VOO, CSPX or VT? The “One Fund for Life” Decision Made Simple, So You Can Stop Second-Guessing Yourself
In his 2013 letter to shareholders, Warren Buffett told the world exactly what will happen to the money he leaves his wife.
No hedge funds. No stock tips. Not even Berkshire Hathaway shares.
His instruction to the trustee was 90% in "a very low-cost S&P 500 index fund" and 10% in short-term government bonds. He even added: "I suggest Vanguard's."
One fund. For life.
If you live outside America, you have probably tried to copy that idea, and then fallen straight into a rabbit hole. VOO or CSPX? Or VT, the whole world in one ticker? Every forum thread argues. Every YouTuber picks a different winner. So you buy one, read another article, doubt yourself, and think about switching.
This article ends that loop.
Short answer For most investors who are not US citizens and don't live in the US, the best S&P 500 ETF is an Ireland-domiciled one: CSPX (or its near-twins VUAA and SPYL). It pays half the US tax on dividends that VOO does in no-treaty countries, it reinvests for you, and it keeps your family out of the US estate tax that can take up to 40% above just US$60,000. If you'd rather own the whole world, pick VWRA, the Irish twin of VT, for the same reasons. VOO and VT are still the right choice for two groups: US citizens and green-card holders anywhere, and Canadians investing inside an RRSP. |
For an American family, a Vanguard US fund is perfect. For a retiree in Singapore, Dubai, London or Toronto, the very same fund can sit inside a US tax net most people have never heard of.
Below you'll find the full picture: the real yearly cost of each fund by where you live, what your family could lose, who should break the "Irish rule", a 60-second flowchart, and a simple system so you never second-guess the choice again.
In this article
The 3 Funds in 60 Seconds
Here is what you are actually choosing between. Notice that two of the three are American companies, and one is Irish. That one row matters more than every other row combined.
VOO | CSPX | VT | |
Full name | Vanguard S&P 500 ETF | iShares Core S&P 500 UCITS ETF (Acc) | Vanguard Total World Stock ETF |
What you own | 500 biggest US companies | 500 biggest US companies | About 10,000 companies in nearly 50 countries |
Registered in | United States | Ireland | United States |
Yearly fee | 0.03% | 0.07% | 0.06% |
Dividends | Paid out in cash | Reinvested for you | Paid out in cash |
US tax on dividends for a non-treaty investor | 30% | 15%, inside the fund | 30% |
Inside the US estate tax net? | Yes, above US$60,000 | No | Yes, above US$60,000 |
The Irish twin | CSPX, VUAA or SPYL | (it is the Irish one) | VWRA |
A quick word on size, because people worry about it. VOO became the first ETF in history to pass US$1 trillion in assets in June 2026. CSPX is Europe's largest ETF, at well over US$100 billion. VT holds roughly US$78 billion. None of these funds is going anywhere.
(If you've ever wondered what happens to your money if a fund company itself fails, I covered that in Is Your Money Safe in an Index Fund? What Happens If Vanguard Goes Bankrupt.)
Why the Fund's "Passport" Matters More Than Its Fee
Most people compare ETFs the way they compare phone plans: they look for the lowest monthly number.
On fees alone, VOO wins at 0.03% a year. That's US$30 on every US$100,000. CSPX costs US$70. Case closed?
Not if you live outside America.
Every fund has a passport: the country it is legally registered in, called its domicile. VOO and VT carry American passports. CSPX and VWRA carry Irish ones. The 500 companies inside VOO and CSPX are identical, share for share. The passport decides two things the fee table never shows you:
How much US tax is taken from your dividends, every single year.
Whether the US government can tax your holding when you die.
Think of two shipping containers carrying the same cargo through two different ports. Same goods. Very different customs bill.
I explained the passport idea in detail in CSPX vs VOO: Which S&P 500 ETF Should You Buy If You Don't Live in the US?. Here, we'll go one step further and bring the whole-world option, VT, into the decision, because that is where most people get stuck.
Cost No. 1: The Dividend Tax Leak, With Real Numbers
The S&P 500 pays dividends of about 1.1% a year at today's prices. VT, which includes higher-yielding markets like Europe and Japan, pays out about 1.6%.
When those dividends travel from America to a foreign investor, the US takes a slice first.
How much the US takes, by where you live
The default rate is 30%. A tax treaty between your country and the US can cut it.
