Building a non-US Boglehead portfolio

This article contains details specific to non-US investors. It is not intended for United States (US) investors, or for US citizens and US permanent residents (green card holders) living outside the US.

Building a non-US Boglehead portfolio shows you how to build a Bogleheads portfolio outside the US. It offers a high level overview, with suggestions on the funds that you might use.

The article also looks at the main differences between approaches for a non-US investor and a US Boglehead investor. There are some special considerations for European Union (EU) investors.

Context on Boglehead investing from outside of the US

Challenges

Bogleheads originated in the US, and the wiki describes how US retail investors can use its ideas to build a simple but effective portfolio. However, because there are wide differences in the details of investing from outside the US, and also a lot of countries to consider, gathering the same information for retail investors in these countries is a large project.

There are fundamental distinctions between saving and investing in the US and in other countries. These include:

• Taxation
• Domicile
• Legal system and regulations
• Local products
• Existing insurance pension products and tied agents

Another factor is language. The Bogleheads wiki and forum use English, but this can be a barrier for anyone whose first language is not English. (Although, some Boglehead forums use other languages, for example Spanish for Bogleheads investing from Spain.)

Aside from these more obvious differences, the basic Boglehead principles work for investors anywhere, although perhaps after accounting for local taxes and laws. The main benefits of asset allocation and simplicity are universal.

The summary of non-US domiciles section below provides information and resources relevant to many countries. For example, there is an entirely separate Wiki available specifically for Bogleheads investing from Canada. See: finiki, the Canadian financial wiki.

This article aims to bridge the Boglehead philosophy, as presented in Bogleheads' Guide to Investing, with what is available to non-US and EU investors. It may also help you if you want to adjust your portfolio by including funds other than those suggested in the Wiki suggested portfolios.

Summary of non-US domiciles

The non-US sections of Wiki contain information which applies to all non-US investors, and also some which is specific to a few individual countries.

The Outline of non-US domiciles is essential reading for new non-US investors. It covers many of the key issues that face non-US investors, for example, domicile, tax, and currency.

Articles listed by this outline include:

• EU investing (describes Bogleheads portfolios specifically for EU investors)
• EU non-habitual residence (describes tax regimes available in Europe that may be advantageous for retirees and others)
• Cash equivalents for EU investors (examines the cash equivalents available in the EU for retail investors)
• Bond basics for Non-US investors (examines the suitability of the fixed income side of the portfolio, for all non-US investors)
• Stock asset allocation for non-US investors (discusses questions related to the stock asset allocation, for all non-US investors)

The outline article also provides links to some individual country articles. These help you to understand the key issues for each country.

Boglehead portfolio

The original Two-fund portfolio and Three-fund portfolio are both built specifically for US investors, and many US Bogleheads stick fairly carefully to this basic formula (although with almost endless debates about whether to include non-US stocks).

The two-fund portfolio uses entirely US assets, while three-fund portfolio includes some international equities. In addition, Vanguard and Blackrock include international bonds in some of their bond funds.

Given this simplicity, you might be tempted to simply copy these US two-fund and three-fund portfolios. However, the problem for many non-US investors is that US tax rules can make it extremely tax-inefficient to do this. The US tax rules for a non-US investor are entirely different to those of a US investor. Non-US investors have to pay US tax on dividends from US domiciled funds, and also risk significant US estate taxes.

Because of US taxes, most non-US investors should generally avoid US domiciled funds and ETFs, and instead use non-US domiciled equivalents.

Basic parameters of constructing a Boglehead portfolio

A portfolio is a grouping of financial assets such as equities (including stocks), fixed income (including bonds) and cash. You should design your portfolio based on your own risk tolerance, time frame and investment goals.

You can hold a portfolio directly, or have it held and managed by financial professionals. Typical building blocks are mutual funds (including index funds) and exchange-traded funds (ETFs), but some investors also use individual stocks. Once you have built your portfolio, you still need regular monitoring and maintenance to make sure that the portfolio is meeting your objectives, and to deal with any life events or changes in your circumstances. The key to this process is to follow an Investment policy statement.

