If you’ve read an older guide claiming you can buy paper I bonds without a US address by overpaying your taxes, that workaround is gone. Treasury discontinued it starting January 1, 2025, and a lot of expat finance content hasn’t caught up. This piece covers what the address rule for I bonds actually requires in 2026 and what nomads without a permanent US address still do about it.
This isn’t a “just use a mail forwarding service and you’re fine” post. The rule is narrow, the workaround that used to exist is dead, and the honest answer depends on whether you still have a legitimate US address anyone in your life can use.
The Actual Rule: What TreasuryDirect Requires
TreasuryDirect, the only way to buy Series I savings bonds electronically, is governed by federal regulation, not just a website terms-of-service page. Under 31 CFR § 363.11, the account owner “must have a United States address of record and have an account at a United States depository financial institution that will accept debits and credits using the Automated Clearing House method of payment.”
In plain terms, that’s two separate requirements: a US address on file, and a US bank account for funding and redemptions. The regulation doesn’t define what counts as a valid address, and it doesn’t require you to prove you live there.
It also doesn’t require a Social Security-linked US tax residency; it requires an SSN and a US address, which is a different thing entirely. A US citizen living permanently abroad with an SSN and a US bank account can still open an account, as long as an address of record is on file.
The Workaround That Died on January 1, 2025
For years, the actual loophole nomads and expats used wasn’t about TreasuryDirect at all. Filers could request up to $5,000 of their federal tax refund as paper I bonds through IRS Form 8888, and those paper bonds were mailed to the address on the tax return, foreign or domestic, without needing a TreasuryDirect account.
That option no longer exists. Treasury says so directly, in the words below.
“Starting January 1, 2025, you will no longer be able to buy paper Series I savings bonds with your tax refund.”
Treasury (bondpro.gov)
Form 8888 is now used only to split a direct-deposit refund across bank accounts. If you’re filing with the intent to route part of your refund into paper bonds, that line item no longer exists on the form.
If you’ve seen a blog post from 2022 or 2023 describing this as a live strategy, it’s outdated, and following it will just get your refund mailed as a check instead.
I Bonds Without a US Address: What Nomads Actually Do
With the paper-bond route gone, the only path to I bonds is a standard TreasuryDirect account, which means finding a US address of record. Most long-term nomads who still buy I bonds use a parent’s, sibling’s, or close friend’s home address, since the regulation asks for an address, not proof you receive mail there personally.
In practice, TreasuryDirect rarely mails anything to that address at all. Tax documents like the 1099-INT for redeemed bonds are retrieved by logging into the account and printing them, not mailed, so the address mostly just needs to exist and match what you enter, not receive regular mail.
A registered commercial mail receiving agency or virtual mailbox with a real street address may also work, since neither federal regulation nor TreasuryDirect’s published guidance explicitly excludes them. Treasury has not published a list of acceptable address types, so if you go this route, expect some ambiguity and keep your documentation consistent across the IRS, your bank, and TreasuryDirect.
If you have no US address at all, whether family, friend, or otherwise, TreasuryDirect is simply not accessible to you under the current rule. That’s a real gap for stateless-address nomads, and no legal workaround currently closes it. There is also a new access step for existing account holders. Since October 28, 2026, TreasuryDirect has required an ID.me login in place of the old TreasuryDirect login, according to TreasuryDirect’s ID.me FAQ as quoted in Tipswatch’s coverage. We did not open the FAQ itself. Reports say setup asks for your Social Security number and a government-issued photo ID, and an existing ID.me account may need extra verification to meet TreasuryDirect’s security level. We could not confirm how this verification works for account holders living abroad. If you already hold an account, make sure you can complete it before you plan to buy or redeem.
What the Current I Bond Rate Actually Is
Treasury announced new rates on October 30, 2026. I bonds issued from November 2026 through April 2027 earn a composite rate of 5.51%, combining a 1.40% fixed rate with a 2.04% semiannual inflation rate. That comes from TreasuryDirect’s official rate page, which we read through a search excerpt on October 31, 2026 because the site blocked our direct check. Tipswatch and Money report the same figures. It is up from 4.26% (0.90% fixed plus 1.67% inflation) for bonds issued May through October 2026. News reports describe 1.40% as the highest fixed rate in about 20 years. The fixed-rate portion holds for the full life of the bond, while the inflation component resets every May 1 and November 1. The next reset is May 1, 2027.
