⏱️ 27 min read · 5,345 words · Updated Jun 22, 2026

Understanding how Europeans invest in US stocks is essential for making informed decisions in today’s market.

If you’re sitting in Berlin, Madrid, or Amsterdam and you’ve been watching the S&P 500 climb for the past decade, you’ve probably wondered how Europeans invest in US stocks without getting buried in paperwork, fees, or regulatory headaches.

“The short answer is that it’s easier than it used to be, but it’s still not as simple as opening a local brokerage account and clicking "buy" on Apple.”

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“There are real friction points, and some of them will cost you money if you don’t plan ahead.”

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This isn’t a surface-level overview. You’re going to get the actual mechanics, the platforms that work, the tax traps, and the stuff most guides skip because it’s boring but important. If you’ve been putting this off because it felt complicated, this should clear most of that up.

Throughout this guide, we’ll explore how Europeans invest in US stocks and how it directly impacts your financial future.

The Regulatory Wall That Changed Everything – how Europeans invest in US stocks

Back in 2018, the EU rolled out MiFID II, and one of its side effects was a rule that basically killed access to US-listed ETFs for retail European investors. The rule requires something called a Key Information Document, or KID, under the PRIIPs regulation. Most US ETF issuers like Vanguard, iShares, and State Street simply refused to create these documents for European investors. So overnight, if you had a standard European brokerage account, you couldn’t buy the Vanguard S&P 500 ETF (VOO) or the iShares Core S&P 500 ETF (IVV) anymore.

That’s the single biggest thing that shapes how Europeans invest in US stocks today. You can still buy individual US stocks. You can still buy UCITS-compliant ETFs that track US indices but are domiciled in Ireland or Luxembourg. But the specific US-domiciled ETFs that American investors take for granted? Those are mostly off the table unless you go through some extra steps.

Here’s where it gets a little frustrating. The Irish-domiciled equivalents exist. The iShares Core S&P 500 UCITS ETF (CSPX) tracks the same index as IVV. The Vanguard S&P 500 UCITS ETF (VUSA) does the same thing as VOO. But the expense ratios are slightly higher, and the tax treatment is different. CSPX has a total expense ratio of 0.07%, which is close to IVV’s 0.03%. Not a dealbreaker, but it adds up over decades.

And there’s a bigger tax issue hiding here. US-domiciled ETFs benefit from something called “withholding tax efficiency.” Ireland has a tax treaty with the US that means Irish-domiciled funds pay a 15% withholding tax on US dividends. But if you held a US-domiciled ETF directly, you’d also pay 15% as a foreign investor, so it’s the same at the fund level. The real difference shows up at the estate tax level. US-domiciled assets can be subject to US estate tax, which goes up to 40% for amounts above $60,000. Irish-domiciled UCITS funds are not subject to US estate tax. So for larger portfolios, the UCITS structure is actually safer.

Which means the common advice to “just buy the Irish version” is mostly right, but not for the reasons most people think. It’s not about expense ratios. It’s about estate tax protection.

Which Brokers Actually Work for European Investors – how Europeans invest in US stocks

Not every broker lets you access US markets, and the ones that do vary wildly in cost, interface quality, and available features. Here’s a breakdown of the main options that Europeans use to buy US stocks and ETFs.

Interactive Brokers is the default recommendation for a reason. It’s regulated in multiple jurisdictions, offers access to 150 markets in 33 countries, and has some of the lowest currency conversion fees in the business. You can fund your account in euros and convert to USD at the interbank rate plus a tiny spread, usually around 0.02% or a flat fee of about $2 per transaction. For active traders or anyone moving larger amounts, this is hard to beat. The interface is not pretty. It looks like it was designed in 2004 and never updated. But it works, and the execution quality is solid.

DEGIRO is popular in the Netherlands, Germany, and Spain because of its low fees. It’s a solid choice for buy-and-hold investors who want to purchase UCITS ETFs tracking US indices. The basic plan charges around €1 per transaction for European exchanges and a small connectivity fee for US stocks. The catch is that DEGIRO doesn’t offer the same depth of market access as Interactive Brokers, and its currency conversion fees are less transparent. You’ll pay a 0.25% FX fee on currency conversions, which adds up if you’re regularly converting euros to dollars.

Tastyworks has been expanding into Europe and is gaining traction, particularly among options traders. It’s not as widely available as Interactive Brokers, but if you’re in a supported country, the commission structure is competitive.