Bogleheads® investment philosophy for non-US investors gives a basic outline of how to build a simple Boglehead portfolio. The key steps are:

Prepare to invest	Create a portfolio	Maintain discipline
Live below your means Develop a workable plan Never bear too much or too little risk Invest early and often	Diversify Invest with simplicity Use index funds where possible Minimize costs Minimize taxes	Never try to time the market Stay the course

Original Boglehead fund choice

The original Boglehead Three-fund portfolio uses the following ETFs:

• Vanguard Total Stock ETF (VTI)
• Vanguard Total International Stock ETF (VXUS)
• Vanguard Total Bond Market ETF (BND)

John Bogle and others were very clear that they considered this simplified approach as one that would reward patient US investors over time. Our question is how to replicate this approach outside the US, but without copying it directly. Using these same investments could lead to unwanted US tax drag and entanglements.

Creating an EU version of the Boglehead portfolio

The Wiki for EU investors includes some suggested portfolios suitable for the Boglehead approach to investing. In addition, the individual country Wiki articles offer various suggested portfolios.

This wiki section provides a clear and logical path for any EU investor who is new to Boglehead investing, one that avoids some well known pitfalls. For EU investors, the fundamental Boglehead principles are the same as for US investors, but the building blocks, the construction process for their portfolio, and its implementation, are all different from those US investors use.

The section offers links and references to more detailed notes on important underlying subjects. These should help you to link the technical aspects with your investment aims. It also helps to explain the construction of the current Wiki suggested portfolios for EU investors.

By following a considered step by step process, you can build a portfolio that takes into consideration all the technical requirements of investing in the EU. The information in this wiki section may also be useful to other non-US retail investors.

Remember to carefully research all potential investments, and perhaps take professional investment advice, before making any investments.

Portfolio construction process for other non-US investors

The general advice the Wiki gives for building a simple Bogleheads portfolio is entirely relevant to non-US and non-EU investors. You can follow this guidance carefully, get comfortable with your risk appetite, prepare an investment policy statement based upon these principles, and stick to it.

Vanguard offers an excellent guide to the process of building a portfolio. You can find it here: Vanguard’s framework for constructing diversified portfolios. (Archive copy of the original.)

This Vanguard guide contains high level information on how to create a portfolio. However, it does not give you any guidance on how to choose specific funds. This information is key to building a real portfolio. Before you build your non-US portfolio, review how the process differs for a non-US investor.

The individual country Wiki pages contain some suggested portfolios for investors in those countries. For example Investing from the UK contains an assortment of suggested portfolios, including links to specific fund details.

Non-US aspects of approach to portfolio construction

Some aspects of constructing a US Bogleheads portfolio can be difficult to apply or adapt. You need to be aware of these differences from the original Boglehead approach before starting. This will help you to avoid costly mistakes, delays, and unnecessary complexity. One important difference would be the choice of funds based upon geography and currency.

Equity risk affects all investors in stocks, but non-US investors face currency risk over and above what the average US investor in the original Boglehead style may face.

For non-US investors, the Wiki suggested portfolios use global aggregate equity ETFs, and global aggregate or global government hedged bond ETFs, as the basis for building a Boglehead style portfolio. These suggestions do not fully match the original Boglehead Two-fund portfolio and Three-fund portfolio.

The following section gives the rationale for this. (The appropriate Wiki section covers these in more detail.)

Currency risk

If you choose US assets only, you have an immediate and obvious additional concentration and currency risks.

To mitigate these risks, the non-US portfolios include a more diversified range of assets. (It is difficult for retail investors to access the evidence for the comparison of this approach and the original Boglehead portfolio.)

Where possible, the non-US portfolios hedge their bond elements back to the investor's local currency. This will help to remove additional currency volatility from global bonds. Although it reduces volatility, this hedging has a cost that will slightly reduce your returns from the bond fund.

The general advice to include or base the fixed income side of your portfolio on bonds from your country might lead you to include only government or aggregate local bonds in your portfolio. Depending on the country, this approach may introduce bias, lower diversity, and could lead to lower returns in the long run.

Geographical spread

The geographical spread of the global funds is entirely different from the original Two-fund portfolio and Three-fund portfolio.

