Best Brokerage for US Expats in 2026: Which Firms Keep Americans Abroad Investing

The best brokerage for US expats is the one that still lets you invest after it learns where you live. For US citizens who are moving abroad or already there, that is a short list, and it keeps getting shorter.

Merrill's 2026 Merrill Edge SIMPLE IRA application booklet is blunt. If your residence changes, for example because you "move to another country or spend most of your time outside of the United States," then "Merrill will not be able to maintain your account. You will be required to close the account." Fidelity's FAQ for customers outside the US says "we do not open accounts for any new customers residing outside the United States."

On April 17, 2026, Vanguard also restricted its legacy Mutual Fund Direct accounts, mutual-fund-only accounts it could not move to its brokerage platform: no new purchases, exchanges or transfers in, only redemptions or transfers out. Vanguard's notice does not give a reason, but it includes a separate note for international investors.

None of this is unusual. Most US brokerages were built for US residents, and their account agreements say so in writing. The cost of getting this wrong is not a higher fee. It is a frozen account, a forced sale at a bad moment, or a 30-day notice you never saw.

This guide covers:

• The three brokerages that work for Americans abroad, ranked, and the big names that restrict or close accounts.
• Why the residence question on your application matters more than your mailing address.
• IRAs, the EU and UK product rules, and the checklist to run before you move.

Best brokerage for US expats: the short answer

For most Americans already living abroad, the best brokerage is Interactive Brokers, because it accepts residents of almost every country. Choose Schwab One International if your country is on Schwab's list. Keep Fidelity if you opened it before moving, accept its limits, and be ready to transfer if asked. Do not assume Vanguard or Merrill will follow you.

Residence vs mailing address: what the application actually asks

Every brokerage application asks two different address questions, and they are not interchangeable. One asks where you live. The other asks where to send your mail.

• Vanguard: its form for lifting restrictions on brokerage IRAs (Form FARF, effective September 2024) has a "Primary residence" field, where "A P.O. box or rural route number is NOT acceptable," and a separate "Mailing address" field for when the two differ. Both fields include a box for a country other than the US.
• Merrill: the 2026 Merrill Edge SIMPLE IRA application asks for a "Permanent Residential Address (No P.O. Boxes)" and then a "Mailing Address (if different from residential)."
• Schwab International: the online application starts by asking you to choose your country or region of residence, and its document list includes a recent utility bill or other proof of residency.
• Interactive Brokers: its glossary defines your country of legal residence as "the country where taxes are paid or the main place of business, employment, post of duty," and adds "regardless of the family home."

The account agreement then makes you responsible for keeping the residence answer current:

• The E*TRADE from Morgan Stanley Client Agreement (effective May 20, 2026) requires you to report any address change, "including but not limited to a change of residence outside the United States, which may limit Morgan Stanley's ability to continue offering the Service."
• The Schwab One Account Agreement (09/26 version) requires you to "notify us promptly in writing of any important change in the information you supply to us" on your application, and its Schwab One International terms (section 4) add: "You also agree to notify Schwab in the event your residency status changes."

A mailing address is a delivery instruction. It is not a statement about where you live, and putting a US mailing address on file does not make you a US resident in a firm's eyes. Answer the residence question truthfully every time it is asked. Merrill's note shows how literal the test can be: it treats you as having moved if you "spend most of your time outside of the United States," whether or not you have signed a foreign lease.

The clause that makes your mailing address matter

The same agreements say a letter counts once it is sent, whether or not you read it:

• Schwab: a communication sent to the address on file "is considered delivered to you personally, whether or not you actually receive it."
• E*TRADE: "We will consider any communication delivered to any of your addresses as delivered to you personally."
• Vanguard: communications sent to the mailing address on file "will be considered delivered to You, whether or not the communication is actually received."

That is how expats lose accounts quietly. A restriction notice with a 30-day window lands in a relative's stack of mail, and by the time anyone opens it, the window has closed. Morgan Stanley gave some international clients exactly 30 days to liquidate or move in 2018, as the table further down shows.