Saxo Bank is the premium option. Danish-regulated, excellent research tools, beautiful platform. But the fees are significantly higher than Interactive Brokers, and the minimum deposit requirements can be steep. If you’re managing a large portfolio and want institutional-grade tools, Saxo makes sense. For everyone else, it’s overkill.

Then there are the newer fintech brokers. Trade Republic in Germany offers a simple interface and savings plans for US stocks and ETFs, with a flat €1 per transaction. Scalable Capital operates similarly in Germany and Austria. These are fine for beginners who want to set up a monthly savings plan into a US index fund. They’re not fine for anyone who needs advanced order types, margin, or access to options markets.

One thing I’ll say directly: if you’re serious about investing in US stocks from Europe, Interactive Brokers is the platform to use. The interface is clunky, yes. But the cost structure, market access, and regulatory safety net are better than anything else available to retail European investors. I’ve seen too many people choose a prettier app and then wonder why their returns are being eaten by fees.

The Tax Situation Is Worse Than You Think

Taxes are where most European investors get tripped up, and it’s not because the rules are complicated. It’s because nobody talks about them until it’s too late.

Let’s start with US dividend withholding tax. As a European investor holding US stocks or US-domiciled ETFs, the IRS withholds 15% of your dividend payments, assuming you’ve filled out the W-8BEN form correctly. If you haven’t filled it out, the withholding rate jumps to 30%. The W-8BEN form is Straightforward. You fill it out through your broker, it’s valid for three years, and it tells the IRS that you’re a foreign investor entitled to the reduced treaty rate. Every broker handles this differently. Interactive Brokers walks you through it during account setup. Some smaller brokers make you dig through settings to find it.

But here’s the part that catches people off guard. The 15% US withholding tax is just the beginning. You also owe tax in your home country on those same dividends. Most European countries have a system to avoid double taxation, usually through a tax credit or exemption method. In Germany, for example, dividends from foreign stocks are taxed at the flat Abgeltungsteuer rate of 25% plus solidarity surcharge, but you can credit the 15% US withholding against your German tax bill. So you’d owe an additional 10% (plus surcharge) in Germany. In the Netherlands, the treatment depends on whether you’re holding the stocks in a tax-advantaged account or a regular brokerage account.

The real pain point is US estate tax. If you hold US-domiciled assets and you die, the IRS can claim up to 40% of the value of those assets above $60,000. That’s not a typo. Sixty thousand dollars. For American citizens, the estate tax exemption is over $12 million. For foreign investors, it’s $60,000. If you have a $500,000 portfolio of US-domiciled ETFs and you pass away, your heirs could face a massive US tax bill.

This is why most experienced European investors stick with Irish-domiciled UCITS ETFs. They’re not classified as US assets for estate tax purposes. The trade-off is slightly higher expense ratios and a small amount of tracking difference compared to the US-domiciled versions. But you sleep better at night.

There’s one more tax consideration that doesn’t get enough attention: the PFIC rules. If you’re a US citizen living in Europe and you buy European-domiciled funds, the IRS treats them as Passive Foreign Investment Companies. The tax treatment is brutal. Gains are taxed at the highest marginal rate, and there are additional reporting requirements. This is a niche issue, but if you’re an American expat in Europe, it’s critical. Don’t buy European ETFs if you’re a US person. Just don’t.

“The biggest mistake European investors make isn’t picking the wrong stock. It’s ignoring the tax structure of the vehicle they’re using to hold it.”

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Currency Risk: The Silent Portfolio Killer

When you buy US stocks from Europe, you’re making two bets. One is that the stock or fund goes up. The other is that the euro doesn’t strengthen against the dollar. Most people focus entirely on the first bet and ignore the second one until it bites them.

Here’s a concrete example. Say you invest €10,000 in the S&P 500 when the EUR/USD exchange rate is 1.10. Your €10,000 converts to about $9,091. Over the next year, the S&P 500 returns 20%. Your investment is now worth $10,909. But if the euro has strengthened to 1.20 over that same period, your $10,909 converts back to only €9,091. You made nothing. The entire stock market gain was wiped out by currency movement.

This isn’t hypothetical. Between 2014 and 2015, the euro fell from about 1.35 to 1.05 against the dollar. European investors in US stocks got a massive currency boost on top of their equity returns. But between 2021 and 2022, the euro dropped from 1.23 to 0.96, and then recovered. If you were investing regularly during that period, your effective returns in euro terms were all over the place.