On one hand, relying heaving on only US equities, such as the US total stock market fund, exposes you to additional risks. On the other hand, overweighting your allocation to your home country introduces a different bias that may also lead to reduced returns.

Non-US investors who choose a global aggregate asset avoid bias to either the US market or to another country. This is different to the situation for a US investor, who can perhaps concentrate on the largest market in the world and still feel comfortable.

Diverse and multiple countries

European Union

The EU consists of 27 different countries with different legal and regulatory systems. Their savings and investment industries are not aligned, and the taxation, level of costs and the quality of services is often quite different.

Pension and saving regimes across the EU are distinct, and the take-up of the existing pension schemes varies. This results in different levels of interest in DIY investing. In addition, pension legislation across the EU is (constantly) being revised.

Other non-US countries

Every country has its own legal and regulatory system. Some may align relatively well with the US system, but others are entirely different. Non-US investors cannot reliably use any information that is specific to US tax or other US financial regulations.

Tax issues

As noted above, each non-US country, both within and outside the EU, has its own distinct tax regime. This presents a range of differences to the US approach (you can find more on the tax issues here: Outline of non-US domiciles).

One immediately obvious difference is that non-US investors can use accumulating versions of the same funds that are available only in distributing versions in the US. This means that non-US suggested Boglehead portfolios can offer two versions, accumulating and distributing. You can choose between these for best results under your local tax laws, or just for preference.

You need to be acutely aware of the tax implications of investing from your own country, as this can affect the choice of assets or funds. Any choice you make may of course affect your returns.

To avoid discriminatory US tax laws, non-US investors will generally prefer non-US domiciled assets.

European Union legislation

EU-wide investment legislation (see this section: EU legislation : UCITS, MiFID II and PRIIPs) creates significant hurdles for EU and UK investors who might wish to access to US domiciled funds.

Weak support for understanding the non-US investors portfolio strategy

So what, you might ask? Without evidence, there is nothing to demonstrate that the non-US versions of these portfolios are equal to or better than the original versions. How do non-US investors' portfolios perform in comparison to the US Boglehead approach?

Information supporting the basis for the construction of non-US portfolios following the Boglehead philosophy, and information on their subsequent performance, is not readily available or accessible for the non-US investor, with the exception of Canada (and perhaps to a lesser extent Australia), where Vanguard sells products directly to customers.

Suggested portfolios for non-US based Boglehead investors

Investment principles underpinning the non-US Boglehead portfolio

Outline of investing

Bogleheads® investing start-up kit for non-US investors is designed to help you start your investing journey. It explains the principles of Risk tolerance and Asset allocation.

Bogleheads investment philosophy

The Bogleheads® investment philosophy for non-US investors explains the basic approach.

In addition, The twelve pillars of wisdom provides a good introduction to the investment philosophy of John Bogle.

Sample portfolios

Simple portfolios

Main article: Simple non-US portfolios

The simplest portfolios use index funds (where these are easily available) or the corresponding ETFs to build a low-cost portfolio with a small number of funds, generally five or fewer, that are easy to re-balance and follow the spirit of the Bogleheads approach.

Complex portfolios

Main article: Complex non-US portfolios

More complex portfolios go beyond simple three, four or five-fund portfolios, and either include additional components, slice and dice existing components, or purchase individual stocks and bonds.

How do these sample portfolios fit in with the Boglehead philosopy?

The non-US investor's circumstances are different to those of a US investor using the three-fund portfolio. The following guidelines show how the sample non-US portfolios are built:

• Index funds - The sample funds hold hold all the index securities in the same weight as the index itself, either (replicating) or using an optimised subset of index securities (sampling), to efficiently track the performance of the index.
• Passively managed - The sample funds are all passively managed by well known asset managers such as Vanguard or Blackrock.
• Low cost - The sample funds are all competitively priced. For example, AGGH's ongoing charges figure is 0.10%.
• Diversified - The sample funds follow specific global or regional indices. They are globally diversified rather than just following the US market with additional non-US tilts. For example, with a global aggregate bond fund the assets are weighted to the proportion of developed world countries (including the US), in proportion to the individual market capitalisations, and contain both government and corporate investment grade assets.
• Hedged - The base currency of the fixed income funds are dollars where they are global funds and they are hedged back to the Euro or Sterling dependent upon the spending currency of the investor (US investors holding a total US bond market fund do not require hedging). Currency hedging by a fund will slightly reduce the fund's returns.
• Tax efficiency - The sample funds are all ETFs domiciled in Ireland or Luxembourg. This avoids any unwanted problems from discriminatory US taxes for non-US investors.
• Simplicity - The lists of non-US domiciled funds given below are appropriate for simple two or three-fund portfolios (distributing currently lacks a small cap fund).

