Can You Keep a Schwab, Fidelity or Vanguard Account in Europe?

Usually you can keep the account, just not use it the same way. Fidelity has barred mutual fund purchases for customers abroad since August 1, 2014. Vanguard won't open brokerage accounts for non-US residents. The EU's PRIIPs Regulation (No 1286/2014) blocks retail purchases of most US ETFs.

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The part forums get wrong is the word "lose." Nobody confiscates your index funds when you sign a lease in Valencia. What changes is what you're allowed to do with them: buy, rebalance, add money. Whether the account stays useful depends mostly on the order you do things in. Broker policies below were checked in September 2026 and change without announcement, so confirm your account type by phone before you move.

What Does Each Broker Do When You Move to Europe?

Each of the big three handles it differently, and none of them publishes a country-by-country rulebook for Spain, Portugal or the Netherlands. Here is what we could confirm from their own documents, and what we couldn't.

Fidelity

Fidelity's FAQ for investors outside the US is unusually direct. It doesn't open accounts for new customers living abroad. Once you move, representatives are limited to "ministerial or administrative" help, you can't open or contribute to a 529 or HSA, and mutual fund purchases are off (you can keep existing funds and reinvest their distributions).

The bigger variable is country. In "certain countries," Fidelity says, customers may be limited to selling and withdrawing, with no deposits or new buys. Elsewhere restrictions are "less onerous" (no margin or options, for example). Fidelity doesn't publish which list Spain, Portugal or the Netherlands is on, and suggests you call.

Vanguard

Vanguard's published notice says its US products are intended for US residents. In a letter reproduced by the UK advisory firm Edale, Vanguard told non-US-resident mutual fund holders they were ineligible for a Vanguard Brokerage Account, so after its legacy platform retired at the end of 2025 their accounts would be limited to withdrawals and transfers out.

What happens to an existing Vanguard Brokerage Account when a US citizen's address becomes Madrid isn't in Vanguard's published material that we could find. Investor forums consistently report purchase restrictions after a foreign address is added. Plan as if Vanguard is the least expat-friendly of the three.

Schwab

Schwab is the one with a dedicated product. Schwab One International is built for people living outside the US, including US citizens. On Schwab.com, Schwab states that its main site is designed for US residents and that non-US residents face country-specific restrictions. Schwab's Global Account, a separate product that adds foreign-exchange trading to an existing US brokerage account, is a different product from Schwab One International; ask Schwab whether it stays open to you after you move.

Which countries qualify is where sources split. Two independent 2026 guides both list Spain and Portugal as eligible and France as restricted. They disagree on the Netherlands: one lists it as supported, the other as restricted. Schwab's own country page blocked our access. If you're heading to the Netherlands, confirm directly with Schwab's international desk before you count on this path.

Interactive Brokers

Interactive Brokers serves EU residents; in September 2023 it announced it was merging its Budapest-based EU entity into Interactive Brokers Ireland, regulated by the Central Bank of Ireland. Expat forums name it most often as the "move here" option, but EU retail clients hit the same ETF wall described next. Which IBKR entity holds a US citizen's account, and what that means for ETF access, is worth getting in writing at sign-up.

Why Can't You Buy US ETFs Once You Live in the EU?

Because US ETFs don't come with a Key Information Document, and EU law won't let brokers sell them to retail investors without one. The regulation is called PRIIPs, which sounds like a breakfast cereal and behaves like a locked door.

Regulation (EU) No 1286/2014 requires the maker of a "packaged retail investment product" to publish a Key Information Document (KID) before selling it to retail investors in the EU. It also requires whoever sells it to hand that document over first. Funds and ETFs are packaged products. US issuers generally don't write KIDs, since they don't market to European retail investors. Interactive Brokers says plainly that it is "required to block trading in a PRIIP if a KID is not available."

Here is the honest reframe: this blocks buying, not owning. PRIIPs governs the sale of the product. You can generally hold the VTI you already own, and you can sell it.