No treaty for dividends (for example Singapore, Hong Kong, Malaysia, the UAE, Saudi Arabia, Brazil and Argentina): 30%.
India: 25% under its treaty.
UK, Canada, Australia and most of the EU: usually 15%, if your W-8BEN form is on file with your broker. (A few treaties go lower; Japan's, for example, is 10%.)
A common myth: the W-8BEN form does not create a treaty that doesn't exist. It only proves you're not American. If your country has no treaty, it confirms the 30%. (Full details in The 30% Dividend Tax You Didn't Know You Pay on US Stocks.)
What the Irish funds pay instead
Ireland has its own treaty with the US. So when Apple or Microsoft pays a dividend to an Irish fund like CSPX or VWRA, the US withholds only 15% at the fund level. Ireland then charges nothing extra to investors who don't live in Ireland.
That 15% applies whether you live in Singapore, Dubai, Lagos or Lima.
The true yearly cost of each fund
Add the fee to the dividend tax leak and you get each fund's real yearly running cost. Here it is for an investor in a no-treaty country (30%):
Fund | Yearly fee | Dividend tax leak | True yearly cost |
VOO | 0.03% | 0.33% | 0.36% |
CSPX / VUAA | 0.07% | 0.165% | 0.235% |
SPYL | 0.03% | 0.165% | 0.195% |
VT | 0.06% | 0.48% | 0.54% |
VWRA | 0.14% | 0.10% | 0.24% |
Two things jump out.
First, the "cheapest" fund on paper, VOO, is not the cheapest fund for you. Second, VT is the most expensive of all five for a non-treaty investor, more than double VWRA, even though its headline fee is less than half.
Why is VT hit so hard? Because the US withholds 30% on everything VT pays out, including the dividends that came from Japanese, British and Taiwanese companies. VWRA only loses 15% on its US slice. (Both funds also lose a little to other countries' own dividend taxes inside the fund, roughly equally, so I've left that out of both.)
If your country has a 15% treaty
The picture shifts, but less than you'd expect:
Fund | True yearly cost at 15% |
VOO | 0.195% |
SPYL | 0.195% |
CSPX / VUAA | 0.235% |
VWRA | 0.24% |
VT | 0.30% |
With a good treaty, VOO is a hair cheaper than CSPX, and ties with SPYL. VWRA still beats VT.
But the dividend leak is the small cost. The big one comes next.
Cost No. 2: The One Your Family Pays (US Estate Tax)
An American can leave about US$15 million to their family before US estate tax applies.
You, as a non-American, get US$60,000. The figure isn't indexed for inflation, so it has stayed the same while markets have soared. Above it, US estate tax rates climb from 18% to 40%.
US-registered funds like VOO and VT count as US assets, even if you bought them through a broker in Toronto, London or Singapore and never set foot in America. Irish funds like CSPX and VWRA generally don't count at all.
VOO or VT holding at death | Approximate US estate tax | Share of the holding |
US$100,000 | US$10,800 | 11% |
US$250,000 | US$57,800 | 23% |
US$500,000 | US$142,800 | 29% |
US$1,000,000 | US$332,800 | 33% |
Approximate, using the IRS rate schedule and the US$13,000 credit for non-residents, before any deductions or treaty relief. The same amount in CSPX or VWRA: US$0 in US estate tax.
Then come the practical problems. Once US assets top US$60,000, your executor must file a US estate tax return (Form 706-NA) within nine months, and many brokers freeze the account until the IRS confirms everything is settled. That's months of paperwork and US lawyers for a grieving family overseas.
Some countries, including the UK and Canada, have treaties that can soften this. Most don't. I walk through the full rules, a real court case and what to do if you already own VOO in If You Live Outside America and Own VOO, Your Family Could Lose Up to 40% of It.
Why this matters most if you're over 40 The longer you hold and the bigger your portfolio grows, the larger the bill your family could face. A retirement plan that ends with a 30% estate tax hit has quietly lost a third of its purpose. This is the single strongest reason most non-Americans choose an Irish fund. |
S&P 500 or the Whole World? Settling the CSPX vs VWRA Question
Once you've chosen the Irish passport, there is only one real question left: do you want America's 500 biggest companies, or the whole world?
This is the question that causes the most sleepless second-guessing, so let's settle it with facts rather than forum opinions.