Fund selection options

The tables below show various funds that you can use to create a non-US version of a Boglehead portfolio. Both include a selection of bond ETFs and a selection of stock ETFs. Which particular fund you might choose depends on your tax regime, and your approach to costs, diversification, and complexity.

Accumulating and distributing

Countries differ in how they tax dividend income. This can add complexity to your choice of funds or ETFs.

The suggested portfolios divide into two categories. The first table shows accumulating fund suggestions, and the second table shows distributing fund suggestions. You can choose the most appropriate version for you. For more, see: Accumulating (or capitalizing) and distributing ETF share classes

Individual country portfolios

Some countries have special tax-free or tax-efficient investment products. The individual country pages in the Wiki may suggest alternative products, whether wrapped funds or ETFs. See here: Outline of non-US domiciles

Funds for accumulating versions

Accumulating ETFs can be useful to you if your home country's tax rules mean that you do not pay tax annually on undistributed dividends. For accumulating ETFs, the fund manager automatically reinvests the dividends. Some countries do not tax dividend income that is accumulated this way. The accumulating table includes an emerging market ETF.

Selection of suggested funds for accumulating portfolios

Name ISIN, base currency and tracking indices	Description and comments	TER	Exchanges	Trading currency	Ticker
Global government bonds
Xtrackers Global Government Bond UCITS ETF 5C Acc ISIN LU0908508731 EUR Tracking FTSE World Government Bond Developed Market Index	World developed government bond unhedged	0.20%	Xetra	EUR	XG7S
			London	GBP	XG7S
				USD	XGGB
			Swiss	EUR	XG7S
			Italian	EUR	XG7S
iShares Global Government Bond UCITS USD ETF Acc ISIN IE00BYZ28V50 USD Tracking an index composed of local currency bonds issued by governments of developed countries	World developed government bond unhedged	0.20%	London	USD	IGLA
			Swiss	USD	IGLA
Xtrackers II Global Government Bond ETF EUR Hedged Acc ISIN LU0378818131 EUR Tracking FTSE World Government Bond Index – Developed Markets	World developed government bond hedged (€)	0.25%	Xetra	EUR	DBZB
iShares Global Government Bond UCITS ETF $ Hedged Acc ISIN IE00BK7Y2P34 USD Tracking FTSE G7 Government Bond Index	World developed government bond hedged ($)	0.25%	Euronext	USD	SGLU
Global aggregate bonds
iShares Global Aggregate Bond ETF USD Hedged Acc ISIN IE00BZ043R46 USD Tracking the Bloomberg Barclays Global Aggregate Bond Index	Global aggregate hedged (US$)	0.10%	London	USD	AGGU
iShares Global Aggregate Bond ETF EUR Hedged Acc ISIN IE00BDBRDM35 EUR Tracking the Bloomberg Barclays Global Aggregate Bond Index	Global aggregate hedged (€)	0.10%	Euronext	EUR	AGGH
			Swiss	EUR	AGGH
			Xetra	EUR	EUNA
