You can log PIC in the states if you are (a) the legal PIC or (b) sole manipulator of the controls. So if you are flying an aircraft that legally requires two pilots (such as someone flying under the hood with a safety pilot) then the safety pilot can be PIC and the guy flying can log PIC.

Where it gets complicated is what you want to use those hours for. The rest of the world will not recognise more then one PIC so you could only use the hours you actually flew for an EASA CPL for example. Don't expect to save money doing it.

"... the safety pilot can be PIC and the guy flying can log PIC."

The safety pilot may alternatively log SIC time under FAA rules if the pilot flying acts, and for all purposes logs time, as PIC.