What the whole world actually looks like
VT (and its Irish twin VWRA) owns companies in proportion to their market value. That means America is already the biggest slice by far:
At the end of June 2026, about 61% of VT was in US companies. Japan was next at under 6%, then Taiwan, the UK, Canada and South Korea at around 3% each.
So the choice is not "America vs the world". It is "100% America" vs "about 60% America plus about 40% everywhere else".
The case for CSPX (S&P 500 only)
America's biggest companies have led global markets for most of the past 15 years.
Most of those giants already earn a large share of their sales overseas, so you get global reach through US companies.
It's the cheaper of the two Irish options, and the simplest to understand.
The S&P 500 has a very long record: it has never lost money over any 20-year period since 1926. (See Has the S&P 500 Ever Lost Money Over 20 Years?)
The case for VWRA (whole world)
No single country stays on top forever. Japan's market was the world's largest in 1989, then took 34 years to get back to its old high. (I wrote about that in What If the S&P 500 Does What Japan Did?)
You never have to decide whether America is "too expensive". The fund adjusts automatically as countries grow and shrink.
It already contains the S&P 500 companies. If the US keeps winning, you still own the winners.
Two important differences between VT and VWRA
They are not perfect twins. VT tracks the FTSE Global All Cap index, so it includes small companies and holds about 10,000 stocks. VWRA tracks the FTSE All-World index, which covers large and mid-sized companies, about 3,800 to 4,000 of them. Over long periods, the difference in returns has been small.
And VWRA just got cheaper. On 28 July 2026, Vanguard cut its yearly fee from 0.19% to 0.14%.
So which one?
Both are excellent. Both will very likely beat the vast majority of professional fund managers over 20 years. In 2025 alone, 79% of active large-cap US funds trailed the S&P 500, according to S&P Dow Jones Indices' SPIVA scorecard. Over longer periods, the failure rate climbs higher.
Here's a simple rule I like: if you can't decide, choose VWRA. It holds the S&P 500 companies and more. If America keeps leading, you're 60% in it. If America stumbles, you're not 100% exposed. Either way, your regret is smaller.
If you'd prefer the S&P 500 and already understand you're betting on one country, CSPX is a perfectly sensible lifetime holding. I compare the two styles in more depth in VOO vs VT: Should You Own Just the S&P 500 or the Whole World?
Who Should Break the "Irish Rule"
Irish funds are the right default for most people outside America. But there are clear exceptions, and getting these wrong can cost far more than any fee.
US citizens and green-card holders, anywhere in the world
If you're a "US person" for tax purposes, CSPX and VWRA are the wrong tools for you, wherever you live.
The IRS treats most foreign funds, including Irish UCITS ETFs, as "passive foreign investment companies" (PFICs). That means punishing tax rules and a complex form, Form 8621, for every fund, every year. For US persons, plain US funds like VOO and VT avoid this entirely, and the estate tax issue doesn't apply in the same way.
Your pick: VOO or VT.
Canadians investing inside an RRSP
Canada has a special deal. Under the Canada-US tax treaty, dividends from US-listed funds held directly inside an RRSP (or RRIF) are exempt from US withholding tax. That exemption does not reach Irish funds, and it doesn't reach Canadian-listed funds that themselves hold US funds.
So inside an RRSP, VOO or VT held directly carries a true yearly cost close to its headline fee. Note that the TFSA and RESP do not get this treaty exemption.
Your pick inside an RRSP: VOO or VT. In a TFSA or taxable account, many Canadians prefer Canadian-listed funds for simplicity, which are Canadian assets rather than US assets. A Canadian fee-only adviser can confirm what fits your accounts and estate.
Residents of the EU and the UK
You probably don't have a choice. Since 2018, EU rules (PRIIPs) have required a standard Key Information Document before a fund can be sold to retail investors, and US fund companies don't produce one. So most EU brokers simply won't let you buy VOO or VT.
The UK replaced those rules with its own new regime in April 2026, but UK investors are still mostly directed to UCITS funds. That's fine: they're the better tool anyway for the estate tax reason above.
Your pick: CSPX (or its euro line SXR8 in Germany, or VUAA), or VWRA (sold in euros as VWCE and in pounds as VWRP). In the UK, hold them inside an ISA or SIPP where you can.
Everyone else outside America
Asia, the Middle East, Africa, Latin America, India, Australia and beyond: the Irish funds are almost always the cleaner long-term answer, and in a no-treaty country they're clearly cheaper too.
