“The end of the Belka tax!” – such headlines have been seen in almost every Polish media outlet in recent weeks. The truth is more complicated: the Belka tax does not disappear. The Sejm passed the law on Personal Investment Accounts (OKI) on July 3, 2026, and the Senate adopted it without amendments on July 22, 2026 – the tax exemption will apply only to assets held within the new account, and only up to specified value limits. For the Polish diaspora, the law has one little-known but significant provision: non-residents will also be able to open an OKI. We explain what exactly has been passed, how the limits of 100,000 PLN and 25,000 PLN will work, what happens with non-residents – and where the media are mistaken.
Status as of July 23, 2026: the law has passed through the Sejm (July 3, 2026, with a vote of 427:5) and the Senate (July 22, 2026, without amendments, 60:23) and awaits the president's signature – it has not yet been published in the Journal of Laws. Effective date: January 1, 2027 (Article 46). We describe the text adopted by the parliament; before making investment decisions, check the final text after publication.
What is OKI – in one paragraph
A Personal Investment Account is a separate account (bank, brokerage, investment fund, insurance capital fund, or voluntary pension fund) in which income from investments is not subject to the PIT law at all – instead of the 19% Belka tax on profits, a small tax on asset value is paid (above the exemption limits). The accounts are managed by domestic banks, brokerage houses, TFI, voluntary pension funds, and insurers; basic operations (opening, deposits, withdrawals) are to be free of charge. You can have more than one OKI, withdraw money at any time without losing the exemption, and combine accounts “under an umbrella” with a coordinator (bank or brokerage house).
How the limits really work: 25,000 PLN + 100,000 PLN
This is the most frequently misrepresented element of the law. The limits do not apply to profits or deposits – they apply to the average annual value of assets accumulated across all your OKIs combined:
| Basket | Exemption Limit | What it Includes |
|---|---|---|
| Savings | up to 25,000 PLN | Bank accounts in PLN (excluding structured deposits), retail treasury bonds, treasury bills, products with the lowest risk ratio |
| Investment | up to 100,000 PLN | Shares of companies with share capital in PLN, PLN bonds, mortgage bonds, fund units (if at least 70% of the portfolio consists of qualified assets), cash in the brokerage account |
| Total Cap | 100,000 PLN | Both baskets combined – the savings basket is consumed first |
On the value of assets above the limits, you will pay a new tax on asset value: 19% of the NBP reference rate from October 31 of the previous year (minimum 0.1%). A transitional provision sets the rate for 2027 rigidly at 0.85% of the value. The limits are to be indexed for inflation, but the first indexation will only occur from the 2030 tax year.
The catch that few write about: the tax on asset value is paid simply for having assets above the limit – even in the year when you are at a loss. And since OKI is completely outside the PIT law, losses incurred within OKI cannot be deducted from profits on a regular brokerage account. With a portfolio below 100,000 PLN, this is irrelevant (there is no tax at all), but with larger amounts, you need to calculate whether 0.85% annually on the value will not turn out to be more expensive than 19% on actual profits.
Important Technical Details
- Only new money: you cannot transfer existing shares from a regular brokerage account to OKI – the account is funded with fresh cash deposits.
- No deposit limit: unlike IKE/IKZE, there is no annual deposit limit – only the value covered by the exemption is limited.
- Qualified assets = Polish market: the exemption favors instruments in PLN listed on the regulated market or ASO. Foreign stocks or dollar ETFs can be held in OKI, but do not benefit from the exemption baskets – this is a deliberate mechanism directing capital to the GPW.
- Transfers and inheritance: the law provides for transfer payments between your own OKIs at different institutions and the designation of a beneficiary in case of death.
- OKI does not replace IKE/IKZE: the limits for IKE (28,260 PLN in 2026) and IKZE (11,304 PLN / 16,956 PLN) remain unchanged – you can have OKI, IKE, and IKZE simultaneously. We discuss IKE/IKZE from the perspective of someone living abroad in the guide on treasury bonds and saving in Poland from abroad.