Also outside PRIIPs:

• Individual stocks. Direct holdings are outside the regulation's scope. Buying Apple shares is not the same legal event as buying an S&P 500 ETF.
• Professional clients. Under MiFID II (Directive 2014/65/EU, Annex II), you can ask to be treated as a professional client if you meet at least two of three tests. The tests are: a portfolio (cash plus financial instruments) over €500,000, an average of 10 significant trades per quarter over the previous four quarters, or at least one year working in the financial sector in a relevant role. Professional clients don't need KIDs, but they also give up retail investor protections.

Why Not Just Buy the European Version of the Fund?

Because for a US taxpayer, a European fund is usually a PFIC, and PFICs are among the most punishing corners of the US tax code.

Brokers will cheerfully suggest the Irish- or Luxembourg-domiciled UCITS version of your favorite ETF. For an American, that fund is a foreign corporation, and under IRS rules it is a passive foreign investment company if 75% or more of its gross income is passive, or at least 50% of its assets produce passive income. A typical index fund generally meets that test.

What that means in practice:

This is why "keep your US brokerage and your US funds" is usually better advice than "switch to the European equivalent." US-domiciled funds aren't PFICs. It's also why a US-side cross-border tax adviser is worth paying before you buy anything European, not after.

What Should You Do Before You Change Your Address?

Sort out the account while you still live in the US, then update the address honestly. The sequence matters more than any single decision.

Before you leave (two to six months out)

1. Call each broker and ask three questions: What happens to my account type when my residential address becomes Spain, Portugal or the Netherlands? Will it be sell-only? Can I keep reinvesting dividends? Write down the name and date.
2. Decide what you want to own long-term. If you'd want to add to a US ETF position after moving, consider doing the big rebalance while you're still a US resident. Get tax advice first, since selling to rebalance can trigger gains.
3. Line up the destination account. Schwab One International is opened with your non-US residential address, so ask Schwab's international desk now whether your destination qualifies and what proof of foreign residence it needs. Interactive Brokers may require a new application at a different IBKR entity when you relocate, so ask before you open an account which entity will hold it once you live in Spain, Portugal or the Netherlands, and whether US ETFs stay buyable.
4. Transfer in kind via ACATS, the electronic system US brokers use to move accounts between firms under FINRA Rule 11870. You start it at the receiving broker. An in-kind transfer moves the positions themselves rather than cash. Ask both firms up front whether any of your holdings can't transfer.

After you arrive

1. Update your residential address once you've established residence, for example after registering locally (empadronamiento in Spain, gemeente registration in the Netherlands). Then enjoy the first Saturday where the only "portfolio" decision is which market stall has the best tomatoes.
2. Keep a Wise or local account to receive dividends or withdrawals in euros. Our guide to banking in Europe as an American covers which banks take US citizens.

Ongoing

Your US brokerage account now shows up on your new country's tax paperwork (next section). Your US filing obligations don't go away either, as our FEIE and FBAR guide explains.

Can You Just Keep Your US Address on File?

You can, in the sense that nothing physically stops you. But it is a compliance risk, not a strategy. Under the Customer Identification Program rule (31 CFR 1023.220), a US broker must collect a residential or business street address. The fallback of a next of kin's address applies to customers who don't have a street address. Someone renting in Lisbon has one.

Brokers generally ask you to keep your address current, and a mismatch can surface later. A restriction triggered by a discovered mismatch lands at a worse moment than a planned transfer. The honest route is also the calmer one: use a broker allowed to serve you where you actually live.

How Is Your US Brokerage Account Reported in Spain, Portugal and the Netherlands?

Once you're tax resident, it gets reported in all three.

On the US side, the IRS's own comparison table is good news. An account at a US broker is not a foreign financial account, so it goes on neither the FBAR nor Form 8938. An Interactive Brokers Ireland account is foreign, and generally is reportable once you cross the thresholds. Retirement accounts raise separate questions, covered in our Roth IRA guide for Spain, Portugal and the Netherlands.

