Can I buy U.S. ETFs at Swissquote as a U.S. citizen?

Swissquote's terms generally restrict trading U.S.-domiciled ETFs for retail clients, and users consistently report this. Because U.S.-domiciled ETFs are the way to avoid PFICs, many U.S. persons in Switzerland use a broker that offers them, such as Interactive Brokers. Confirm current terms with Swissquote.

Are my Swissquote funds PFICs?

Non-U.S.-domiciled funds (UCITS from Ireland/Luxembourg, Swiss funds) are generally PFICs for a U.S. person; U.S.-domiciled funds are not, even held through a Swiss account. It turns on the fund's domicile, so check each ISIN — the free Swiss PFIC checker does that.

Do I report my Swissquote account on the FBAR?

Generally yes, if your combined non-U.S. financial accounts exceeded $10,000 at any point in the year. The FBAR is about the account, separate from whether any fund is a PFIC.

Swissquote & PFICs for U.S. citizens

Why Swissquote steers U.S. persons away from U.S.-domiciled ETFs — and how the funds you can buy instead become Form 8621 PFICs.

Swissquote is one of the most common brokers for Americans living in Switzerland — and one of the most common ways they end up holding PFICs without realising it.

Can a U.S. citizen use Swissquote?

Generally yes for U.S. citizens resident in Switzerland — but Swissquote is not authorised or regulated by any U.S. authority and does not serve U.S. residents. More importantly for your taxes, its terms restrict trading U.S.-domiciled ETFs for retail clients. (Based on Swissquote's own legal information and consistent reports from U.S.-person users — confirm current terms with Swissquote.)

The catch: blocked from U.S.-domiciled ETFs, U.S. persons at Swissquote get pushed toward European (UCITS) and Swiss funds — and those are PFICs.

Why that matters: the funds you can buy are PFICs

A UCITS ETF (Ireland or Luxembourg) or a Swiss-domiciled fund is a PFIC for a U.S. person. Each one generally needs its own Form 8621 every year, and without an election the default §1291 regime taxes gains and large distributions at the top marginal rate plus an interest charge dated back to purchase.

U.S.-domiciled ETFs are not PFICs — even bought through a Swiss account. The problem is the non-U.S. funds you were steered into.

What you hold at Swissquote → is it a PFIC?

Holding	PFIC?	Typical filing
U.S.-domiciled ETF (ISIN US…)	No	FBAR / Form 8938 if over threshold
UCITS / EU ETF (ISIN IE, LU…)	Likely	Form 8621 each year
Swiss-domiciled fund (ISIN CH…)	Likely	Form 8621 each year
Individual company shares	No	Report the account
Cash	No	FBAR / Form 8938 if over threshold

What U.S. persons at Swissquote actually do

Check each holding's domicile — U.S. vs non-U.S. — not the exchange you bought it on.
Avoid buying non-U.S. funds going forward.
Many U.S. persons move to a broker that offers U.S.-domiciled ETFs and U.S. tax statements — Interactive Brokers is the common choice.
If you already hold UCITS funds, model the §1291 cost before selling.

Not sure which Swissquote holdings are PFICs?

Paste your ISINs into the free Swiss PFIC checker and see which trigger Form 8621. Atamatax is tax-preparation software, not a CPA firm, and this is not individualised tax advice.

Check my Swiss holdings

Broker policies change — confirm current Swissquote terms with Swissquote. Atamatax provides preparation software and educational estimates, not individualised tax, legal, or investment advice.

Atamatax provides tax preparation support and educational resources. This website does not constitute legal or tax advice.