Foreigners can buy US Treasury bills, and the bill is the same security whoever owns it: a short-term debt of the US government, sold below face value and repaid in full on a fixed date. What changes for someone living outside the United States is the route to the bill, the paperwork that keeps US tax at zero, what happens to the holding if the owner dies, and the exchange rate on the way in and out. This guide covers the routes open to non-residents, the two US exemptions that cover bill interest, the estate-tax gap between owning bills and owning a US fund of bills, and a purchase worked through in euros. The wider rules for investing in the US from another country are collected in the invest-from-abroad hub, and what a Treasury bill is covers the security itself.
Can foreigners buy US Treasury bills?
Yes. Anyone outside the United States who is not on a US sanctions list can own bills, so the practical question is which provider will open an account for a resident of your country.
Treasury sells bills in terms of 4, 6, 8, 13, 17, 26 and 52 weeks, with a minimum of $100, in $100 increments, and the same bills change hands between dealers every business day. Non-residents reach them through an intermediary. The routes differ less in what you end up owning than in who holds it, what it costs, and whether a US tax or estate rule reaches it.
| Route | How the bills are held | US estate tax on the holding | Main catch |
|---|---|---|---|
| US broker that accepts non-residents | Bills in the broker's custody account, in your name | Generally none, because bills are not US property | Country lists and account minimums vary; a W-8BEN is required |
| Local bank or broker with US bond access | Through the local firm's custodian, often in a pooled account | Generally none for the bills themselves | Fewer terms on offer, wider spreads, custody fees |
| Ireland-domiciled T-bill ETF | Shares of an Irish fund that owns the bills | Generally none, because the shares are not US property | A yearly fee and no fixed maturity |
| US-domiciled T-bill ETF | Shares of a US fund | Yes, the shares count as US property | Payouts must be reported correctly to avoid withholding |
| Tokenized Treasury fund | Fund shares or notes recorded on a blockchain | Depends on where the issuer is set up | Eligibility rules, minimums, smart-contract and issuer risk |
| TreasuryDirect | An account held directly with Treasury | Generally none | Requires a Social Security number, a US address and a US bank account |
Some brokers bid at Treasury's weekly auctions for their clients, and others buy bills that are already trading. Either way the price comes from the market; what varies is the commission, any markup built into the quoted yield, and how many terms the broker offers. The documents brokers ask for, and which ones take clients from which countries, are covered in opening a US brokerage account as a non-resident.
Why can't most foreigners use TreasuryDirect?
TreasuryDirect requires a valid Social Security number, a US address of record and a US bank account that accepts ACH transfers, which most non-residents do not have.
Those conditions come from Treasury's own account rules, and an Individual Taxpayer Identification Number does not stand in for the Social Security number. Logging in also requires an ID.me account, the only way to sign in since October 28, 2026. Citizenship is not on the list, so a foreign national who lives in the United States and has a Social Security number may qualify, but someone who has never lived there usually cannot. For everyone else, brokers and funds are the normal path. US residents who can use the government site will find the steps in the TreasuryDirect account guide, and the broader comparison of buying routes for Americans is in how to buy Treasury bills.
Do non-US investors pay US tax on T-bill interest?
Usually not, because bills of 183 days or less are exempt as short-term obligations and the 52-week bill qualifies for the portfolio interest exemption with a valid W-8BEN.
IRS Publication 515 sets out both rules. Interest and discount on an obligation payable 183 days or less from the date it was issued escapes the 30% withholding that applies to most US income paid abroad, and the exemption needs no paperwork, although brokers still ask for a W-8BEN to keep the account out of backup withholding and US information reporting. The 52-week bill runs 364 days, so it relies on the portfolio interest exemption instead. That exemption covers registered debt issued after July 18, 1984, and it applies once the payer holds a statement that the owner is not a US person, which for individuals is Form W-8BEN.
| Bill term | Days to maturity | Exemption that covers the interest | What the broker needs |
|---|---|---|---|
| 4, 6, 8, 13 and 17 weeks | 28 to 119 | Short-term obligation | Nothing for the exemption; a W-8BEN avoids backup withholding |
| 26 weeks | 182 | Short-term obligation | Same as the shorter bills |
| 52 weeks | 364 | Portfolio interest | A valid W-8BEN on file |
Selling a bill before it matures does not change much. The US generally does not tax a non-resident's gains on securities unless the seller spent 183 days or more in the country that year, and the discount earned up to the sale falls under the same exemptions. How to complete the form, and when it lapses, is explained in Form W-8BEN explained; the rules for US taxpayers, which differ, are in are T-bills taxable.