Vanguard Global Aggregate Bond ETF USD Hedged Acc ISIN IE00BG47KJ78 USD Tracking the Bloomberg Barclays Global Aggregate Float Adjusted and Scaled Index Hedged in USD	Global aggregate hedged (US$)	0.10%	London	USD	VAGU
Vanguard Global Aggregate Bond ETF EUR Hedged Acc ISIN IE00BG47KH54 EUR Tracking the Bloomberg Barclays Global Aggregate Float Adjusted and Scaled Index Hedged in Euro	Global aggregate hedged (€)	0.10%	Xetra	EUR	VAGF
Stocks
iShares Core MSCI World ETF USD Acc ISIN IE00B4L5Y983 USD Tracking the MSCI World Index	Global, developed markets Large cap and mid cap	0.20%	London	GBP	SWDA
				USD	IWDA
			Xetra	EUR	EUNL
			Milan	EUR	SWDA
			Euronext	EUR	IWDA
			Swiss	USD	SWDA
SPDR MSCI World UCITS ETF USD Acc ISIN IE00BFY0GT14 USD Tracking the MSCI World index	Global, developed markets Large cap and mid cap	0.12%	Deutsche Börse	EUR	SPPW
			Borsa Italiana	EUR	SWRD
			Euronext	EUR	SWRD
			London	GBP	SWLD
				USD	SWRD
Vanguard FTSE All-World UCITS ETF USD Acc ISIN IE00BK5BQT80 USD Tracking the FTSE All-World Index	Global, developed and emerging markets Large cap and mid cap	0.22%	Deutsche Börse	EUR	VWCE
			London	GBP	VWRP
				USD	VWRA
iShares MSCI ACWI UCITS ETF USD Acc ISIN IE00B6R52259 USD Tracking the MSCI ACWI Index	Global, developed and emerging markets Large cap	0.20%	Mexico	MXN	ISAC
			Deutsche Börse	EUR	IUSQ
			London	GBP	SSAC
				USD	ISAC
			Swiss	USD	SSAC
			Tel Aviv	ILS	iSFF505
Emerging markets
iShares Core MSCI EM IMI ETF USD Acc ISIN IE00BKM4GZ66 USD Tracking the MSCI Emerging Markets Investable Market Index	Emerging markets Large cap, mid cap, and small cap	0.18%	London	GBP	EMIM
				USD	EIMI
			Swiss	USD	EIMI
			Xetra	EUR	IS3N
			Milan	EUR	EIMI
			Euronext	EUR	EMIM
Optional (world small cap)
iShares MSCI World Small Cap ETF USD Acc ISIN IE00BF4RFH31 USD Tracking the MSCI World Small Cap Index	MSCI World developed markets Small cap	0.35%	London	GBP	WLDS
				USD	WSML
			Xetra	EUR	IUSN
Multi-asset (single fund portfolio options)
Vanguard LifeStrategy 20% Equity ETF Acc ISIN IE00BMVB5K07 EUR	20% by value of equity securities and 80% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V20A
			Deutsche Börse	EUR	V20A
			Milan	EUR	VNGA20
Vanguard LifeStrategy 40% Equity ETF Acc ISIN IE00BMVB5M21 EUR	40% by value of equity securities and 60% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V40A
			Deutsche Börse	EUR	V40A
			Milan	EUR	VNGA40
Vanguard LifeStrategy 60% Equity ETF Acc ISIN IE00BMVB5P51 EUR	60% by value of equity securities and 40% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V60A
			Deutsche Börse	EUR	V60A
			Milan	EUR	VNGA60
Vanguard LifeStrategy 80% Equity ETF Acc ISIN IE00BMVB5R75 EUR	80% by value of equity securities and 20% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V80A
			Deutsche Börse	EUR	V80A
			Milan	EUR	VNGA80

Funds for distributing versions

Where your country requires you to pay tax on all dividends annually, both distributed and undistributed, distributing ETFs may be more appropriate (and in particular, simpler). Here, a single world ETF is listed; this ETF contains emerging market stocks.