Your pick: CSPX (or VUAA or SPYL) for the S&P 500, VWRA for the whole world. If you're new to buying these from abroad, start with How to Invest in the S&P 500 If You Live Outside the United States.
The decision by situation, in one table
Your situation | S&P 500 only | Whole world | Main reason |
US citizen or green-card holder (anywhere) | VOO | VT | Irish funds trigger PFIC rules |
Canada, inside an RRSP | VOO | VT | Treaty: 0% US tax on dividends |
Canada, TFSA or taxable | Canadian-listed S&P 500 fund | Canadian-listed all-world fund | Simpler; Canadian assets |
EU resident | CSPX / SXR8 / VUAA / SPYL | VWRA / VWCE | US funds usually not sold to EU retail |
UK resident | CSPX / VUAA (in ISA or SIPP) | VWRA / VWRP | UCITS standard; no US estate tax |
No-treaty countries (e.g. Singapore, Hong Kong, Malaysia, UAE, Saudi Arabia, Brazil) | CSPX / VUAA / SPYL | VWRA | 15% vs 30% dividend tax, no US estate tax |
India | CSPX / VUAA | VWRA | 15% vs 25%; check local overseas investing rules |
Australia, Japan and other treaty countries | CSPX or a local S&P 500 fund | VWRA or a local world fund | Avoid US estate tax; check local tax rules |
The 60-Second Decision Flowchart
Follow the arrows. Most readers reach their answer in four questions or fewer.
The Cost Nobody Talks About: Second-Guessing
Here is the part I most want you to read twice.
Picking between good funds matters far less than the internet makes it seem. Look at what each "mistake" would really cost on a steady plan of US$1,000 a month for 20 years, assuming 8% a year before costs (a round number for illustration, not a promise), for an investor in a no-treaty country:
The "mistake" | Approximate cost after 20 years |
Choosing CSPX when SPYL was 0.04% cheaper | US$2,500 |
Choosing VOO instead of CSPX (fees and dividend tax only) | US$7,900 |
Choosing VT instead of VWRA (fees and dividend tax only) | US$18,700 |
Second-guessing: buying and selling at the wrong times (a 1.2-point yearly gap) | US$70,700 |
Holding that VOO portfolio at death, with no treaty relief (US estate tax) | About US$160,000 |
The fee arguments people spend weeks on are worth a few thousand dollars over two decades. The behaviour mistake is worth ten times more. And the wrong passport at the end of life is worth even more again.
Where the 1.2-point gap comes from
Every year, Morningstar measures the gap between what funds earn and what the average dollar invested in them actually earns. Its 2026 "Mind the Gap" study found that over the 10 years to the end of 2025, US funds and ETFs returned 9.9% a year, but the average investor dollar earned only 8.7%.
The funds didn't fail. Investors did, by buying after prices rose, selling after they fell, and jumping between "better" ideas. That 1.2-point yearly gap swallowed about 12% of the funds' total return. If you've ever sold near a bottom and then watched the market recover without you, you're in very large company. (Why Smart, Hard-Working People Sell at the Very Bottom explains why it happens and the one rule that stops it.)
Second-guessing your fund choice is the same habit wearing a nicer suit. Every switch means selling, waiting, paying spreads and sometimes tax, and buying again, usually after reading something that made the other fund look better recently.
Jack Bogle, who founded Vanguard, summed up the whole idea: don't look for the needle in the haystack, just buy the haystack. Then leave the haystack alone.
How to Stop Second-Guessing Yourself, For Good
You won't stop doubting by finding a "perfect" fund. You stop by building a system that makes the decision once.
Step 1: Write your one-sentence plan
Write this down and keep it where you'll see it:
"I buy [CSPX / VWRA / VOO / VT] every month with [amount]. I only change this if one of my three switch triggers happens."
That sentence is your investment policy. Big pension funds have 40-page versions. Yours needs one line.
Step 2: Know your only three switch triggers
Change your fund only if:
Your tax status changes. You become a US citizen or green-card holder, or you move country.
Your access changes. Your broker stops offering the fund, or a far better route opens up.
The fund itself changes materially. Its fee rises a lot, it changes its index, or it closes.
"I read an article saying the other one did better last year" is not on the list.
