Pawel Partyka
Poland is preparing to launch a new tax-advantaged investment account called OKI (Osobiste Konto Inwestycyjne), with the new rules expected to take effect from 1 January 2027. The initiative is one of the most significant reforms of the Polish retail investment market in years and is designed to encourage more households to invest in capital markets rather than keeping their savings in cash or bank deposits.
What is OKI?
OKI is a voluntary investment account offered by banks, brokerage firms and other financial institutions. Investors will be able to buy eligible financial assets, including listed shares and investment funds, while benefiting from a new tax regime.
The key feature is the replacement of Poland's traditional 19% capital gains tax ("Belka tax") with a much more favourable system:
- investment assets are exempt from the new asset tax up to PLN 100,000;
- savings products such as bank deposits and retail government bonds are exempt up to PLN 25,000;
- assets above these thresholds are subject to a 0.85% annual tax based on the value of assets rather than realised investment gains.
Unlike retirement accounts, OKI does not lock investors' money until retirement. Funds can generally be deposited and withdrawn at any time.
Is OKI useful for foreign investors?
The legislation itself does not appear to restrict OKI only to Polish citizens or Polish tax residents. It refers broadly to adult individuals entering into an agreement with a financial institution. However, the fact that a foreign investor can open an account, doesn't mean they will actually benefit from the tax advantages.
For most foreign investors, the answer is not to the same extent as Polish tax residents.
The tax benefits provided by OKI primarily affect Polish taxation. If you are a tax resident of another country, your country of residence will usually continue to tax your worldwide investment income under its own domestic tax rules.
For example:
- A Swiss tax resident generally does not pay tax on private capital gains anyway, so OKI provides little additional benefit for gains on share sales.
- A German, British or French tax resident will typically remain subject to the tax rules of their own country, regardless of the Polish tax treatment.
- Polish citizens who have permanently moved abroad and become foreign tax residents should not assume that OKI will provide tax-free investing in their country of residence.
In other words, OKI is not an international tax shelter. It reduces or eliminates Polish capital gains taxation, but it does not override the tax laws of other jurisdictions.
The biggest winner may be the Warsaw Stock Exchange
While OKI is an attractive proposition for individual investors, one of the largest beneficiaries could be the Polish capital market itself.
The government's objective is to encourage households to shift part of their substantial cash savings into productive investments. More money flowing into equities and investment funds should improve liquidity on the Warsaw Stock Exchange, lower companies' cost of capital and make it easier for businesses to finance future growth. Government estimates suggest that the reform could channel tens of billions of złoty into the Polish capital market over the coming years.
Listed companies, especially small and mid-cap businesses that often struggle with limited trading liquidity, could therefore become indirect beneficiaries of the reform.
GPW S.A. (Ticker $GPW.WA) could we one of the almost guaranteed beneficiaries because more turnaround on stock market means more revenue for GPW (Giełda Papierów Wartościowych).
Bottom line
OKI is a welcome and innovative reform that should make investing significantly more attractive for Polish tax residents.
For foreign investors, however, the picture is different. While opening an OKI account may be possible, the tax advantages depend primarily on the tax laws of the investor's country of residence. As a result, OKI is unlikely to become a major reason for international investors to allocate capital to Poland.
Its greatest impact may instead come from increasing domestic participation in the Polish capital market—something that could ultimately benefit the Warsaw Stock Exchange, listed companies and long-term investors alike.