Investing from outside of the US

 is an introduction to investment and taxation for US and non-US citizens domiciled outside the US.

In most countries, an investor's residency and domicile determines the applicable rules. The exceptions are Eritrea and the US, both of which tax their citizens irrespective of where they live.

In law, domicile is the status or attribution of being a lawful permanent resident in a particular jurisdiction. Someone can remain domiciled in a jurisdiction even after leaving it, if they keep sufficient links with that jurisdiction or do not intend to leave permanently; for example, someone who has moved to a different state or country but has not yet decided to remain there indefinitely.

Most of the Bogleheads investment philosophy is universally applicable, so that the principles also apply if you live outside of the US, providing you take account of your local situation and tax rules. Please refer to the investing start-up kit for non-US investors for an introduction.

Introduction
The non-US domiciles section of the wiki concentrates on topics that apply to investors outside the US. Some of these will be entirely unfamiliar to US investors.

This page explains several of the shorter topics below. Separate pages explain the larger topics. There is also a set of pages that guide you through the maze of investment choices, including choice of fund domicile and choice of currency.

As well as generic pages, you can find pages that give an overview of investing in specific countries. Some of these country pages offer sample portfolios or suggestions for exchange-traded funds (ETFs) or other investments for the specific country. Although you can use these to draft a first portfolio, it is a good idea to post a question on the forum, as every country is different, and the recommendation might change over time.

Taxation of your investments
Every country has its own tax legislation. Tax treaties between countries can determine cross-border tax. Depending on your situation, may be able to optimize your taxation. For example, many countries allow residents to claim local tax credits for taxes paid in other countries, perhaps based on any applicable tax treaties.

Taxation as a US person living abroad
If you are a US taxable person (that is, a US resident, US citizen or US green card holder), begin with with Taxation as a US person living abroad. Your situation is quite different to that of most other people.

Impact of US legislation on investors outside of the US (nonresident alien - NRA)
The US stock market is a large portion of the world equity market. This means that US legislation can have an outsized impact on investing from outside of the US. Nonresident alien taxation summarizes how a nonresident alien (NRA) is taxed when investing in US domiciled ETFs. Pay particular attention to US withholding taxes and US estate taxes.

Levels of taxation
If you hold funds you may face multiple levels of tax:
 * Level 1: Taxation by the home country of the security.
 * Level 2: Taxation by the country where the fund is domiciled.
 * Level 3: Taxation by your home country.

Kinds of taxation
You may face many different types of taxes on your investment, for example: You may also be subject to more than one overlapping tax regime. For example national taxes, local or regional taxes, city taxes, and foreign taxes levied by the country of source of income might all apply at the same time. You need to find an efficient way through this maze of taxes. This is often not straightforward.
 * Tax on dividends received
 * Tax on dividends accumulated inside a fund (and not received)
 * Tax on interest
 * Capital gains tax
 * Wealth tax
 * Transaction taxes (sometimes referred to as Tobin taxes)
 * Gift tax
 * Inheritance tax, or estate tax
 * Value-added tax
 * ... and so on.

Guidance and decision tables for non-US investors

 * Nonresident alien investors and Ireland domiciled ETFs: This page describes why it is better for a nonresident alien with poor or no US tax treaty coverage to invest in Ireland domiciled exchange-traded funds (ETFs) instead of the popular US domiciled mutual funds discussed often by US-based investors.


 * Non-US investor's guide to navigating US tax traps: US tax laws contain multiple traps for unwary non-US investors. This page contains a guide for non-US investors planning to use index tracker funds or ETFs, with the aim of helping these investors to avoid falling into US tax traps by navigating around, through, or between them.


 * Nonresident alien's ETF domicile decision table: When selecting an index tracking fund, US nonresident alien investors have a broad choice between US domiciled ETFs and non-US domiciled ETFs. This page summarises the recommended ETF domicile that these investors might use, based on their own country of residence and domicile. The goal is for them to obtain the best tax result.

Investing start-up kit for non-US investors
This kit is for US nonresident aliens, and is designed to help you begin or improve your investing journey. Investing is a complex topic and can easily become overwhelming. The start up kit will help you start your investing journey and navigate the steps.

Index funds and ETFs outside of the US
Index funds and ETFs were first created in the US and are now widely available outside of the US.

A fund's domicile may affect how your home country treats your holding, in particular, taxes on dividends or capital gains. The page on Index funds and ETFs outside of the US explains some of the following:
 *  Differences between accumulating (or capitalizing) and distributing ETF share classes
 *  Differences between base currency of the fund, trading currency of the fund, and currency of the underlying assets
 * Securities lending
 * Index tracking strategies: replication or synthetic
 * Net total return and gross total return index
 * Cost and expenses related to UCITS index funds and ETFs

For US citizens and green card holders, any funds or ETFs that are domiciled outside the US are subject to highly unfavourable US tax laws. Because of this, US taxable persons should generally hold only US domiciled funds and ETFs.

Safe withdrawal rates across the globe
There are several studies on safe withdrawal rates across the globe:
 * Wade Pfau: "Does International Diversification Improve Safe Withdrawal Rates?" and "Does The 4% Rule Work Around The World?".
 * Portfolio charts: ""Withdrawal Rates FAQ" and "Your Home Country is Inseparable From Your Withdrawal Rate".
 * The "Investing in the World" articles by Siamond on the Bogleheads blog, especially this table.