Some brokers offer currency hedged ETFs. The iShares Core S&P 500 UCITS ETF comes in both hedged (Hedged to EUR) and unhedged versions. The hedged version removes currency risk, but it also removes currency gains when the dollar strengthens. Over long periods, currency hedging costs money. The hedging isn’t free. It’s built into the fund through forward contracts, and the cost shows up as a small drag on returns.

My take, and this is where I’ll be direct: for long-term investors with a time horizon of 10 years or more, don’t bother hedging. Currency fluctuations tend to average out over long periods, and the cost of hedging eats into your returns. If you’re investing for retirement and you won’t need the money for 20 years, just accept the currency volatility. It’s noise. If you’re investing for a shorter horizon, say you need the money in three to five years, then hedging makes more sense because you don’t have time to wait out an unfavorable currency move.

One practical tip: if you’re using Interactive Brokers, convert your euros to dollars when you fund your account, not when you buy the stock. This lets you control the timing of your conversion and take advantage of favorable rates. Some investors set up recurring conversions on a schedule, similar to dollar-cost averaging but for currency. It’s not a perfect strategy, but it removes the emotional element from the decision.

How Europeans Actually Build US Stock Portfolios

Let’s move from theory to practice. How are real European investors actually structuring their US stock exposure?

The most common approach is a simple two or three fund portfolio built around UCITS-compliant ETFs. A typical setup looks something like this: 70% in a global equity ETF like the Vanguard FTSE All-World UCITS ETF (VWCE), which includes about 60% US stocks, and 30% in a European bond ETF for stability. Some people skip the global fund and go straight into a US-specific ETF like CSPX or VUSA for more concentrated US exposure.

VWCE has become something of a cult favorite in European personal finance communities. It holds over 3,700 stocks across developed and emerging markets, it’s accumulating (meaning dividends are reinvested automatically), and it has a total expense ratio of 0.22%. It’s not the cheapest option, but the convenience of a single fund that covers global equity markets is hard to argue with. The downside is that you can’t control your US versus non-US allocation. If you want exactly 80% US and 20% international, VWCE won’t give you that.

For those who want more control, a combination of CSPX (US large cap) and a small cap ETF like the iShares MSCI USA Small Cap UCITS ETF (USSC) gives you broader US market coverage. Small cap stocks have historically outperformed large caps over long periods, though with more volatility. Whether that premium still exists is debatable, but having some small cap exposure doesn’t hurt.

Individual stock picking is less common among European investors, partly because of the tax complications and partly because the UCITS ETF structure makes it easy to get diversified exposure without the hassle. But if you do want to buy individual US stocks, Interactive Brokers is really the only broker that makes it cost-effective. The per-share cost on some other platforms makes buying small positions in expensive stocks like Amazon or Google impractical.

There’s a growing trend of European investors using US stocks for dividend income. Companies like Johnson & Johnson, Procter & Gamble, and Coca-Cola have long histories of dividend growth, and some European investors prefer the higher yields available in US dividend stocks compared to European equivalents. The 15% withholding tax still applies, but after accounting for the tax credit in their home country, the net yield can still be attractive.

Country-Specific Nuances That Matter

Europe isn’t a monolith. The way you invest in US stocks depends heavily on which country you live in, because tax treatment, available brokers, and even cultural attitudes toward US equity investing vary significantly.

Germany is probably the most active market for US stock investing in Europe. The community around ETFs and passive investing is large and well-informed. German investors benefit from a relatively straightforward tax system with the flat 25% Abgeltungsteuer, and the Freistellungsauftrag (tax exemption allowance) lets you earn €1,000 per year in investment income tax-free (€2,000 for couples). Interactive Brokers and Trade Republic are the most popular platforms. One quirk: German tax reporting for foreign brokerage accounts can be a headache. Some brokers don’t automatically generate the reports that German tax software expects, and you may need to manually calculate your gains and losses.

The Netherlands has a unique system where investment wealth is taxed based on assumed returns rather than actual returns. This means you pay tax on a fictional gain each year, regardless of whether your portfolio actually went up or down. For US stock investors, this creates a weird situation where you might owe Dutch tax on gains you didn’t actually realize, while also dealing with US withholding tax on dividends. Dutch investors tend to favor accumulating ETFs to minimize the dividend tax drag.