Step 3: Redirect, don't sell
If you ever do switch, you rarely need to sell what you already own. Simply send new money into the new fund. Selling can trigger tax in some countries, costs spreads and fees, and risks being out of the market on its best days.
The one big exception: if you're a non-American with a large US-fund holding, the estate tax risk may justify moving it. Get advice in your own country first.
Step 4: Automate the buying
Set a monthly buy on the same day each month. Automation takes your mood out of it. If you're restarting after a loss, read Lump Sum or Monthly? How to Put Money Back Into the Market After a Big Loss.
Step 5: Book one 15-minute review a year
Pick a date, maybe your birthday. Check three things: your switch triggers, your W-8BEN status, and whether your family knows where your accounts are. Then close the app until next year.
Step 6: Keep it to one or two funds
More funds don't mean more safety when they hold the same companies. One world fund, or one S&P 500 fund, plus some cash or short-term bonds for stability, is enough for most people. (More on this in How Many Index Funds Should You Own? Probably Fewer Than You Think and The Lazy 3-Fund Portfolio.)
4 Worries That Make People Switch (and the Honest Answers)
Most second-guessing comes from the same handful of doubts. Here they are, answered plainly, so they can't ambush you at 2am.
Worry No. 1: "But CSPX's fee is more than double VOO's"
It is: 0.07% against 0.03%. On US$100,000, that's US$70 a year against US$30.
But you now know the fee is only part of the cost. In a no-treaty country, the extra 15% of dividend tax on VOO costs about US$165 a year on that same US$100,000. CSPX comes out ahead before you even think about estate tax. And if the fee still bothers you, SPYL charges 0.03% with the same Irish passport.
Worry No. 2: "What if the rules change?"
Nobody can promise that tax treaties or fund rules will never change. The US-Ireland tax treaty has been in force since the late 1990s, and Ireland has become one of the world's largest homes for ETFs because of it.
If something did change, you wouldn't need to panic. You'd use the same system as always: check your three switch triggers, redirect new money if needed, and get advice before selling anything.
Worry No. 3: "CSPX trades in US dollars, and I spend euros, pounds or another currency"
This one confuses almost everyone, so here's the key idea: the currency a fund is quoted in doesn't change what you own.
VOO, CSPX and SXR8 (CSPX's euro line) all hold the same US companies, which earn and report in US dollars. Whether you see the price in dollars or euros, your money rises and falls with both the US market and the US dollar against your home currency. Choosing the euro or pound line simply saves you a currency conversion when you buy. It doesn't remove currency risk, and it doesn't add any.
Worry No. 4: "VOO trades far more. Isn't CSPX harder to sell?"
An ETF's real liquidity comes from the stocks it holds. Specialist traders can create and redeem ETF shares in large blocks, which keeps the price close to the value of the 500 companies inside. For a normal investor buying or selling a few thousand dollars at a time during London market hours, the difference in trading costs between VOO and CSPX is tiny.
If you trade from Asia, London's hours are often easier anyway: the market opens in your afternoon or evening rather than in the middle of the night.
Other Good Irish Choices (and How to Read the Tickers)
The same fund often trades on several exchanges, in different currencies, under different tickers. Don't let that confuse you. What matters is the ISIN, the fund's ID number. An ISIN starting with IE is Irish. One starting with US is American.
Fund | Ticker (LSE, US dollars) | Other lines | Fee | Pays dividends? |
iShares Core S&P 500 UCITS (Acc) | CSPX | SXR8 (Xetra, euros) | 0.07% | No, reinvests |
Vanguard S&P 500 UCITS (Acc) | VUAA | VUAG (LSE, pounds) | 0.07% | No, reinvests |
Vanguard S&P 500 UCITS (Dist) | VUSD | VUSA (LSE, pounds) | 0.07% | Yes |
SPDR S&P 500 UCITS (Acc) | SPYL | 0.03% | No, reinvests | |
Vanguard FTSE All-World UCITS (Acc) | VWRA | VWCE (Xetra, euros), VWRP (LSE, pounds) | 0.14% | No, reinvests |
Vanguard FTSE All-World UCITS (Dist) | VWRD | VWRL (LSE, pounds) | 0.14% | Yes |
Accumulating or distributing? Accumulating funds (Acc) reinvest dividends for you, which suits most people still building wealth. If you're retired and want income paid out, the distributing versions keep the same tax advantages. In some countries, including the UK, reinvested income can still be taxable each year, so check your local rules.
