Broker · Europe
Saxo Bank & PFICs for US expats
Saxo's European platform sells UCITS funds — PFICs for a US taxpayer — and the account itself triggers FBAR and Form 8938 checks.
By Danilson Ramos · Founder, Atamatax
Updated July 2026
Saxo Bank is a common platform for professionals across Europe. For a US person it raises the standard two questions: are the funds PFICs, and what does the account itself trigger?
Can a US person use Saxo Bank?
Saxo generally does not serve US residents, and its treatment of US citizens resident in Europe varies by entity and has tightened over time (per Saxo's published terms and consistent user reports — confirm with Saxo for your country). Many US persons hold legacy accounts opened before a policy change.
The PFIC question
Like every EU retail platform, Saxo's ETF shelf is UCITS (PRIIPs rules keep US-domiciled ETFs off it). UCITS ETFs and European mutual funds are generally PFICs for a US taxpayer — one Form 8621 per fund per year, with the §1291 default regime unless you elect QEF or mark-to-market.
| Holding at Saxo | PFIC? | Typical filing |
|---|---|---|
| UCITS ETF (ISIN IE, LU…) | Likely | Form 8621 each year |
| European mutual fund | Likely | Form 8621 each year |
| Individual shares / bonds | No | Report the account |
| Cash (multi-currency) | No | FBAR / Form 8938 if over threshold |
FBAR and Form 8938
A Saxo account is a foreign financial account for both tests: it counts toward the $10,000 FBAR aggregate (maximum value during the year) and the Form 8938 thresholds (year-end and maximum). Saxo's annual statement carries the values you need.
- Export the portfolio / annual statement with ISINs and year-end values.
- Check every ISIN prefix — the domicile decides PFIC status, not the exchange.
- Record the account's maximum value during the year for the FBAR.
Check your Saxo holdings before you file
Paste your ISINs or upload the CSV — the free checker flags likely PFICs and estimates the 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.