Hey guys! I just stumbled upon this thread today and I went from really excited to pretty frustrated. Classic US-EU citizen life.
I'm also a dual citizen (age 19) of the US and Austria (Austrian resident, not planning on going back to the US forever) who came across the whole Mustachian/Boglehead world about 2 years ago. I have about 15-20k to invest and I'm looking for a way of doing long-term passive investing in a world market replicating ETF portfolio, maybe with some bonds. Up until now, however, I haven't even started investing because of the horrible US & EU situation. Unfortunately, I'm a beginner (I know the basic ideas/rules of creating a passive portfolio, sensible personal finance, along with more situation-specific topics like PFICs, PRIIPs, MiFID II, etc.) so some of this info kinda went above my head and I'm clearly far away from being a professional investor. I was wondering if y'all could help me out a bit and get me on track in this thread/finding the path towards a good financial setup.
1) So am I correct in understanding that we still haven't found a broker that would take us so that we could buy non-PFIC (i.e. US-domiciled) ETFs?
2) Are there any other alternatives that could work without a crazy hassle, especially for a young and poor guy like me?
3) Have you guys looked at other discussions of our situation, e.g.
https://www.bogleheads.org/forum/viewtopic.php?f=10&t=253872 ? You guys didn't wanna go through the process of establishing a mailing address, getting a US broker to take you, changing all your currency all the time, investing in ETFs through it as if you were a normal US resident, (getting a VPN if necessary), and then dealing with weird taxation on your dividends? Just wondering, not that I really wanna go down that path...
4) Have you guys looked into passively managing stocks (
https://www.bogleheads.org/wiki/Passively_managing_individual_stocks )? How about the tax/tax-filing situation on that?
5) I actually found an Austrian broker that would take me, after a week of calling around. Are there any ETFs that could combine to be a reasonable portfolio, that have their domicile in the USA, but at the same time are PRIIPs compliant and with a KID (for an Austrian)?
6) I'm going to be moving to the UK soon for university for 3 years. Are there any ways of starting something from there that would be reasonable?
@flipboard What's your source on the info that the UK has prepared regulations similar to EU PRIIPS requirements? Where can I find out more about that?
7) Have any of you legitimately looked into just renouncing your US citizenship? I know about the super high fee, but what about returning to the US afterwards?
I know it's a ton of questions. I'm new here and I'm sorry, I'm trying to get as much as possible. Bear with me guys and let's hope there's a solution out there!