Does Your Brokerage Account Matter for the Visa Itself?

Sometimes, and in ways worth planning for. Spain's non-lucrative visa bans work, but managing your personal investments remotely is permitted, and investment income is the expected basis. That's covered in our Spain non-lucrative visa guide. Portugal's D8 requires savings of at least €11,040 for a single applicant. Some VFS centers are strict about that money sitting in a Portuguese bank account, so a Schwab statement alone may not be enough. The Netherlands DAFT requires €4,500 in a Dutch business bank account, separate from your personal portfolio.

Once the paperwork is done, the portfolio fades into the background. In Spain, dinner starts at nine and nobody checks a ticker at the table. Your index funds can compound in Omaha while you learn which bakery in Porto sells out of pastéis de nata first.

Ready to prepare your documents? We generate your pre-filled visa forms and a checklist in the right order. We can't rebalance your portfolio, but we can tell you in about five minutes which visas you qualify for. Start your free assessment →

Frequently Asked Questions

Will Fidelity close my account if I move to Spain or Portugal?

Fidelity's published policy restricts rather than immediately closes accounts. Customers abroad can't buy mutual funds (since August 1, 2014) but can reinvest dividends. In "certain countries" accounts are limited to selling and withdrawing. Fidelity doesn't publish which countries are sell-only, so call 1-800-Fidelity before you change your address.

Can Americans living in the EU still buy US ETFs like VTI or VOO?

Usually not as retail clients, because US ETFs lack the Key Information Document required by PRIIPs Regulation (EU) No 1286/2014. You can generally keep and sell ETFs you already own, and individual stocks are outside the rule. Clients who ask to be treated as professionals under MiFID II, meet at least two of three tests (for example a portfolio over €500,000 plus a year working in finance), and are accepted by the broker aren't covered by the KID requirement.

Is Schwab One International available in Spain, Portugal and the Netherlands?

Two independent 2026 guides list Spain and Portugal as eligible. They disagree on the Netherlands, one listing it as supported and one as restricted. Schwab says non-US residents are subject to country-specific restrictions, so confirm your country with Schwab's international team before relying on it.

Should I switch to European UCITS ETFs after moving?

Not without tax advice. For US taxpayers, most non-US funds are PFICs. They face the section 1291 tax and interest charge and require Form 8621 per fund. The main small-holding exception skips the annual Part I report when total PFIC stock is $25,000 or less ($50,000 joint) at year-end and you had no excess distribution or gain that year. US-domiciled funds are not PFICs.

Do I have to report my Schwab or Fidelity account to Spain?

If you're Spanish tax resident and your foreign securities exceed €50,000, generally yes, on Modelo 720, filed January 1 to March 31. You refile when that block grows by more than €20,000. Portugal requires listing foreign securities accounts on Anexo J Quadro 11 regardless of balance, and the Netherlands includes them in Box 3.

Is it legal to keep a relative's US address on my brokerage account?

It's a compliance risk. Brokers must collect a residential or business street address under 31 CFR 1023.220, and the next-of-kin fallback is for customers without one. A restriction triggered by a discovered mismatch is harder to manage than a planned transfer.

How do I move my account to a broker that accepts EU residents?

Line up the new account before you move, but open it with the address it will serve: Schwab One International needs a non-US residential address, and Interactive Brokers may ask you to reapply with the IBKR entity for your new country. Then request an in-kind ACATS transfer from the receiving firm, the electronic process governed by FINRA Rule 11870. In-kind transfers move shares without selling them, though some proprietary mutual funds may not be transferable.

Disclaimer: This guide is for informational purposes only and does not constitute legal, tax, investment or immigration advice. Broker policies change without notice and vary by account type and country. Always confirm your situation directly with your broker, a qualified cross-border tax adviser and the relevant consulate before acting. Last verified: September 14, 2026.