The new rate applies to bonds issued from November 1, 2026. The annual purchase limit remains $10,000 per person through TreasuryDirect, and that cap has not changed since the paper-bond option was eliminated. The limit resets with the calendar year. Money and Tipswatch say anyone who has already hit it for 2026 can buy again from January 2027 and still get the 1.40% fixed rate through April 2027.
| Item | Current Rule (as of Oct 31, 2026) |
|---|---|
| Electronic purchase limit | $10,000 per person, per calendar year |
| Paper bond via tax refund | Discontinued since Jan 1, 2025 |
| Composite rate (Nov 2026–Apr 2027 issues) | 5.51% (1.40% fixed + 2.04% semiannual inflation) |
| Previous composite rate (May–Oct 2026 issues) | 4.26% (0.90% fixed + 1.67% inflation) |
| Next rate reset | May 1, 2027 |
| Account requirement | US address of record + US bank account (ACH) |
If TreasuryDirect Isn’t an Option
Nomads without any usable US address sometimes look at brokerage-held Treasury Inflation-Protected Securities (TIPS) as a substitute, since several major brokerages already restrict new accounts for people with foreign addresses in ways covered elsewhere on this site. TIPS and I bonds are not identical products, and TIPS carry market-price risk that I bonds don’t, so treat them as a different tool rather than a direct swap.
This is a narrow, easy-to-get-wrong corner of expat finance. Confirm current details directly on treasurydirect.gov and irs.gov before making a purchasing decision, since Treasury guidance on address requirements and rates changes without much notice.
Nothing here is personalized financial or tax advice; rules vary by individual circumstance, and a qualified tax professional familiar with expat filings can confirm how this applies to your situation specifically.
Who This Fits
Good fit if you:
- Still have a parent’s, sibling’s, or friend’s US address you can legitimately use as your address of record
- Already keep a US bank account open for ACH transfers
- Want a low-risk, inflation-linked place to park up to $10,000 a year
Not a fit if you:
- Have no usable US address at all — TreasuryDirect isn’t currently accessible to you under the rule as written
- Were relying on the paper-bond tax refund workaround — that path closed on January 1, 2025
- Need liquidity within 12 months — I bonds can’t be redeemed before then
Nomad Sea Guide Take
If you still have a US address someone in your life will let you use, I bonds remain one of the simplest low-risk places to park cash while abroad, and the new 5.51% composite rate, with a 1.40% fixed rate that stays for the life of the bond, is attractive by savings standards. Don’t waste time chasing the paper-bond workaround — it’s dead, and any guide still describing it as live is out of date. If you have no US address at all, this one’s genuinely closed to you for now, and it’s not worth improvising a workaround that could complicate your TreasuryDirect account down the line.
FAQ
Can I use a PO box as my TreasuryDirect address of record?
Federal regulation doesn’t explicitly address PO boxes, and TreasuryDirect hasn’t published a definitive public list of acceptable address formats. Many users report success with standard residential addresses; if you only have a PO box, confirm directly with TreasuryDirect’s support before relying on it.
Does the $5,000 paper I bond option still exist for extensions or late filers?
No. Treasury ended the paper-bond tax refund program for purchases starting January 1, 2025, and Treasury says the option has been discontinued entirely. There is no remaining exception for extended returns.
Do I need a US Social Security Number to open a TreasuryDirect account?
Yes, an individual account owner needs a valid SSN, along with a US address of record and a US bank account for ACH transfers. Entities use an employer identification number instead, but individuals cannot substitute an ITIN for this purpose.
Related Reads
- Can You Open a Charles Schwab Account Without a US Address? (2026) — the brokerage-side version of the same address problem.
- Interactive Brokers Account Without a US Address (2026) — a workable option for nomads locked out of traditional brokerages.
- HSA Eligibility for Digital Nomads: The 2026 IRS Rules — another IRS-address-dependent benefit worth checking before you assume you qualify.
Sources
Account eligibility rules are drawn directly from 31 CFR § 363.11, the federal regulation governing TreasuryDirect accounts. The end of the paper-bond tax refund option is stated by Treasury at bondpro.gov. Current I bond rates come from TreasuryDirect’s official I bond interest rate page.