Selection of suggested funds for distributing portfolios

Name ISIN, base currency and tracking indices	Description and comments	TER	Exchanges	Trading currency	Ticker
Global aggregate bonds
iShares Core Global Aggregate Bond UCITS ETF Dist ISIN IE00B3F81409 USD Tracking an index composed of global investment grade bonds	Global aggregate unhedged	0.10%	London	GBP	SAGG
				USD	AGGG
			Swiss	USD	AGGG
			Xetra	EUR	EUNU
Vanguard Global Aggregate Bond ETF EUR Hedged Dist ISIN IE00BG47KB92 USD Tracking the Bloomberg Barclays Global Aggregate Float Adjusted and Scaled Index Hedged	Global aggregate hedged (€)	0.10%	Xetra	EUR	VAGE
Global government bonds
iShares Global Government Bond UCITS USD ETF Dist ISIN IE00B3F81K65 USD Tracking an index composed of local currency bonds issued by governments of developed countries	World developed government bond unhedged	0.20%	Deutsche Börse	EUR	EUN3
			London	GBP	SGLO
				USD	IGLO
			Swiss	CHF	IGLO
iShares Global Government Bond UCITS ETF GBP Hedged ISIN IE00BDFK3H31 USD Tracking the FTSE G7 Government Bond Index	World developed government bond hedged (£)	0.20%	London	GBP	IGLH
Stocks
Vanguard FTSE All-World UCITS ETF ISIN IE00B3RBWM25 USD Tracking the FTSE All-World Index	World developed and emerging markets Large cap and mid cap	0.22%	London	GBP	VWRL
				USD	VWRD
			Euronext	EUR	VWRL
			Xetra	EUR	VWRL
			Swiss	CHF	VWRL
			Chi-X	CHF	VWRLz
Multi-asset (single fund portfolio options)
Vanguard LifeStrategy 20% Equity ETF Dist ISIN IE00BMVB5L14 EUR	20% by value of equity securities and 80% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V20D
			Deutsche Börse	EUR	V20D
			Milan	EUR	VNGD20
Vanguard LifeStrategy 40% Equity ETF Dist ISIN IE00BMVB5N38 EUR	40% by value of equity securities and 60% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V40D
			Deutsche Börse	EUR	V40D
			Milan	EUR	VNGD40
Vanguard LifeStrategy 60% Equity ETF Dist ISIN IE00BMVB5Q68 EUR	60% by value of equity securities and 40% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V60D
			Deutsche Börse	EUR	V60D
			Milan	EUR	VNGD60
Vanguard LifeStrategy 80% Equity ETF Dist ISIN IE00BMVB5S82 EUR	80% by value of equity securities and 20% by value of fixed income securities hedged (€) (bonds only)	0.25%	Euronext	EUR	V80D
			Deutsche Börse	EUR	V80D
			Milan	EUR	VNGD80

Fixed income

The bond selection includes both world government bonds and global aggregate bonds. The aggregate bond fund includes investment grade corporate bonds.

Hedging

Some of the bond ETFs are hedged back to the users currency; either to Euros or to Sterling.

Equities

The stock selection provides a global developed market ETF that includes both large and mid cap stocks.

Emerging markets

Emerging market assets are included in both accumulating and distributing stock ETF choices.

Small cap

A world small cap option is included for those who want to include that category. No small cap ETF is currently available for the distributing category.

Tilting

You can add other ETFs to the core holding stock ETF if you want to to amend or "tilt" your selection. For example, adding more value stocks or small cap stocks.

For a discussion of value tilting, see: Value tilting - stock

Boglehead principles

The sample portfolios follow the principles of the Boglehead approach, already outlined above.

Some of these principles cover behavioural issues. However, it is a good idea to check any proposed fund purchase against these criteria, to reassure yourself that you are acting in a Boglehead way, and that your returns will match the indices your individual portfolio assets track (after the drag of costs).

For these Boglehead portfolio suggestions, it is difficult or even impossible to compare the relative performance of non-US Boglehead style portfolios in the same way a US investors can, because this information is not available, and because the bases for comparison are wide and varied (described in the Non-US aspects of approach section above). Even anecdotal evidence is not readily available.

See also

• Outline of non-US domiciles
• Investing from outside of the US
• Nonresident alien taxation
• Nonresident alien investors and Ireland domiciled ETFs