Sources:

• Regulation (EU) No 1286/2014 (PRIIPs), Articles 5 and 13, EUR-Lex: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R1286
• Directive 2014/65/EU (MiFID II), Annex II, EUR-Lex: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32014L0065
• IRS, Instructions for Form 8621: https://www.irs.gov/instructions/i8621
• IRS, About Form 8621: https://www.irs.gov/forms-pubs/about-form-8621
• IRS, Comparison of Form 8938 and FBAR Requirements: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
• 31 CFR 1023.220, Customer identification programs for broker-dealers (Cornell LII): https://www.law.cornell.edu/cfr/text/31/1023.220
• FINRA, Customer Account Transfers (Rule 11870): https://www.finra.org/rules-guidance/key-topics/customer-account-transfers
• Agencia Tributaria, Modelo 720 FAQ, calculating the limit: https://sede.agenciatributaria.gob.es/Sede/todas-gestiones/impuestos-tasas/declaraciones-informativas/modelo-720-decla_____sobre-bienes-derechos-extranjero_/preguntas-frecuentes/forma-calcular-limite-que-obliga-declarar.html
• Agencia Tributaria, Modelo 720 FAQ, filing frequency: https://sede.agenciatributaria.gob.es/Sede/todas-gestiones/impuestos-tasas/declaraciones-informativas/modelo-720-decla_____sobre-bienes-derechos-extranjero_/preguntas-frecuentes/frecuencia-presentacion-declaracion.html
• Agencia Tributaria, Modelo 720 filing deadlines: https://sede.agenciatributaria.gob.es/Sede/todas-gestiones/impuestos-tasas/declaraciones-informativas/modelo-720-decla_____sobre-bienes-derechos-extranjero_/plazos-presentacion.html
• Portal das Finanças, Rendimentos obtidos no estrangeiro (Anexo J): https://info.portaldasfinancas.gov.pt/pt/apoio_contribuinte/IRS/Pages/Rendimentos_estrangeiro.aspx
• Fidelity, "Investors who reside outside the United States": https://www.fidelity.com/accounts/services/FAQsforInvestors_Living_Outside_the_US.pdf
• Vanguard, Special notice to non-U.S. investors: https://investor.vanguard.com/legal/special-notice
• Charles Schwab, Schwab One International account application: https://www.schwab.com/resource/schwab-one-international-account-application
• Interactive Brokers, "Interactive Brokers Group Consolidates EU Operations into Ireland" (Sept 28, 2023): https://www.interactivebrokers.com/en/general/about/mediaRelations/9-29-23.php
• Interactive Brokers, Trading Overseas with IBKR (KID and PRIIPs responses): https://www.interactivebrokers.com/campus/trading-lessons/trading-overseas-with-ibkr/
• Edale, "Non-US residents with a Vanguard USA Mutual Account" (reproduces Vanguard's letter): https://edale.co/non-us-residents-with-a-vanguard-usa-mutual-account/
• Forbes Finance Council, "Can Americans Keep Their U.S. Brokerage Accounts When They Move to Europe?" (Aug 20, 2026): https://www.forbes.com/councils/forbesfinancecouncil/2026/08/20/can-americans-keep-their-us-brokerage-accounts-when-they-move-to-europe/
• EU Personal Finance, "Is Charles Schwab available in Europe?" (Aug 2026): https://www.eupersonalfinance.eu/articles/charles-schwab-europe
• Investing in the Web, "Is Charles Schwab available in Europe?" (Sept 2026): https://investingintheweb.com/brokers/charles-schwab-europe/
• Easy France Now, Fidelity and Schwab accounts for US expats: https://easyfrancenow.com/blog/fidelity-schwab-us-brokerage-accounts-france-expat
• BNC Tax, US ETFs abroad, PFIC and EU rules: https://bnctax.com/blog/us-etfs-abroad-tax-rules-pfic-eu/
• EuroUSA Financial Advisors, PFICs explained for American expats in Europe: https://eurousafa.com/pfics-explained-for-american-expats-living-in-europe/