Poland to levy asset tax on new Personal Investment Accounts starting 2027

The Polish Sejm passed legislation establishing Personal Investment Accounts (OKI) that will allow investors to avoid the 19% capital gains tax known as the Belka tax. The accounts can hold stocks, bonds, funds, ETFs and cash, with withdrawals not tied to the holder’s age.

A new levy will be applied to the average yearly value of assets held in OKI that exceed specified thresholds. The first‑year rate is 0.85% of the taxable asset value, after which it will be linked to the National Bank of Poland’s reference rate (approximately 19% of that rate, with a minimum of 0.1%). Exemptions apply up to PLN 100,000 for investment assets and PLN 25,000 for safer products such as deposits and Treasury bonds. The tax is calculated on the portfolio’s average value and is payable regardless of investment performance.

OKI are scheduled to launch on 1 January 2027, initially permitting one account per person; from 2028 multiple accounts will be allowed within the overall exemption limit. The government’s aim is to encourage long‑term investing and reduce the attractiveness of passive savings.