Personal Investment Accounts, or OKI for short, are intended to be a new way to secure savings and investments. The decision has already been made by the Sejm. Information indicates that they are in the final stages of the legislative process, and their entry into force is scheduled for January 1, 2027.
Most importantly: OKI does not mean a universal tax on the savings accumulated by Poles. The new rules do not cover current accounts, cash kept at home, or all existing savings. It applies only to people who decide to use this new type of account.
What will OKI be?
OKI is intended to be a dedicated account for investing and saving. Accounts will be available at, among others, banks, brokerage houses, investment funds, insurance companies, and pension funds.
On such accounts, it will be possible to accumulate, among other things, stocks, investment funds, a portion of ETFs, bonds, deposits, and dividends. The account allows for free deposits and withdrawals of funds without the need to lock access for many years — unlike some mandatory solutions.
One person can hold more than one OKI, but the tax limits are shared across all of their accounts.
Make 100k PLN without the Belka tax
The core of the solution is an exemption from the 19-percent capital gains tax, commonly known as the Belka tax.
The exemption limit is set at 100,000 PLN in asset value. This applies primarily to assets such as stocks or investment fund units.
For more conservative forms of saving, there is a sub-limit. Bank deposits and retail treasury bonds are to be covered by a sub-limit of 25,000 PLN, which is included within the 100,000 PLN limit.
This means that a person with an OKI up to these thresholds will not pay the Belka tax on the profits generated within this account.
New tax on portfolio value
The second part of the project raises the most controversy. Once the limits are exceeded, a tax on the value of the surplus applies.
It will not be calculated on the profit itself, like the Belka tax, but on the average value exceeding the statutory limit. In 2027, the rate is set to be 0.85 percent.
In subsequent years, the amount of the levy will depend on the NBP reference rate. The rate is to correspond to 19 percent of that rate, with a floor of 0.1 percent.
In practice, this means that an investor with a portfolio exceeding the limit may be subject to taxation even if their investments are not generating a profit in a given year or are losing value. This differs from the rules for the Belka tax, which is charged only on actual profit earned.
Who might OKI be suitable for?
OKI may be attractive primarily to people who invest long-term and achieve positive rates of return. For assets within the exemption limit, it is simple: there is no Belka tax.
The justification for a larger portfolio is more complex. The tax on surplus value may turn out to be less favorable than the 19 percent capital gains tax. The effect in the case of poor investment results or a loss could be less favorable, as the levy does not depend on the result obtained.
The government points out that the goal of OKI is to encourage Polish citizens to invest long-term and to increase the capital flowing into the domestic financial market. The Ministry of Finance's solution could bring about 74 billion PLN to the capital market by 2040.
This is not a tax on a regular account
Around the OKI solution, headlines about a "savings tax" or "money tax" have appeared. These elements are misleading, as the surplus on an OKI is meant to be separated from other assets, but they also introduce confusion.
The project does not affect balances on a regular personal account. It also does not add a tax on cash kept at home. The new tax only applies to assets accumulated within the OKI account and only above the statutory limits.
Sources for editorial verification
Ministry of Finance — OKI assumptions
Bankier.pl — Sejm's passing of the act
CRIDO — discussion of OKI legal rules
Rankomat — operating rules and work stage
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