Fidelity / Vanguard / Schwab US Expat Account Restrictions (2026)

Possibly. Vanguard has been the most aggressive of the big 3 since 2021. Many users report receiving a 90-day account-closure notice within 6-12 months of changing to a non-US address. Some long-tenure customers retain accounts but with new-purchase restrictions. The pattern is unpredictable — plan for closure, hope for survival.

For most expats: yes, with caveats. You can usually hold and sell existing positions and receive dividends. New mutual-fund purchases are commonly blocked. Brokerage account trading (individual stocks, ETFs) typically continues. Wire transfers out of the US can become harder. Customer service may flag your account when called from a non-US number.

Schwab International is a separate UK-based entity (Schwab International Investment Center) for non-US-resident clients. It offers USD-based accounts, accepts US citizens living abroad, and has a more permissive policy than Schwab US for non-residents. The trade-off: $25K typical minimum, fewer products available (no proprietary mutual funds), some country-specific restrictions on certain securities.

For active expat traders: yes. IB opens accounts in 200+ countries, supports multi-currency trading, has institutional-grade pricing, and treats US citizens abroad as a normal customer segment. The trade-offs: steeper UI, IBKR-Lite vs IBKR-Pro pricing tiers, country-specific restrictions on certain securities (e.g. some KIDs-required EU funds blocked for US persons).

Usually no, if you're a US citizen. Most foreign brokerages offer ONLY foreign mutual funds, which trigger the PFIC tax trap (effective 30%+ marginal rate, Form 8621 per fund per year). Foreign ETFs that don't have a US-recognised structure also trigger PFIC. The exceptions are non-US brokerages that offer access to US-domiciled ETFs (some EU brokerages do this for KIDs-compliant tickers, though the list is narrowing).