The draft act on Personal Investment Accounts (OKI) provides for the introduction of a new financial product enabling individuals to accumulate assets within dedicated accounts and introduces a new tax on the value of assets held in such accounts.
The purpose of the regulation is to stimulate savings and investment in Poland, increase the role of the capital market in financing the economy, and create tax incentives for individuals. According to the explanatory memorandum, the proposal addresses the low level of savings in Poland and the dominance of bank deposits, which often do not generate real returns. The introduction of OKI is intended to support capital mobilisation and its efficient allocation, in line with the strategy of strengthening economic competitiveness and fostering innovation.
Any adult individual will be eligible to open a Personal Investment Account, and the assets accumulated therein will constitute their private property. The draft allows for more than one OKI agreement to be concluded, except during the transitional period until the end of 2027, when only one account per tax year will be permitted. Agreements will be concluded with financial institutions such as domestic banks, brokerage houses, investment funds, insurance companies, or voluntary pension funds. Assets eligible to be held in an OKI will include cash, retail Treasury bonds, units in investment funds and insurance capital funds, pension fund units, as well as securities and other financial instruments admitted to trading on a regulated market or in an alternative trading system. Investors will be able to acquire assets denominated in PLN and in the currencies of EU, EEA or OECD countries, with foreign currency conversions made according to the average exchange rate of the National Bank of Poland (NBP).
The draft act introduces an obligation for the financial institution to obtain information on the investor’s knowledge and experience in investing, as well as a declaration confirming that the investor has been informed about the risks and costs associated with the assets. Without such a declaration, the agreement cannot be concluded. The OKI framework also provides for the designation of beneficiaries entitled to inherit the assets upon the investor’s death and introduces a mechanism for transferring assets between financial institutions.
A key element of the regulation is the introduction of a tax on the value of assets accumulated in OKI accounts. The taxpayers will be individuals holding OKI accounts, regardless of their place of residence. The taxable base will be the value of assets accumulated in all accounts held by the taxpayer in a given tax year. The tax base will be calculated as the average value of assets based on daily valuations increased by the total amount of contributions. The tax rate will amount to 19% of the NBP reference rate applicable as of 31 October of the year preceding the tax year, but not less than 0.1%. The exact rate will be announced in the Polish Monitor (Monitor Polski). The tax on asset value will constitute revenue for the state budget.
The draft provides for tax exemptions in two categories: up to PLN 25,000 for savings-type assets such as cash and retail Treasury bonds, and up to PLN 100,000 for qualifying investment assets. The total value of assets exempt from taxation may not exceed PLN 100,000 per tax year. Any excess above these limits will be taxed at the statutory rate. During the transitional period from 1 July to 31 December 2026, the tax rate will amount to 0.85%, and the exemption limits will be reduced to PLN 12,500 and PLN 50,000 respectively.
Financial institutions maintaining OKI accounts will be required to provide tax authorities with information on the accounts held and to make monthly asset value data available to investors. Tax returns concerning the value of assets will be filed exclusively in electronic form via the e-Tax Office between 15 March and 31 May of the year following the tax year. The draft act also introduces criminal sanctions for the unlawful use of the designation “Personal Investment Account” or the abbreviation “OKI” in business activities or advertising.
The act is planned to enter into force on 1 July 2026. The introduction of Personal Investment Accounts is intended to be one of the key elements of Poland’s capital market reform, aimed at increasing the share of investments in household savings, improving market liquidity, and strengthening the financing of innovative projects. The proposal aligns with the European strategy of mobilising private savings and responds to the need to build a modern financial system that supports long-term economic growth.