a deviation of 3% or more appears
In the case of Index Funds portfolios, the rebalancing will be done at least once a year, or sooner if there is a 3% or more deviation from its original distribution.
These portfolios will be under review at least twice a week. If its distribution is a side with the plan or the risk profile, no orders are issued. If we detect any kind of deviation, orders are issued to return the portfolio to its initial model assignation.
For a fiscal resident in Spain person, adjustments are going to be carried out through internal transfer orders, which have the tax deferral benefit. For foreign residents and legal entities, the adjustments will be carried out through refund and subscription orders (sale and purchase).
For individuals and companies residing in Spain, the corresponding tax withholding is carried out in the event of registering capital gains.
For natural persons not resident in Spain, no type of withholding is made.