France has the PEA (Plan d’Épargne en Actions), which offers tax-free growth after five years. But the PEA is restricted to European-domiciled stocks and ETFs. You can’t hold US stocks directly in a PEA. Some UCITS ETFs that track US indices are PEA-eligible, which makes them attractive for French investors. The iShares Core MSCI World UCITS ETF is PEA-eligible and gives you US exposure through a European wrapper. French investors who want direct US stock exposure have to use a regular taxable account (compte-titres ordinaire), which means paying the flat 30% tax (Prélèvement Forfaitaire Unique) on dividends and capital gains.

Spain taxes investment income at rates between 19% and 28%, depending on the amount. Spanish investors face similar challenges to Germans when it comes to foreign tax reporting, and the Spanish tax agency (Agencia Tributaria) requires declaration of foreign assets through the Modelo 720 form if you hold more than €50,000 in foreign accounts. Failure to file can result in significant penalties.

Italy has a 26% tax on capital gains and dividends from foreign investments. Italian investors can use a “regime amministrato” (administered regime) through their broker, where the broker handles tax withholding, or a “regime dichiarativo” (declarative regime), where the investor handles their own tax reporting. The administered regime is simpler but may result in higher costs.

The point is that there’s no single answer to how Europeans invest in US stocks. Your country’s tax code, available brokers, and regulatory environment all shape the optimal approach. What works in Germany might be suboptimal in France or the Netherlands.

Comparing the Main Brokerage Options for European Investors

Here’s a detailed comparison of the most popular brokers that Europeans use to access US markets.

The table makes it clear that Interactive Brokers wins on almost every metric that matters for serious investors. The only area where it loses is simplicity. If you just want to set up a monthly savings plan into a US index fund and never think about it, Trade Republic or Scalable Capital will give you a cleaner experience. But if you care about costs, market access, and flexibility, IBKR is the answer.

Common Mistakes European Investors Make

I’ve seen the same mistakes come up again and again in forums, Reddit threads, and conversations with other investors. Here are the ones that cost real money.

First, ignoring the W-8BEN form. If you don’t have a valid W-8BEN on file with your broker, you’re paying 30% withholding tax on US dividends instead of 15%. That’s a 15% difference on every dividend payment. On a portfolio yielding 2%, that’s an extra 0.3% annual drag. It doesn’t sound like much, but over 20 years, it compounds into a meaningful amount. The form takes five minutes to fill out. There’s no excuse for not doing it.

Second, buying US-domiciled ETFs without understanding the estate tax risk. If your portfolio is under €100,000, the estate tax issue is probably not going to affect you. But if you’re building a substantial portfolio, especially if you’re in your 40s or 50s and thinking about wealth transfer, the US estate tax on foreign investors is a real concern. Switch to Irish-domiciled UCITS ETFs and eliminate the problem entirely.

Third, converting currency at the worst possible time. Some investors convert their entire investment amount in one go, right before a major market move or currency swing. If you’re investing a large lump sum, consider spreading the currency conversion over several weeks or months. You’re not trying to time the market. You’re trying to avoid converting everything at a local peak in the euro.

Fourth, choosing a broker based on the app’s design. I know this sounds superficial, but it’s a real pattern. People see a sleek mobile app with nice charts and think they’ve found the best broker. Then they discover the FX fees are 0.5%, the available stock selection is limited, and there’s no way to transfer their holdings to another broker without selling everything. The app is the last thing you should be evaluating. Look at fees, market access, regulatory protection, and tax reporting tools first.

Fifth, not keeping records. European tax authorities are getting better at tracking foreign investment income. If you can’t produce records of your purchases, sales, dividend payments, and currency conversions, you’re going to have a bad time during tax season. Interactive Brokers generates detailed reports, but if you’re using a smaller broker, you may need to maintain your own spreadsheet. It’s tedious, but it’s necessary.

“Choosing a broker because the app looks nice is like choosing a car because the cup holders are in a convenient location. You’ll regret it the first time you need actual performance.”

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The UCITS ETF Landscape for US Exposure

Since most European investors can’t access US-domiciled ETFs, the UCITS market is where the action is. Here’s a quick rundown of the main options for getting US equity exposure through European-domiciled funds.

The iShares Core S&P 500 UCITS ETF (CSPX) is the most popular choice. It’s listed in London and Frankfurt, tracks the S&P 500, has a TER of 0.07%, and comes in both accumulating and distributing versions. The accumulating version (Acc) reinvests dividends automatically, which is more tax-efficient in many European countries. The fund holds physical stocks, not synthetic swaps, which means you own the actual underlying companies.

