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This is, in some ways, the mirror image of https://bitmia.com/s/9f37cp/best_broker_buy_etfs_for_non_us_citizen. I’m a US citizen living in Europe and paid in Euros. All I want is some service to automatically withdraw some of those Euros and invest in an index fund or ETF – preferably one based on the DAX or some kind of Eurozone index.

Unfortunately, thanks to tax evaders the US has enacted an onerous law called FATCA – the upshot is that as a US citizen most European banks won’t deal with me. I’ve tried Scalable Capital and DekaBank, but both reject me as soon as my citizenship is known (Deka actually lets me go all the way through creating an account only to reject me at fund purchase time). I’m told Deutsche Bank might help me, but I don’t want to support a bank that chose to fund a shady, bankrupt property developer and destroy the world in the process.

I can transfer my money back to the States and put it in Vanguard, but that’s a costly and manual process I’d like to avoid.

Does anyone have any advice on a brokerage or bank that:

  1. Deals with US Citizens
  2. Automatically withdraws monthly from an IBAN
  3. Can put that into some kind of index ETF or fund based on Euros
  4. Preferably isn’t based in a country actively leaving the EU

Thanks in advance!

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    As you said, this is likely due to FATCA compliance workload – I’d expect most if not all EU banks to steer away. Interactive Brokers is onboarding US expats, offers EUR-denominated ETFs and deals with all the regulatory stuff. Their pricing is great too (pretty sure it blows Deutsche Bank out of the water), so have a look at them.

    Not sure about the automated withdrawals from your IBAN though – is that even possible? In the UK, we have direct debit but it only works within the UK banking system as far as I’m concerned.

    Another alternative would be Denmark’s Saxo Bank. While they don’t serve US residents, perhaps they’ll let you open an account if you’re no longer resident there? Give them a call.

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      Not sure about the automated withdrawals from your IBAN though – is that even possible?

      Certainly in the US and in Germany (as long as your bank accepts you as a customer and you have the right kind of account).

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        That’s how I get charged by the utility companies (in Spain), so I can confirm this being technically possible, however I’m yet to find a European broker that would let me buy instruments on a scheduled basis. Any example of that in the US, @stip?

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      Update: I’ve found this site which gives some advice (although no direct links to anything).