Broker · Europe
DEGIRO & PFICs for US persons
DEGIRO's universe is UCITS by construction — which makes nearly every fund on it a PFIC for a US taxpayer. What to check before you file.
By Danilson Ramos · Founder, Atamatax
Updated July 2026
DEGIRO is one of Europe's largest retail brokers — and for a US person, one of the most reliable ways to accumulate PFICs, because its fund universe is European by construction.
Can a US person use DEGIRO?
DEGIRO's onboarding generally does not accept US persons (its account terms and W-8 process screen for US status — confirm current policy with DEGIRO). In practice the US persons who hold DEGIRO accounts are usually people who opened one before becoming a US person, accidental Americans, or green-card holders who didn't flag their status. The tax rules below apply to all of them.
Why almost everything at DEGIRO is a PFIC
EU PRIIPs rules effectively block European retail brokers from selling US-domiciled ETFs (no KID document), so the ETFs DEGIRO offers are UCITS funds domiciled in Ireland or Luxembourg. For a US taxpayer each one is generally a PFIC: one Form 8621 per fund per year, and the punitive §1291 default regime on gains and large distributions unless you elect otherwise.
| Holding at DEGIRO | PFIC? | Typical filing |
|---|---|---|
| UCITS ETF (ISIN IE, LU…) | Likely | Form 8621 each year |
| European mutual fund (ISIN NL, DE, FR…) | Likely | Form 8621 each year |
| Individual company shares | No | Report the account |
| Cash balance / money-market sweep fund | The sweep FUND is likely a PFIC | Check the fund's ISIN |
FBAR and Form 8938
A DEGIRO account is a foreign financial account: it counts toward the $10,000 FBAR aggregate and toward the Form 8938 thresholds. Export your annual statement (positions + cash, with maximum and year-end values) — that's the data both forms need.
- Export the annual report / positions overview (CSV) — ticker, ISIN, quantity, year-end value.
- Check each ISIN prefix: US… is not a PFIC; IE/LU/NL/DE/FR… likely is.
- Note each account's maximum balance during the year for the FBAR.
- If you hold UCITS funds, model the §1291 cost before selling anything.
Check your DEGIRO holdings before you file
Upload the positions CSV or paste your ISINs — the free checker flags likely PFICs and estimates your Form 8621 workload. Atamatax is tax-preparation software, not a CPA firm, and this is not individualised tax advice.
Atamatax provides tax preparation support and educational resources. This website does not constitute legal or tax advice.