You are assuming that AGNC will have zero capital gains for one thing. Secondly, even if the AGNC dividend drops to 15%, this is a lot better than you normally can get in Europe. And lastly, many Europeans vacation in the USA. Getting dividends in dollars is OK then. And lest I forget, evading taxes is a real game in Europe,particularly in Italy. I'm sure that AGNC shares are going into offshore accounts and accounts in Liechtenstein like crazy!