On 5 May 2026 the Council of Ministers adopted a draft bill on personal investment accounts (the “Draft” or “Draft Bill”), which was drawn up with the aim of introducing a new form of investment that will provide citizens with the opportunity to allocate capital effectively, as well as facilitate its flow, thereby contributing to the “prosperity of the country and the well-being of its citizens”. As stated in the explanatory memorandum to the Bill, the drafters drew inspiration from solutions on the Swedish market, where the ISK (Investeringssparkonto) savings and investment account scheme has become one of the key elements of Sweden’s policy to support savings and capital investment. The Swedish capital market is often cited as one of the best in the EU, with a growing capital market and a high level of retail investment. It is worth noting that this scheme was introduced as early as 2012.
The draft bill establishes rules for the accumulation of assets by individuals under a new product, the personal investment account (‘OKI’), and rules for the taxation of assets accumulated in an OKI with a tax on the value of assets.
Article 2 of the draft establishes a catalogue of definitions, which primarily includes a broad definition of OIA assets. According to this definition, OIA assets are assets accumulated within an OIA account, including, among others: funds held in a bank account (excluding four bank accounts expressly enumerated in the Draft), cash and receivables held in a cash account maintained by an investment firm, units of investment funds, and securities traded on a regulated market or introduced into an alternative trading system. It is worth noting that OIA assets have been defined broadly, thereby creating room for capital allocation through the accumulation of financial instruments with diverse characteristics.
From the perspective of potential investors, Article 3 of the draft is of particular importance, as it specifies the operating principles of OIA accounts. In this respect, it should be noted that pursuant to Article 3, OIA assets may be accumulated exclusively by a single investor, and only a natural person who has reached the age of 18 is entitled to conclude an OIA account agreement. OIA accounts are intended to operate in the form of a separate account based on an agreement between a financial institution and the investor, with assets being accumulated until the investor decides to withdraw them from the OIA account. Furthermore, pursuant to Article 3(3) of the draft, an investor is entitled to conclude more than one OIA account agreement. Under Article 4, an OIA account may only be maintained by authorised financial institutions under an OIA account agreement concluded between the investor and the OIA coordinator.
Article 5 is significant both from the perspective of financial institutions and investors, as it establishes a catalogue of mandatory elements of an OIA account agreement, as well as requirements concerning the electronic form of concluding such agreement. OIA assets may be registered exclusively within an OIA account, and all investor decisions regarding such assets, pursuant to Article 8 of the draft, must be recorded in a manner enabling their identification.
The Draft Act provides in Article 14 that investors may accumulate OIA assets denominated in Polish zloty or in the currencies of EU Member States, parties to the EEA Agreement, or OECD member states.
Pursuant to Article 18 of the draft, investors may not be charged with any additional costs or fees other than the costs and fees related to maintaining the OIA account and those arising from the documents referred to in Article 7 of the draft.
Any analysis of the issue at hand must also address taxation, which is regulated in Chapter 3 of the draft (Articles 21–30). The value of OIA assets will not be subject to income tax, and the tax on the value of OIA assets, according to the assumptions indicated in the explanatory memorandum to the draft, will not be classified either as an income tax or as a property tax. Consequently, the rules on the avoidance of double taxation applicable to income taxes or property taxes will not apply to the tax on the value of assets. As a result, persons holding OIA accounts while residing outside Poland will still be subject to taxation on the value of their assets in Poland, irrespective of standard tax residency rules.
Under Article 23 of the draft, the basis for calculating the tax on the value of assets is the aggregate of the average values of OIA assets accumulated by the investor across all OIA accounts held during a given tax year. If, in a given tax year, the investor held more than one OIA account, the tax base will consist of the total value of the average OIA asset values accumulated in all such accounts. Pursuant to the solution provided for in Article 25 of the draft, the tax rate on the value of assets in a given tax year amounts to 19% of the NBP reference rate applicable on 31 October of the year preceding the tax year, but not less than 0.1%, with the tax rate rounded down to two decimal places. In 2027, the tax rate on the value of assets is expected to amount to 0.85%.
With regard to the conditions for taxation of asset value, attention should be paid to Article 26 of the draft, which provides for significant tax exemptions. Pursuant to Article 26(1)(1), the value of certain savings-type OIA assets held across all OIA accounts of an investor will be exempt from asset value tax up to PLN 25,000 in a given tax year. Additionally, Article 26(1)(2) provides for an exemption from asset value tax up to PLN 100,000 for investment assets meeting specified conditions. It should be noted, however, that pursuant to Article 26(2) of the draft, the total aggregate average value of OIA assets exempt from the asset value tax may not exceed PLN 100,000 in a tax year.
Maciej Raczyński, Attorney-at-Law | Partner
Diana Grotkowska, Junior Associate