- Settlement: the tax on asset value will be settled independently in the e-Tax Office based on data reported by the institution managing the account.
Can a Pole living abroad open an OKI?
Yes – the law does not impose a residency requirement. The only subjective condition from Article 3: an individual who is at least 18 years old can enter into an agreement to manage an OKI. Moreover, the law explicitly provides for investors from abroad – taxpayers of the asset value tax are those investing “regardless of their country of residence” (Article 21). However, in practice, there are three caveats that need to be honestly addressed:
You need a Polish tax identifier
To enter into the agreement, you must provide a PESEL (or NIP). Most emigrants have a PESEL; if not – it can also be obtained from abroad (we wrote about this in the guide on Polish e-offices from abroad).
The institution may refuse for procedural reasons
The law does not prohibit non-residents from opening OKIs, but banks and brokerage houses decide whom they will serve (AML procedures, and for persons from the USA – FATCA; some Polish brokers do not accept clients who are American taxpayers at all). Practical availability will be known after January 1, 2027.
Your country of residence may not recognize the Polish exemption
This is the most important: the Polish tax exemption works only within the Polish system. If you are a tax resident of the USA, dividends and profits within OKI are still subject to American tax (and Polish investment funds are likely PFICs for the American tax authorities – taxed severely). The same applies in the UK or Germany. The asset value tax paid in Poland is a property tax and, as a rule, you cannot deduct it from foreign income tax. There are no official guidelines (MF, IRS) on the treatment of OKI abroad yet – consult an advisor familiar with both systems before opening an account as a non-resident.
So for whom does OKI make the most sense? For individuals who are (or plan to be again) Polish tax residents – for example, those returning to Poland. How to determine your residency is explained in the guide on tax residency and PIT for the Polish diaspora.
The Belka Tax Remains – A Reminder of the Rules
Outside of OKI, everything operates as before, even after 2027: 19% flat tax on interest from deposits and accounts, interest and discounts on bonds, dividends, and income from funds (Article 30a of the PIT law, withheld by the payer) and 19% on profits from the stock market and cryptocurrencies settled independently in PIT-38 (Article 30b). The tax was introduced in 2002 for interest (hence the name – from Minister Marek Belka), and in 2004 it was extended to capital gains.
Non-residents are protected by double taxation agreements – for example, the still-valid Polish-American agreement from 1974 provides for 0% Polish tax on interest for US residents, a maximum of 15% on dividends, and exemption from capital gains tax in Poland. The condition for applying the treaty rates at source is to provide the payer with a certificate of residency (for the USA: form 6166 from the IRS) – without it, the payer will withhold the full 19%.
Four Myths from Headlines – Clarification
| Myth | Fact |
|---|---|
| “The Belka tax has been abolished” | No. The Belka tax (19%) continues to apply – the exemption works only within OKI and only up to the asset value limits. |
| “100,000 PLN tax-free amount for everyone” | The limit applies to the value of assets in OKI, not profits, and does not apply to regular deposits or brokerage accounts – there, 19% applies from the first PLN without changes. |
| “In OKI you only pay on profits” | Above the limits, you pay 0.85% (in 2027) on the value of assets – even if you are at a loss that year. |
| “Open Investment Accounts” | The statutory name is Personal accounts – this mistake has been repeated even by major media. The account is always individual (no joint accounts). |
What should you do now? Nothing forced – accounts will launch no earlier than January 1, 2027. A sensible plan: (1) check after publication in the Journal of Laws whether the president has signed the law and whether the parameters have changed; (2) if you live abroad – first determine your tax residency and ask an advisor in your country of residence how they will treat OKI; (3) compare with what is available immediately: retail treasury bonds and IKE/IKZE. And the classic warning: “advisors” who are already calling with offers of “signing up for OKI with guaranteed profit” are scammers – no institution is currently managing such accounts.
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