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On August 13, 2026, President Karol Nawrocki signed the Act of July 3, 2026 on Personal Investment Accounts. The rules take effect on January 1, 2027, and accounts will be offered by domestic banks, brokerage firms, investment fund managers, and other institutions. How does the new system work, and what tax benefits does it offer? Read on to find out.
Personal Investment Accounts (OKI): how they work. Saving and investing through OKI from January 1, 2027
Personal Investment Accounts, or OKI, will be a new, special, and entirely voluntary type of account. Adults will be able to build savings and invest through it on preferential tax terms.
The new format is meant to give individual investors new ways to allocate capital and to support the domestic economy. It is modeled on Sweden's investment savings account program. In Poland it will work as a separate account where an investor can hold assets until deciding to withdraw them. Every adult will be able to sign any number of OKI agreements with different financial institutions. However, the tax limits (more on those below) will be calculated across all of one person's OKI accounts combined.
It is important to note that, despite their preferential tax treatment, OKI are not a retirement product (unlike Poland's IKE or IKZE retirement accounts). This means you will not have to wait until a certain age to withdraw your money.
How OKI tax benefits work: a new asset value tax instead of the Belka tax, and the exemption limits (PLN 100,000 and PLN 25,000)
Profits earned on assets held in an OKI will not be subject to personal income tax (PIT), including the 19% tax on capital income (known in Poland as the Belka tax).
Instead, OKI will carry a new tax: the asset value tax. It is calculated on the sum of the average values of the assets held across all of a taxpayer's OKI accounts. The rate will be set every year, in simplified terms, using this formula: 19% × the National Bank of Poland (NBP) reference rate as of October 31 of the previous year. Under a separate provision, the rate for 2027 will be 0.85%.
Up to PLN 100,000 of average asset value that meets the statutory conditions will be exempt from the asset value tax. That does not mean every amount below PLN 100,000 placed in an OKI will be tax-free, though. The type of instrument matters.
A PLN 25,000 sublimit also applies to certain savings assets (it fits inside the PLN 100,000 limit). It covers:
- money held in bank accounts, including personal and savings accounts, in Polish currency
- Polish treasury savings bonds, plus the cash and receivables in zloty held in the cash account that services those bonds
- treasury bills denominated in Polish zloty
- bank deposits in zloty (excluding structured deposits)
- units in retail collective investment products with the lowest risk indicator (1 on a scale of 1 to 7), provided the policy requires that at least 70% of the portfolio be qualifying assets.
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The exemption within the PLN 100,000 limit (outside the savings sublimit) covers, among others:
- shares of listed companies whose share capital is denominated in Polish zloty
- bonds with a face value denominated in zloty (excluding structured bonds)
- pre-emptive rights and rights to shares of companies whose share capital is denominated in zloty
- investment fund units not covered by the PLN 25,000 savings sublimit, if the fund's statute provides in its investment policy that at least 70% of assets are qualifying assets
- covered bonds (listy zastawne) denominated in zloty
- cash and receivables in zloty held in a brokerage account (excluding the account that services treasury savings bonds, which falls under the PLN 25,000 sublimit).
The following do not qualify for the asset value tax exemption, among others:
- shares of companies whose share capital is not denominated in Polish zloty
- bonds issued by Polish companies and denominated in foreign currencies
- units of an investment fund whose statute does not provide that at least 70% of assets are qualifying assets
- cash in foreign currencies.
How the OKI limits work in practice
Suppose the average asset values across all of one person's OKI accounts are as follows:
- PLN 75,000 in qualifying shares and PLN 25,000 in treasury savings bonds: no asset value tax applies at all
- PLN 60,000 in qualifying shares and PLN 40,000 in zloty deposits: the tax applies to PLN 15,000, the amount above the PLN 25,000 savings sublimit
- PLN 100,000 in qualifying shares and no other assets: no asset value tax applies.
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Summary
How Personal Investment Accounts (OKI) work and when they take effect. Saving and investing without the Belka tax
Personal Investment Accounts are a voluntary option for adults and take effect on January 1, 2027. OKI let you save and invest without paying the Belka tax on your profits. An asset value tax applies instead, at a rate of 0.85% in 2027.
The exemption covers up to PLN 100,000 of average asset value in qualifying assets, with a PLN 25,000 sublimit for certain savings assets.
Keep in mind that the asset value tax is charged on assets above the statutory limits (and on assets that do not qualify for the exemption). You will owe it even if your investment earns no profit or loses value.
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