UCITS vs US ETF tax calculator
VOO and CSPX track the same index. For an investor outside the US, the difference is how much of each dividend reaches you. Pick your country to see what that adds up to.
| US-domiciled ETF | Irish UCITS ETF | |
|---|---|---|
| Withholding on US dividends | 30% (no treaty) | 15% (at fund level) |
| Yearly drag: withholding + fees | 0.420% | 0.265% |
| Value after 20 years | $357,696 | $368,245 |
| US estate tax exposure | Yes, above $60,000 | No |
The figure above covers dividends and fees only. A US-domiciled ETF also exposes you to US estate tax above $60,000, which can matter far more. See the estate tax calculator.
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Why the domicile of an ETF matters
A US-domiciled ETF pays dividends to you directly, and the US withholds 30% unless your country has an income tax treaty that lowers it. Singapore, Hong Kong, Malaysia and the UAE have no such treaty with the US, so investors there lose 30%.
An Irish-domiciled UCITS ETF receives the US dividends itself. Under the US–Ireland treaty the fund suffers 15%, and Ireland does not withhold tax when the fund pays non-Irish investors. Many UCITS ETFs are also accumulating: they reinvest dividends inside the fund.
What this calculator leaves out
- Tax in your own country on dividends or gains. It depends on where you live.
- Withholding on non-US dividends inside all-world funds. It applies to both fund types in a similar way, so we leave it out of the comparison.
- Trading costs, spreads and currency conversion.
Full sources in the methodology. Rules last checked 2026-10-19.