Which ticker should you use? If your broker lets you, buy the line in the currency you'll fund it with, to avoid extra currency conversion. Tracking is the same.
What to Do Tonight: A 15-Minute Checklist
Check your status. US citizen or green-card holder? Stay with VOO or VT. Canadian with an RRSP? Use US-listed funds inside it.
Choose your lane: S&P 500 only (CSPX, VUAA or SPYL) or the whole world (VWRA). If torn, choose VWRA.
Log into your broker and search the ticker. Confirm it's the London-listed line (or Xetra in the EU), and that the ISIN starts with IE.
If you already own VOO or VT, add up the value. Is it above US$60,000, or will it be within a few years? If so, start sending new money to the Irish twin and get local advice on the existing holding.
Make sure your W-8BEN is on file and current. It expires every three years.
Set up an automatic monthly buy.
Write your one-sentence plan and your three switch triggers.
Tell your spouse or executor where your accounts are held. A family can't claim what it doesn't know exists.
Frequently Asked Questions
What is the best S&P 500 ETF for non-US investors?
For most people who aren't US citizens and don't live in the US, an Ireland-domiciled fund such as CSPX, VUAA or SPYL. It halves the US dividend tax for no-treaty countries, reinvests automatically, and stays outside US estate tax. The exceptions are US citizens and green-card holders, and Canadians investing inside an RRSP.
Is CSPX better than VOO for non-US investors?
Usually, yes. VOO's fee is lower (0.03% against 0.07%), but in a no-treaty country its 30% dividend tax makes its true yearly cost about 0.36%, against roughly 0.235% for CSPX. More importantly, VOO counts as a US asset for estate tax above US$60,000. CSPX does not.
VT or VWRA: which world fund should a non-US investor buy?
For most non-Americans, VWRA. VT's headline fee is lower, but the US withholds 30% on all of VT's dividends for no-treaty investors, pushing its true cost to about 0.54% a year against about 0.24% for VWRA. VT is also inside the US estate tax net. VT remains the better pick for US persons.
Can I buy VOO if I live in Europe or the UK?
Usually not as an ordinary retail investor. EU rules require a Key Information Document that US funds don't produce, so most brokers block them. The UK moved to a new disclosure regime in April 2026, but UK platforms still mainly offer UCITS funds. CSPX, VUAA and VWRA are the standard alternatives.
Should Canadians buy VOO or a Canadian-listed S&P 500 ETF?
It depends on the account. Inside an RRSP, US-listed funds like VOO held directly are exempt from US dividend withholding under the Canada-US treaty, which makes them very efficient. In a TFSA or taxable account, that exemption doesn't apply, and many Canadians prefer Canadian-listed funds for simplicity. Ask a Canadian adviser about your estate.
Should I sell my VOO and buy CSPX?
Not automatically. Selling may trigger tax in your own country and costs spreads. A common approach is to send all new money to the Irish fund and review the existing VOO holding with an adviser, especially if it is above, or approaching, US$60,000, where US estate tax begins for non-Americans.
Is one ETF really enough for life?
For the stock part of your money, often yes. One S&P 500 fund holds 500 companies; one world fund holds thousands across dozens of countries. Many investors add cash or short-term bonds for stability, as Warren Buffett instructed for his wife's trust. What matters most is buying regularly and not switching on impulse.
Are Irish-domiciled ETFs safe?
They are regulated in Ireland under the EU's UCITS rules, and the fund's assets are held separately from the fund company's own money by a custodian. CSPX is Europe's largest ETF at well over US$100 billion. Like any stock fund, its price will still rise and fall with the market.
The Bottom Line
VOO, CSPX and VT are all wonderful funds. The question was never which one is "good". It was which one fits you: your passport, your country, your account, and the family you'll one day leave it to.
For most people outside America, that means an Irish fund: CSPX if you want the S&P 500, VWRA if you want the whole world. For Americans anywhere, and Canadians inside an RRSP, it means VOO or VT.
Choose once. Write it down. Automate it. Then spend your energy on the things that actually move your future: saving a little more, holding through the scary years, and living your life.
Buffett built one of the greatest fortunes in history by picking great businesses. When it came to protecting the people he loved, he chose one low-cost index fund and left it alone.
You can do the same, with the right passport.