A fund adds a layer. A US-domiciled T-bill ETF passes its income out as dividends, which normally face 30% withholding or the treaty rate, but the fund can designate them as interest-related dividends, and those are exempt for non-residents. iShares, for example, reported all of the 2025 income of its 0-3 Month Treasury Bond ETF as qualified interest income. Some brokers still withhold when the payout arrives and leave the investor to reclaim the excess by filing a US return. An Ireland-domiciled fund collects bill interest free of US tax under the same exemptions, and Ireland does not deduct its own tax from ETF payouts that pass through recognized clearing systems.
None of this limits your own country, which will normally tax the interest and may also tax the currency gain when dollars are converted back. The guide to reporting US investments at home covers the common rules; the details always depend on where you are tax resident.
Are T-bills subject to US estate tax for non-residents?
Bills you own directly are not US property for estate tax, but shares of a US-domiciled fund that holds the same bills are.
Section 2105 of the Internal Revenue Code treats debt that earns portfolio interest, and short-term discount obligations, as property outside the United States when a non-resident who is not a US citizen dies. Fund shares are treated differently. Stock of a US corporation, which includes a US-registered ETF, is US property, and the temporary rule that let an estate look through a fund to its bills applied only to deaths from 2005 through 2011. An estate with more than $60,000 of US-situated assets must file Form 706-NA, and the tax follows the rate table used for American estates, less a credit of $13,000, which offsets the tax on the first $60,000 of US assets.
Worked example: $300,000 in a US T-bill ETF versus $300,000 in bills
- An investor who lives in a country with no US estate tax treaty dies holding $300,000 of a US-listed T-bill ETF and no other US assets.
- Table A tentative tax: $70,800 on the first $250,000, plus 34% of the remaining $50,000, or $17,000, for a total of $87,800.
- Less the $13,000 credit, the US estate tax is $74,800, about a quarter of the holding.
- The same $300,000 held as bills in a brokerage account: no US estate tax, because the bills are not US property.
- The same amount in an Ireland-domiciled T-bill ETF: generally none either, because shares of a non-US company are not US property.
Some estate tax treaties raise the threshold or change these rules, and a broker will still ask the heirs for documents before it releases any holding. The US estate tax guide for non-residents covers treaties, filing deadlines and how assets are released.
How do Irish-domiciled T-bill ETFs compare with owning bills?
They package short Treasuries into one exchange-traded share that sits outside US estate tax, in return for a yearly fee and the loss of a fixed maturity date.
One widely held example is the iShares $ Treasury Bond 0-1yr UCITS ETF, ticker IB01. On October 30, 2026 it had $28.2 billion of fund assets and a total expense ratio of 0.07%, and on October 29 its holdings had a weighted average maturity of 0.34 years and a yield to maturity of 4.17%. The share class reinvests interest rather than paying it out, and it trades in US dollars in London and Zurich and in local currency on exchanges in Mexico, Colombia and Chile. Over the year to September 30, 2026 it returned 3.67% in dollars after fees.
| Feature | Bills held directly | Ireland-domiciled T-bill ETF | US-domiciled T-bill ETF |
|---|---|---|---|
| Yearly cost | Broker charges only | 0.07% for IB01 | The fund's expense ratio |
| US tax on interest | Exempt under the short-term or portfolio interest rules | None at the investor level | Exempt when paid as interest-related dividends, but withholding errors happen |
| US estate tax | Not US property | Not US property | US property |
| Maturity | A fixed date, with face value repaid | None; the fund rolls its bills | None; the fund rolls its bills |
| Sold to EU retail investors | Through brokers that offer bonds | Yes | Generally no |
For investors in the European Union, an Irish fund is often the only fund route, because US-listed ETFs generally lack the key information document that EU retail rules require. That rule, and the tax differences on equity funds, are covered in US vs Irish-domiciled ETFs. For the US-listed side, T-bill ETFs vs buying T-bills compares fees and yields.
What about tokenized Treasury funds?
They are funds or notes that hold short Treasuries and record ownership on a blockchain, and many are open only to non-US or professional investors.
The market is still small next to bills themselves: rwa.xyz counted about $14.2 billion in tokenized Treasury products on November 2, 2026. Entry rules vary widely. BlackRock's BUIDL fund, a British Virgin Islands company, reported a $100,000 minimum for outside investors in its July 2026 US filing, while Ondo's USDY note is offered only outside the United States and its eligibility rules exclude Canada too. A token adds smart-contract and issuer risks on top of the bills, and US estate tax depends on where the issuer is set up. The full comparison is in tokenized Treasuries for non-US investors, and on-chain US T-bills explains the idea from the beginning.
What do Treasury bills yield today?