Where a Florida home base fits, and where it does not

A US home base cannot change where you reside, and it should never be used to try. What it does is honest and specific:

• Before you move: open and consolidate the accounts you intend to keep while you are still US-based, under the rules that apply to US residents.
• If you have no foreign residence: some full-time travelers keep their only home in the US. Whether that counts as residing in the US is each firm's decision under its own definition, so ask, and keep the answer.
• For everyone: no letter should go unseen. Our customers receive mail at their Florida address from banks and brokerages including Vanguard, Chase, American Express, Goldman Sachs, Wells Fargo, Charles Schwab, Fidelity, Bank of America, Capital One, Discover, U.S. Bank and USAA. Each institution sets its own policy.

With Your Tax Base, your mail goes to a separate authorized mailbox and each envelope is scanned to your dashboard the day it arrives. From wherever you are, you can request an open-and-scan, forwarding, shredding or a hold. Your Florida residential street address is a real home address, not a PO Box, and it anchors your Florida domicile.

Why are US brokerage accounts of American expats being closed?

The trigger is where you reside, not your citizenship. Four forces push firms to restrict residents abroad, and a fifth is plain business choice.

1. The firm may not be licensed where you live

Brokerages face rules in the countries where their clients live. The EU's are the clearest example. Under MiFID II, member states may require a non-EU firm serving retail clients in their territory to establish a local branch. The exemption, known as reverse solicitation, covers only services the client requests "at its own exclusive initiative." In a January 13, 2021 statement, the European Securities and Markets Authority warned that some firms "appear to be trying to circumvent MiFID II requirements" with boilerplate clauses and "I agree" pop-ups. For a US firm, the simplest way to stay clear of those lines is to stop serving residents there.

2. US funds are not offered for sale abroad

Vanguard's IRA agreement states it plainly: "U.S.-domiciled Vanguard funds generally are not available for sale to Investors that reside outside of the United States." Fidelity applies the same idea across its platform: since August 1, 2014, customers residing outside the US cannot buy mutual fund shares. Your passport does not change this. The test is residence.

3. EU product rules block US ETFs for retail investors

The EU's PRIIPs Regulation (Regulation 1286/2014, Article 13) requires anyone advising on or selling a packaged investment product to a retail investor to provide a key information document, or KID, before the investor is bound. US ETF issuers serve the US market and generally did not produce KIDs, so many brokers pulled US-domiciled ETFs for retail clients in Europe when the rules took effect in 2018. If you already hold one, you can generally "hold or sell it but you won't be able to buy more."

4. The UK is replacing its rules, slowly

The UK is replacing its version of PRIIPs with a Consumer Composite Investments regime. According to the FCA's Policy Statement PS25/20 (December 2025), the legislation commenced on April 6, 2026, opening an optional transition, and the full rules apply from June 8, 2027. Until then, distributors still provide the existing disclosure documents. The FCA says its rules "do not create a barrier for retail consumers to access US ETFs." The barrier it names is different: an overseas fund can only be marketed to UK retail investors if it is a "recognised scheme," and "There are currently no US funds that are recognised schemes in the UK." Do not plan a move around buying US ETFs as a UK retail investor.

5. Some firms simply exit

Then there are business decisions. Wells Fargo Advisors, J.P. Morgan and Morgan Stanley have each pulled back from clients living abroad, as the table below documents. None of those exits turned on citizenship; they turned on residence.

Which US brokerage is most friendly for expats? Our 3 picks for 2026

We ranked on three questions, in this order: will the firm open an account for a US citizen residing abroad, will it keep serving you after you move, and what can you still buy. Fees come after those, because a cheap account you are forced to close is not cheap.

1. Interactive Brokers: best for most Americans already living abroad

Interactive Brokers is the rare US brokerage built to take clients wherever they live. Its individual account page says "Accounts are accepted from citizens or residents of all countries," except those on US sanctions lists "or other countries determined to be higher risk." For a US citizen already settled abroad, that means you can open a new account from where you live, under your real residence.

• No account minimum: its individual account page says "There are no added spreads, ticket charges or account minimums" (October 2026).
• Low-cost currency conversion: spot currency commissions are 0.20 basis point of trade value for monthly volume up to USD 1 billion, with a USD 2.00 minimum per order. At those published rates, converting $10,000 into euros as a currency trade carries the $2.00 minimum commission, plus the market spread; IBKR's automatic conversion instead typically adds or subtracts 0.03% on the exchange rate.
• IRAs abroad: "IRA accounts are only available for individual US citizens living anywhere and US resident aliens." The exception: "US Citizens who reside in Australia, Canada, Hong Kong, Japan, Singapore and India can not open an IRA account."
• Honest residence: the firm ties your country of legal residence to where you pay taxes or work long term, regardless of the family home. Give the true answer; serving clients abroad is the firm's normal business.