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How to start again calmly, even if you've been burned before
Free 38-page report: Why You Lost Money in the Stock Market (And Why It Wasn't Your Fault).
Still rebuilding confidence after a bad experience? Start with Index Funds for People Who've Been Burned: A Plain-English Guide to Starting Over. Curious what a steady monthly habit can grow into? See What $500 a Month in an S&P 500 Index Fund Becomes After 10, 20 and 30 Years.
About the Author
Stephen Loke has been a student of the market for more than 15 years. He is also an agritourism entrepreneur whose farm has been featured in Bloomberg News and Asahi Shimbun.
This article is general education, not personal financial or tax advice, and it is not a recommendation to buy or sell any specific security. I'm not a licensed financial adviser. Tax rules change and depend on your own situation, so check with a qualified adviser in your country before acting. Fees, figures and rates were correct to the best of my knowledge as of November 2026. All return figures are illustrations, not promises.
Sources
Berkshire Hathaway, 2013 Letter to Shareholders (Warren Buffett's instructions for his wife's trust) https://www.berkshirehathaway.com/letters/2013ltr.pdf
Reuters via The Star, "Vanguard index product becomes first ETF to top $1 trillion in assets" (June 2026) https://www.thestar.com.my/tech/tech-news/2026/06/04/vanguard-index-product-becomes-first-etf-to-top-1-trillion-in-assets
Morningstar, "Vanguard S&P 500 ETF Breaks the Trillion-Dollar Barrier" (June 2026) https://www.morningstar.com/funds/vanguard-sp-500-etf-breaks-trillion-dollar-barrier
justETF, iShares Core S&P 500 UCITS ETF USD (Acc), IE00B5BMR087, fees and peer funds https://www.justetf.com/uk/etf-profile.html?isin=IE00B5BMR087
AAII / Morningstar, Vanguard Total World Stock ETF (VT) fund data (expense ratio 0.06%, assets) https://www.aaii.com/fund/ticker/VT
Charles Schwab, VT portfolio breakdown, top countries as of 30 June 2026 https://www.schwab.wallst.com/Prospect/Research/etfs/portfolio.asp?symbol=vt
Vanguard, "We're lowering fees on one of our most popular ETFs" (FTSE All-World UCITS ETF, 0.19% to 0.14% from 28 July 2026) https://www.ch.vanguard/en/private-investor/insights/we-are-lowering-fees-on-one-of-our-most-popular-etfs
Trustnet / FE fundinfo, "Vanguard cuts fees on Europe's largest FTSE All World ETF" (July 2026) https://www.trustnet.com/news/13480976/vanguard-cuts-fees-on-europes-largest-ftse-all-world-etf
IRS, Estate tax for nonresidents not citizens of the United States https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax-for-nonresidents-not-citizens-of-the-united-states
Taxes for Expats, UCITS ETFs: withholding tax, PFIC rules and US estate tax (2026) https://www.taxesforexpats.com/articles/investments/ucits-etf-withholding-tax.html
Moomoo Malaysia help centre, US dividend withholding for non-treaty regions https://www.moomoo.com/my/support/topic9_541
Interactive Brokers, US withholding on dividends for non-US persons https://ibkb.interactivebrokers.com/node/938
MoneySense, "When is it worth buying a U.S.-listed ETF over a Canadian one?" (RRSP treaty exemption) https://www.moneysense.ca/save/investing/etfs/us-vs-canadian-etf/
justETF, "US-domiciled ETFs: why they are no longer available from many online brokers" (PRIIPs/KID) https://www.justetf.com/uk/news/etf/us-domiciled-etfs.html
K&L Gates, UK Consumer Composite Investments regime in force from 6 April 2026 https://www.klgates.com/thought-leadership/UK-Retail-Product-Disclosure-Regime-for-Consumer-Composite-Investments-From-UCITS-KIIDs-and-PRIIPs-KIDs-to-CCI-Product-Summaries-9-4-2026
S&P Dow Jones Indices, SPIVA U.S. Year-End 2025 Scorecard https://www.spglobal.com/spdji/en/spiva/article/spiva-us-year-end-2025/
Morningstar, Mind the Gap 2026 (investor returns vs fund returns, 10 years to 31 Dec 2025) https://www.morningstar.com/business/insights/research/mind-the-gap
YCharts, S&P 500 dividend yield https://ycharts.com/indicators/sandp_500_dividend_yield_ttm
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