Investing without Belka tax up to PLN 100,000
New OKI Personal Investment Account – Key assumptions and practical consequences
During a press conference on 31 July 2025, Finance Minister Andrzej Domański announced the introduction of the Personal Investment Account (OKI). The new product is designed to enable investing and saving without capital gains tax (the so-called Belka tax) up to PLN 100,000 accumulated in the OKI.
Key assumptions of the OKI
The OKI is an investment account that will allow individuals to invest funds in bank deposits, bonds, shares, TFI units and ETFs listed on a regulated market without capital gains tax up to PLN 100,000. Funds accumulated above this amount will be subject to a new tax of 0.8-0.9% of the surplus value, calculated on the basis of the average annual account balance. The tax rate will be determined annually on the basis of a formula relating to the yield on treasury bonds and the Belka tax rate (19%).
OKI accounts will be available to individuals regardless of age. The Ministry has announced that there will be no time limits for the tax relief. There will be no requirement to hold funds until a certain age (as in IKE/IKZE accounts). It will be permitted to have several OKI accounts, but the total exemption limit will apply to all accounts held.
What does OKI cover and what does it exclude?
The product will cover a wide range of investments: bank deposits, bonds, investment fund units, shares and ETFs. Derivatives (e.g. futures, options, CFDs) and cryptocurrencies will be excluded.
When will it come into force?
According to the Minister of Finance, OKI will realistically launch in mid-2026 at the earliest. Legislative and IT work on implementing the system may take around six months from the adoption of the relevant law.
The Belka tax remains… OKI is an alternative
The Minister has officially withdrawn from his earlier announcements to reduce the Belka tax. The 19% tax on capital gains (interest, dividends, stock market profits) remains in force. OKI is an attempt to offer an alternative – a tax preference in exchange for certain conditions and limits.
Practical example:
• An investor deposits PLN 50,000 in an OKI. If the annual return on the investment is 5% (PLN 2,500), the tax on this amount will be PLN 0 instead of PLN 475 (19% Belka tax).
• If the total assets in the OKI exceed PLN 100,000, the surplus above this threshold will be taxed at the new rate (0.8–0.9% per annum).
Comparison of OKI with IKE and IKZE
1. Contribution limit and tax exemption
§ OKI: No annual contribution limit, but Belka tax exemption covers assets up to PLN 100,000. Any surplus above this threshold is subject to an annual value tax (0.8–0.9% per annum).
§ IKE: Annual contribution limit set each year (in 2025, it is PLN 23,472). All withdrawals are exempt from Belka tax, but only if certain conditions are met (minimum age of 60 or 55 and pension eligibility, as well as sufficient contribution history).
§ IKZE: The annual contribution limit is lower than for IKE (in 2025 it is PLN 9,388.80 for individuals, higher for entrepreneurs). Contributions to IKZE can be deducted from income in the annual PIT return. Exempt from Belka tax upon withdrawal after reaching retirement age, but the withdrawal is subject to a flat-rate tax of 10%.
2. Availability and flexibility of funds
§ OKI: No age or time restrictions, funds can be withdrawn at any time, no loss of tax preference (except for the PLN 100,000 limit).
§ IKE/IKZE: Unlimited access to funds, but early withdrawals result in the loss of tax preferences (Belka tax or PIT tax must be paid on withdrawals from IKZE).
3. Assets that can be purchased
§ OKI: Bank deposits, bonds, shares, ETFs, investment fund units – derivatives and cryptocurrencies are excluded.
§ IKE/IKZE: Very similar range of instruments – funds, shares, bonds, deposits, TFI units. Derivatives and cryptocurrencies are also excluded.
4. Number of accounts
§ OKI: You can have several OKI accounts, but the limit of PLN 100,000 applies to the total assets of all OKI accounts held by one person.
§ IKE/IKZE: Only one IKE and one IKZE per person can be held.
5. Tax exemption period
§ OKI: Exemption without time limit – no need to maintain funds until a certain age.
§ IKE/IKZE: The conditions for tax exemption are strictly defined by law – relief only after meeting age and seniority criteria.
6. Practical summary
• OKI is a product for people looking for immediate and flexible tax preferences, without the need to freeze funds for years – ideal for people who want to invest amounts up to PLN 100,000 without long-term commitments.
• IKE/IKZE are products dedicated to retirement goals – with tax benefits for people who accept a longer investment horizon and restrictions on the availability of funds.
Summary and consequences of the OKI account
A Personal Investment Account is an advantageous solution for people who want to save and invest without being subject to the Belka tax up to a limit of PLN 100,000. It is also the first step towards promoting a ‘culture of investing’ in Poland, modelled on Scandinavian solutions. However, the new product does not abolish the Belka tax – it is an alternative with a limit and a new tax on larger funds. The introduction of the OKI does not require long-term capital freezing (as in the case of the IKE), but it does involve the obligation to settle tax on surpluses annually.
If you are considering using a Personal Investment Account (OKI) or other savings products for tax optimisation purposes, please contact our team of tax advisers. We will analyse your individual situation, present the tax implications and indicate what you should pay particular attention to when
using the new solutions. We help you avoid mistakes and risks associated with incorrect settlement of capital gains tax and other financial instruments.