Real-world reports match the policy. In a November 2025 HumbleDollar forum thread on expat brokerages, an Italy-based commenter who had received a warning letter from Fidelity wrote of Interactive Brokers: "I had no problems opening the first account."

Watch out: Interactive Brokers is a trading platform, not a full-service bank, and what you can buy still depends on where you reside. Residents of the EU and UK should read the product limits below before planning a portfolio. For everyday spending, pair it with a US bank account; our guide to the best US banks for expats compares them.

2. Charles Schwab: best if your country is on Schwab's list

Schwab runs a separate international platform, Schwab One International. Its US expat page says the accounts "allow expats to invest in U.S. markets while living abroad," and lists a Schwab Visa debit card "that can be used at any ATM in the world, and Schwab will refund the fees" (dynamic currency conversion fees excluded). Schwab's pricing guide (03/26) lists a $0 minimum deposit for Schwab One International.

The catch is the country list. As of October 2026, Schwab's online international application accepted residents of 51 countries and regions. For 200 of the 263 listed, it stopped with: "Schwab currently cannot open accounts for residents of your country/region."

This is new-account availability through the online flow, not a statement about existing accounts. Check Schwab's country selector before you move, not after. The Italy-based commenter in the HumbleDollar thread found that out: "My home country (Italy) is not covered, so I was on borrowed time with Schwab." Our deep dive on Charles Schwab for expats covers the account terms and debit card rules.

3. Fidelity: keep it, with limits, if you opened before you moved

Fidelity is a keep-only option. Its FAQ for customers residing outside the United States is blunt: "we do not open accounts for any new customers residing outside the United States." If you already have an account, the FAQ describes restrictions rather than closure:

• No mutual fund purchases: "Customers residing outside the United States will not be allowed to purchase shares of mutual funds," a rule in place since August 1, 2014, according to Fidelity's Q&A for investors living outside the US, dated 2014 and still posted in October 2026. Dividend and capital gain reinvestment continues, and you can keep existing mutual fund holdings until you sell them.
• Managed accounts end: discretionary asset management relationships are terminated when you move, and "certain mutual funds held in those accounts may be liquidated."
• No 529 or HSA contributions: you cannot open new 529 plans or HSAs, or keep contributing to existing ones.
• Country restrictions: customers in certain countries "may be limited to selling their existing holdings and withdrawing the proceeds," with no deposits or new purchases. Elsewhere, margin lending or options trading may not be permitted.
• Service limits: representatives handle only ministerial or administrative tasks and do not discuss asset allocation, income planning or portfolio composition.

Fidelity does notice. In one customer's report, the Italy-based HumbleDollar commenter received a letter saying Fidelity knew they were outside the US and would restrict the account, "with a gentle suggestion to leave," and wrote: "I've confirmed with two different offices that I would need to make plans to leave at some point." Fidelity's FAQ describes restrictions, not closure, but do not count on keeping the account indefinitely. If Fidelity is your main account, decide before you move whether its restrictions for your destination are livable. If they are not, transfer to a firm that serves residents of your new country. Fidelity's Cash Management Account advertises "no foreign transaction fees and unlimited global ATM reimbursements," but check the country restrictions before you count on it abroad.

Brokerages that restrict or close expat accounts

These are the firms most Americans already use. Each line below comes from the firm's own documents or a dated news report.

Read the table as a timeline problem. Every one of these firms will serve you while you reside in the US, and several restrict or close accounts once they learn you do not. The decisions that protect you all happen before you leave. Our guide to banks that close accounts when you move abroad covers the same pattern on the checking and savings side.

IRAs and retirement accounts abroad

Moving abroad does not turn your IRA into something else, but the firm that holds it applies its residence rules to the IRA too. Three questions decide what you can do.

Where can you hold an IRA while living abroad?

Interactive Brokers opens IRAs for US citizens living anywhere, except residents of Australia, Canada, Hong Kong, Japan, Singapore and India. Vanguard's IRA agreement says its US-domiciled funds generally are not available to investors residing abroad, and Fidelity's mutual fund purchase ban applies to customers residing outside the US. If your IRA sits at a firm that will restrict it, move it before you go with a direct transfer between firms. IRS Publication 590-A explains that in a trustee-to-trustee transfer, "there is no distribution to you, the transfer is tax free."