Non-US domiciles
All countries Outline and FAQs Outline of non-US domiciles Non-US frequently asked questions United States excluded Entry pages Getting started for non-US investors Investing start-up kit for non-US investors Investment philosophy for non-US investors My portfolio: seeking advice United States excluded Portfolio construction Bond basics for non-US investors Building a non-US Boglehead portfolio Complex non-US portfolios Domicile Index funds and ETFs outside of the US List of non-US domiciled ETFs Non-US robo-advisors Real estate investment trusts for non-US investors Sharia investing for non-US investors Simple non-US portfolios Stock asset allocation for non-US investors United States excluded Portfolio management and taxation Comparison of accumulating ETFs and distributing ETFs Currency risk for non-US investors Investing from outside of the US Investment trusts Non-US investors and ETF currencies Non-US investor's guide to navigating US tax traps Nonresident alien's ETF domicile decision table Nonresident alien investors and Ireland domiciled ETFs Nonresident alien taxation All countries Outline and FAQs Outline of non-US domiciles Non-US frequently asked questions United States excluded Entry pages Getting started for non-US investors Investing start-up kit for non-US investors Investment philosophy for non-US investors My portfolio: seeking advice United States excluded Portfolio construction Bond basics for non-US investors Building a non-US Boglehead portfolio Complex non-US portfolios Domicile Index funds and ETFs outside of the US List of non-US domiciled ETFs Non-US robo-advisors Real estate investment trusts for non-US investors Sharia investing for non-US investors Simple non-US portfolios Stock asset allocation for non-US investors United States excluded Portfolio management and taxation Comparison of accumulating ETFs and distributing ETFs Currency risk for non-US investors Investing from outside of the US Investment trusts Non-US investors and ETF currencies Non-US investor's guide to navigating US tax traps Nonresident alien's ETF domicile decision table Nonresident alien investors and Ireland domiciled ETFs Nonresident alien taxation
European Union countries Belgium Investing from Belgium European Union Cash equivalents for EU investors EU investing EU non-habitual residence Germany Investing from Germany Ireland Investing from Ireland Pensions in Ireland Italy Investing from Italy Netherlands Investing from the Netherlands Spain Investing from Spain European Union countries Belgium Investing from Belgium European Union Cash equivalents for EU investors EU investing EU non-habitual residence Germany Investing from Germany Ireland Investing from Ireland Pensions in Ireland Italy Investing from Italy Netherlands Investing from the Netherlands Spain Investing from Spain
Non-European Union countries Australia Investing from Australia Brazil Investing from Brazil Canada Canada (finiki) India Investing from India Japan Investing from Japan Investing from Japan for US citizens and US permanent residents TOPIX indices Singapore Investing from Singapore Taiwan List of Taiwan exchange traded funds Taiwan Bogleheads 2013 conference Taiwan Bogleheads 2015 conference Taiwan bond indexes Taiwan stock indexes Taiwan treasury bill rates United Kingdom FTSE UK indexes Investing from the UK Investing from the UK for US citizens and US permanent residents UK abbreviations and acronyms UK Individual Savings Accounts UK personal pensions US domiciled ETFs that are UK HMRC reporting funds United States US person abroad Investing from Japan for US citizens and US permanent residents Investing from the UK for US citizens and US permanent residents Passive foreign investment company Taxation as a US person living abroad US tax pitfalls for a US person living abroad US domiciled ETFs that are UK HMRC reporting funds United States New US resident US tax pitfalls for a non-US person moving to the US Non-European Union countries Australia Investing from Australia Brazil Investing from Brazil Canada Canada (finiki) India Investing from India Japan Investing from Japan Investing from Japan for US citizens and US permanent residents TOPIX indices Singapore Investing from Singapore Taiwan List of Taiwan exchange traded funds Taiwan Bogleheads 2013 conference Taiwan Bogleheads 2015 conference Taiwan bond indexes Taiwan stock indexes Taiwan treasury bill rates United Kingdom FTSE UK indexes Investing from the UK Investing from the UK for US citizens and US permanent residents UK abbreviations and acronyms UK Individual Savings Accounts UK personal pensions US domiciled ETFs that are UK HMRC reporting funds United States US person abroad Investing from Japan for US citizens and US permanent residents Investing from the UK for US citizens and US permanent residents Passive foreign investment company Taxation as a US person living abroad US tax pitfalls for a US person living abroad US domiciled ETFs that are UK HMRC reporting funds United States New US resident US tax pitfalls for a non-US person moving to the US

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Financial planner Investment adviser Robo-adviser
Non-US investors
Getting started for non-US investors My portfolio: seeking advice Building a non-US Boglehead portfolio Investing start-up kit for non-US investors Investment philosophy for non-US investors Simple non-US portfolios