The Vanguard S&P 500 UCITS ETF (VUSA) is the main competitor. It has a slightly higher TER of 0.07% as well, and it’s also available in accumulating and distributing versions. Performance between CSPX and VUSA is nearly identical over any meaningful time period. The choice between them often comes down to which broker offers the best trading terms for each fund.

For broader US market exposure, the SPDR MSCI USA UCITS ETF (USPY) tracks the MSCI USA Index, which includes mid-cap stocks in addition to large caps. This gives you a more complete picture of the US equity market. The TER is 0.03%, which is lower than CSPX and VUSA, but the fund is smaller and less liquid.

If you want to go beyond US large caps, the iShares MSCI World UCITS ETF (IWDA) gives you exposure to developed market equities globally, with about 65% in US stocks. It’s a good option if you want US exposure but also want diversification into European, Japanese, and other developed market stocks. The TER is 0.20%.

One thing worth noting: the difference between physical replication and synthetic replication in UCITS ETFs. Physical replication means the fund actually buys the stocks it’s supposed to track. Synthetic replication means the fund uses swaps to replicate the index performance. Most major US equity UCITS ETFs use physical replication, which is generally considered safer because you’re not exposed to counterparty risk from the swap provider. Always check the fund’s replication method before investing.

What About Fractional Shares?

Fractional shares have become a big deal in the US investing world, and European investors want them too. The ability to invest $50 in Amazon when a full share costs $180 is appealing, especially for beginners or those with smaller amounts to invest.

Interactive Brokers offers fractional shares on US stocks and ETFs, but only through their “IBKR Lite” plan, which isn’t available to all European clients. For most European IBKR users, you’ll need to buy whole shares. Trade Republic and Scalable Capital both offer fractional shares, which is one of their main selling points. DEGIRO introduced fractional shares in 2023, but the selection is limited compared to the US platforms.

The catch with fractional shares is that they can complicate things when you want to transfer your holdings to another broker. Not all brokers accept incoming fractional share transfers. If you build up a position of 0.3 shares of Apple at Trade Republic and then decide to move to Interactive Brokers, you may have to sell the fractional position and repurchase whole shares at the new broker. That triggers a taxable event in most European countries.

For this reason, I’d recommend sticking with whole shares if you think there’s any chance you’ll switch brokers in the future. Fractional shares are convenient, but they create lock-in. If you’re confident you’ll stay with your current broker for the long term, fractional shares are a fine way to get started with smaller amounts.

The Psychological Side of Investing Across Borders

There’s a psychological dimension to investing in US stocks from Europe that doesn’t get discussed enough. When your investments are denominated in a foreign currency, it’s harder to develop an intuitive sense of what’s happening. You see the stock price go up, but you don’t immediately know what that means in euros. This creates a weird disconnect that can lead to either complacency or anxiety, depending on your personality.

Some investors check their portfolios obsessively, converting every movement to euros in their heads. Others completely ignore the currency dimension and just look as if they’re investing in their local currency. Both approaches have problems. The obsessive converters tend to panic during currency swings and make emotional decisions. The currency-blind investors are surprised when their returns in euros are very different from the returns they see in dollars.

The healthiest approach I’ve found is to think in dollars for your US investments. Set your mental benchmark in USD. If the S&P 500 is up 10% for the year, that’s your return. The currency conversion only matters when you actually need to convert back to euros, which for long-term investors might be decades away. This isn’t about ignoring currency risk. It’s about not letting short-term currency noise drive your investment decisions.

There’s also the comparison trap. European investors in US stocks constantly compare their returns to what they would have gotten from European stocks. Over the past decade, US stocks have dramatically outperformed European stocks, so this comparison usually makes European investors feel good. But there have been long periods, like 2000 to 2010, when US stocks essentially went nowhere while other markets did fine. Mean reversion is a thing. Don’t assume the next decade will look like the last one.

Looking Ahead: What Could Change

The regulatory landscape for European investors in US stocks isn’t static. There are a few developments worth watching.

The EU has been working on a consolidated tape for equity markets, which could improve price transparency and reduce trading costs. It’s been delayed multiple times, but if it eventually launches, it could make US stock trading cheaper for European investors.

There’s ongoing discussion about whether the PRIIPs regulation should be amended to allow US-domiciled ETFs to be sold to European retail investors. The current situation, where UCITS ETFs are the only option, was never intended to be permanent. But regulatory change in the EU moves slowly, and there’s no guarantee this will happen anytime soon.