Yields change every business day, and the live table below shows each bill term with its discount rate, investment yield, price per $1,000 and recent change.
| Term | Discount rate | Investment yield | Price per $1,000 | Yield vs a month ago | Yield vs a year ago |
|---|---|---|---|---|---|
| 4-week | 3.91% | 3.98% | $996.96 | +0.07 pts | 0.00 pts |
| 6-week | 3.91% | 3.98% | $995.44 | -0.04 pts | +0.04 pts |
| 8-week | 4.00% | 4.08% | $993.78 | +0.02 pts | +0.11 pts |
| 13-week | 3.99% | 4.08% | $989.91 | -0.05 pts | +0.23 pts |
| 17-week | 4.07% | 4.18% | $986.55 | -0.05 pts | +0.31 pts |
| 26-week | 4.11% | 4.25% | $979.22 | -0.09 pts | +0.43 pts |
| 52-week | 4.17% | 4.36% | $957.84 | -0.18 pts | +0.66 pts |
To compare a bill with a deposit, use the investment yield, which annualizes the return on the price actually paid; the discount rate is a quoting convention based on face value and a 360-day year. A non-US saver then has to set that yield against the home deposit rate and the cost of converting twice. The T-bill rates today page explains each column, and the Treasury bill calculator prices any face value and term.
What does a $20,000 26-week bill earn for a euro-based investor?
At the October 30, 2026 discount rate of 4.11%, a $20,000 26-week bill cost $19,584.43 and repays $20,000, a gain of $415.57 before any currency effect.
Worked example: A $20,000 26-week bill bought with euros
A saver in Spain buys $20,000 of face value at the 4.11% discount rate. The broker converts at 1.1199 dollars per euro, the Federal Reserve's October 23, 2026 rate, plus an assumed fee of 0.25% each way.
| Step | Amount |
|---|---|
| Price: $20,000 × (1 − 0.0411 × 182 ÷ 360) | $19,584.43 |
| Euros at 1.1199, before the fee | €17,487.66 |
| Conversion fee of 0.25% | €43.72 |
| Total cost | €17,531.38 |
| Repaid at maturity, 182 days later | $20,000.00 |
| Euro rate at maturity | Euros after a 0.25% fee | Result in euros |
|---|---|---|
| Unchanged at 1.1199 | €17,814.09 | +€282.71, or +1.61% |
| Euro up 5% to 1.1759 | €16,965.73 | −€565.65, or −3.23% |
| Euro down about 4.8% to 1.0666 | €18,704.29 | +€1,172.91, or +6.69% |
The bill earns 2.12% in dollars over six months, yet the fees alone cut the euro result to 1.61%, and a rise in the euro to about 1.1380 dollars, 1.6% above the starting rate, leaves nothing. No US tax is due on the $415.57 because the bill runs 182 days; Spanish tax applies under Spain's own rules.
The same arithmetic applies in any currency: the shorter the bill, the smaller the interest, and the more an exchange-rate move dominates the result. Currency risk on US investments shows how that works over longer periods and what hedged share classes cost, and the EUR to USD converter shows today's mid-market rate to test a quote against.
What are the risks of T-bills for non-US investors?
Bills are backed by the full faith and credit of the US government, so default risk is low; for a holder abroad, currency and custody matter more.
- Exchange rate. A 26-week bill earns about 2% at current rates, and major currencies often move more than that against the dollar in six months.
- Conversion costs. Fees on the way in and out come straight off a small return, so a markup of 1% each way would wipe out most of a six-month bill's interest.
- Custody. Bills held through a broker depend on that firm's records. SIPC protection for US brokers is $500,000 per customer, including up to $250,000 in cash, whatever the customer's nationality, but it does not cover a broker's foreign affiliate, and local investor-compensation schemes vary.
- Price before maturity. A bill sold early fetches the market price, which falls if yields have risen, and spreads at small brokers can be wide.
- Paperwork. An expired W-8BEN can lead a broker to withhold tax that then has to be reclaimed.
- Home-country rules. Limits on sending money abroad, reporting duties and the tax treatment of interest and currency gains can all change.
- Fund layers. ETFs and tokenized funds add fees, tracking differences and, for US-domiciled funds, estate-tax exposure.
US government debt is not without risk of its own: political standoffs over the debt limit have disturbed the bill market before. For the full picture, see whether Treasuries are risk-free.
How should a non-US investor choose a route?
Start with what your country lets you buy, then compare the total cost, the estate-tax exposure and whether you want a fixed maturity or a fund that rolls bills.
Before buying bills from abroad
- Confirm that the broker accepts residents of your country and sells bills, not only bill ETFs.
- File Form W-8BEN and note the date it expires.
- Compare the broker's conversion rate with the mid-market rate on the currency converter.
- Add up how much of your US holding would sit in US-domiciled funds if estate tax matters to you.
- Ask a tax adviser how your country taxes bill interest, fund income and currency gains.
For holding dollars more generally, including deposits, money market funds and stablecoins, see holding US dollars abroad.