Can you still contribute?

Only against compensation you do not exclude (or your spouse's, for a spousal IRA). Publication 590-A (2025) lists among the items that are not compensation "any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs." If you exclude all of your earnings under the foreign earned income exclusion, you may have nothing to contribute against that year. Our foreign earned income exclusion guide explains the exclusion, and a CPA can tell you how your choice between the exclusion and foreign tax credits affects your contribution room.

What about the Thrift Savings Plan?

Federal employees and uniformed service members posted abroad may hold TSP accounts. The TSP is a federal retirement plan, not a brokerage, and we found no TSP rule that closes or restricts an account because the participant lives abroad. Plan for access anyway: the TSP contact page lists the toll-free ThriftLine and a separate international number, (404) 233-4400, which is not toll-free. Confirm withdrawal and payment options with the TSP before you rely on them from abroad.

Which is better for expats, Fidelity or Schwab?

It depends on timing and on your country. If you are opening an account while living abroad, Schwab wins by default: Fidelity does not open accounts for new customers residing outside the US, while Schwab One International accepted online applications from residents of 51 countries and regions as of October 2026. If you already hold a Fidelity account opened while you lived in the US, keeping it can make sense while Fidelity allows it, as long as you can live without mutual fund purchases and your destination is not one of Fidelity's sell-only countries.

You do not have to pick only one. Pairing an Interactive Brokers account for investing with a US bank or Schwab account for cash is a reasonable setup, provided each firm serves residents of the country where you actually live.

Before you move: the brokerage checklist

Most of the damage comes from doing things in the wrong order. Run this list while you still live in the US.

1. Decide where you will reside. Will you have a foreign residence, or travel with no fixed foreign home? Each firm applies its own definition: Interactive Brokers looks to where you pay taxes or work long term, and Merrill treats spending most of your time outside the US as a move. Settle your answer, because you will give it on every form.
2. Open or transfer while you are US-based, where the firm requires it. Fidelity will not open an account for a new customer residing abroad; if you already hold Fidelity, know its limits for your destination and be ready to transfer if Fidelity asks you to leave. Do not open an account at a firm whose terms require you to close it when you leave. Move IRAs by direct trustee-to-trustee transfer.
3. Switch to an authenticator app. Text-message codes sent to a US number you plan to drop can lock you out of your own money. Fidelity, for example, supports authenticator apps such as Google Authenticator and Microsoft Authenticator, plus passkeys. Vanguard's Mutual Fund Direct page tells holders with a non-US address or phone number to click "forgot password" and register with the email on the account.
4. Consolidate. Every extra account is another set of letters, residence questions and possible restrictions. Transfer or close the accounts you will not keep, and keep the ones whose terms work where you are going.
5. Keep a real US home base and see every letter. Agreements treat mail as delivered once it is sent. Make sure every envelope reaches your dashboard as a scan, or reaches someone who opens it the day it arrives.
6. Tell each firm your residence truthfully. Update it when it changes, as the E*TRADE agreement and Schwab's international account terms require. A US mailing address is a delivery instruction; it does not change where you reside.
7. Set your state tax home before you go. Investment income is income: if your former state still treats you as its resident, it can tax the dividends and gains these accounts produce. Florida does not impose a personal income tax. Our Florida domicile service for expats prepares the documents and guides the steps, and our guide to changing state residency while living abroad explains why the old state matters.

If you live in the EU or UK

If you reside in the EU or UK, expect product limits no matter which brokerage holds your account. In the EU, PRIIPs requires a key information document for packaged products sold to retail investors, US ETF issuers generally do not produce one, and brokers restrict those ETFs as a result. In the UK, the FCA notes that no US funds are recognised schemes that can be marketed to UK retail investors. Existing holdings can usually be held or sold, but not added to. In the EU, the MiFID II reverse-solicitation rules also limit which non-EU firms will serve you at all, and the UK's new regime does not take full effect until June 8, 2027. A US address does not change any of this, because these rules follow where you reside. If you consider European-domiciled funds instead, have a US tax adviser look first: a non-US fund can be a passive foreign investment company under the income or asset test in the Instructions for Form 8621, with its own reporting.