Tax treaties between the US and European countries are periodically renegotiated. Any change to the withholding tax rate on dividends could affect the attractiveness of US dividend stocks for European investors. The current 15% rate is favorable, but it could go up if treaty terms change.

Finally, the rise of tokenized stocks and blockchain-based trading platforms could eventually disrupt the traditional brokerage model. Some platforms are already offering tokenized versions of US stocks that can be traded 24/7 without traditional brokerage accounts. The regulatory status of these products is unclear in most European countries, but they represent a potential future where the current barriers to US stock investing are significantly reduced.

FAQ

Can Europeans buy US stocks directly? – how Europeans invest in US stocks

Yes. Through brokers like Interactive Brokers, DEGIRO, and Saxo Bank, European investors can buy individual US stocks listed on exchanges like the NYSE and NASDAQ. You’ll need to fill out a W-8BEN form to reduce US dividend withholding tax from 30% to 15%, and you’ll need to convert your euros to dollars to fund the purchase.

Why can’t I buy Vanguard or iShares US ETFs from Europe? – how Europeans invest in US stocks

EU regulations (PRIIPs) require a Key Information Document for any fund sold to European retail investors. Most US-domiciled ETF issuers don’t provide this document, so their funds aren’t available to European investors through standard brokerage accounts. Instead, you can buy Irish-domiciled UCITS equivalents like CSPX or VUSA, which track the same indices.

What’s the best broker for European investors buying US stocks?

Interactive Brokers is the most widely recommended option due to its low fees, broad market access, and competitive currency conversion rates. For beginners who want simplicity, Trade Republic or Scalable Capital offer easier interfaces but less flexibility. The best choice depends on your trading frequency, portfolio size, and need for advanced features.

Do European investors pay US tax on stock gains?

European investors do not pay US capital gains tax on the sale of US stocks. However, US dividend payments are subject to a 15% withholding tax if you have a valid W-8BEN form on file. You may also owe tax in your home country on both dividends and capital gains, though most countries have mechanisms to avoid double taxation.

Should I worry about US estate tax as a European investor?

If you hold US-domiciled assets worth more than $60,000 at the time of your death, your estate could be subject to US estate tax of up to 40%. This is a significant risk for larger portfolios. Holding Irish-domiciled UCITS ETFs instead of US-domiciled ETFs eliminates this risk entirely, which is why most experienced European investors prefer the UCITS structure.

How do I handle currency risk when investing in US stocks?

For long-term investors with a time horizon of 10 years or more, currency hedging is generally not worth the cost. Currency fluctuations tend to average out over long periods. For shorter time horizons, hedged ETF versions are available, but they come with slightly higher costs. Converting currency gradually rather than in a single lump sum can also help smooth out the impact of exchange rate movements.

Is it better to buy US stocks or UCITS ETFs that track US indices?

For most European investors, UCITS ETFs are the better choice. They’re simpler from a tax and regulatory perspective, they eliminate US estate tax risk, and they provide diversified exposure without the need to pick individual stocks. Individual stock picking makes sense only if you have a specific thesis and are comfortable with the additional tax reporting requirements.

Sources

• Interactive Brokers European Investor Information
• European Commission PRIIPs Regulation Overview
• IRS W-8BEN Form Instructions

Conclusion

Here’s the bottom line on how Europeans invest in US stocks: it’s entirely doable, but it requires some upfront planning. You need to choose the right broker, understand the tax implications in both the US and your home country, decide between US-domiciled and Irish-domiciled funds, and have a plan for managing currency risk.

If you’re just getting started, here’s what I’d recommend. Open an Interactive Brokers account. Fill out the W-8BEN form during setup. Decide whether you want a single global ETF like VWCE or a US-specific ETF like CSPX. Set up a regular investment schedule, even if it’s just €100 a month. Don’t try to time the currency conversion. And keep good records of everything for tax purposes.

The biggest advantage you have as a European investor is time. If you’re in your 20s or 30s and you start investing in US stocks now, the compounding over the next 30 years will do most of the work. The fees, the taxes, the currency fluctuations, all of that matters at the margins. But the most important thing is that you start and that you stay consistent.

Don’t let the complexity scare you off. The barriers to entry are lower than they’ve ever been, and the tools available to European investors are better than they’ve ever been. The hardest part is the first step. After that, it’s just repetition.