Frequently asked questions

Can I have a US brokerage account if I live abroad?

Yes, at some firms. Interactive Brokers accepts residents of all countries except those on US sanctions lists or deemed higher risk, and Schwab One International accepted online applications from residents of 51 countries and regions as of October 2026. Fidelity, Merrill Edge Self-Directed, Robinhood, M1, Betterment and Firstrade do not open accounts for people residing outside the US, and Vanguard points people who live abroad to its international site.

Which US brokerage is most friendly for expats?

It depends on where you live, but Interactive Brokers is the broadest choice: it opens accounts for residents of almost every country, has no account minimum and offers IRAs to US citizens living anywhere except Australia, Canada, Hong Kong, Japan, Singapore and India. Schwab One International is a strong second if your country is on Schwab's list.

Which bank is better for expats, Fidelity or Schwab?

It depends on timing. If you are opening an account while living abroad, Schwab, provided your country is on Schwab's online list (51 countries and regions as of October 2026), because Fidelity does not open accounts for new customers residing outside the US. If you opened a Fidelity account before moving, keeping it can work, but it is not assured: you cannot buy mutual funds and some countries are limited to selling and withdrawing.

Why are US brokerage accounts of American expats being closed?

It depends on the firm, but the trigger is where you reside, not your citizenship. Firms face licensing rules in their clients' countries, US mutual funds generally are not offered to residents abroad, and EU rules restrict products without a key information document. Some firms, such as Wells Fargo Advisors in 2021, simply exited international clients.

Does a US address let me keep buying mutual funds while living abroad?

No. Brokerages apply these rules by where you reside, and agreements such as E*TRADE's require you to report a change of residence outside the United States. A US mailing address tells a firm where to send letters; it does not change your residence, and you should answer every residence question truthfully.

Does Your Tax Base help with brokerage accounts when I move abroad?

Yes, with the parts that are honestly ours. We provide a real Florida residential street address, a separate authorized mailbox with envelope scans the day mail arrives, Florida domicile setup support and guidance on account updates. We do not change where you reside, and you should answer residence questions truthfully. Each institution sets its own policy.

Related guides

US banking and investing abroad

• Pillar: How to open a US bank account from abroad
• Best US banks for expats
• Charles Schwab for expats
• Banks that close accounts when you move abroad
• Best bank for digital nomads

Tax and your US home base

• Pillar: US expat tax guide
• Foreign earned income exclusion in 2026
• Florida domicile for expats: lock in 0% state income tax
• US expat tax filing requirements for 2026
• Service: Florida residency for expats
• Service: US residential address for Americans abroad

Authority references

• Interactive Brokers: individual account eligibility, IRA information, spot currency commissions and country of legal residence
• Schwab One Account Agreement (09/26) and Schwab Pricing Guide for Individual Investors (03/26)
• Schwab: investing and brokerage services for US expatriates and Schwab International online application
• Fidelity: customers residing outside the United States and Fidelity Q&A for investors who reside outside the United States (2014, still posted October 2026)
• Fidelity: login security options and Fidelity Cash Management Account
• Vanguard: Mutual Fund Direct accounts, Vanguard: how to open an account and Vanguard Form FARF with IRA custodial agreement (September 2024)
• Merrill Edge Self-Directed SIMPLE IRA application booklet (2026)
• E*TRADE from Morgan Stanley Client Agreement (effective May 20, 2026)
• J.P. Morgan Self-Directed Investing FAQ
• Robinhood: what you need to get started, Betterment: account eligibility, M1: how to open an account and Firstrade: US citizens living abroad
• WealthManagement.com: Morgan Stanley (February 17, 2018), JPMorgan (August 14, 2018) and Wells Fargo Advisors (January 7, 2021)
• ESMA statement on reverse solicitation (January 13, 2021)
• Regulation (EU) No 1286/2014 (PRIIPs) and justETF: US-domiciled ETFs and PRIIPs (March 28, 2018)
• FCA Policy Statement PS25/20: Consumer Composite Investments (December 2025)
• IRS Publication 590-A (2025) and Instructions for Form 8621 (12/2025)
• Thrift Savings Plan: contact the TSP
• Florida Department of Revenue: personal income tax
• HumbleDollar forum: which brokerage works best for US expats (November 18, 2025)