Sweden · Tax regime
Investment Savings Account (Investeringssparkonto)
Reformed
Last verified July 2026
Reformed 1 January 2026: the tax-free allowance doubled from SEK 150,000 to SEK 300,000 per person across all ISK and endowment insurance accounts combined, but the underlying rate rose to about 1.065%.
The 2026 ISK reform is being marketed as a tax cut, and for ordinary savers it is — but the arithmetic reverses above roughly SEK 1m. The allowance doubled while the rate rose, which means the ISK got better for small holdings and worse for large ones. For a UHNW client the ISK is now a less attractive wrapper than it was in 2025, and the headlines say the opposite.
Qualifying routes
300k SEK
ISK / endowment insurance
tax-free allowance per person across ALL such accounts combined — not per account or per bank
The facts
- Qualifying figure
- 300k SEK
- Total landed cost
- Roughly 1.065% a year of the capital base above SEK 300,000, levied regardless of return (a 3.55% deemed return taxed at 30%).
- Physical presence
- Swedish tax residence
- Family
- the SEK 300,000 allowance is per person, so a couple gets SEK 600,000 between them
- Permanent residency
- n/a
- Citizenship
- n/a
- Language test
- n/a
- Dual citizenship
- Permitted
- Requirements
- Swedish tax residence and an account with a Swedish provider
What can go wrong
- For holdings above roughly SEK 1m the 2026 change is a tax RISE, not a cut, because the rate increase outweighs the larger allowance. The press coverage does not say this.
- The allowance is per person across ALL ISK and endowment insurance accounts combined — opening accounts at multiple banks does not multiply it.
- You pay the deemed return whether or not the portfolio made money. In a down year the ISK is worse than a conventional account.
- The rate floats with the government borrowing rate (set at 2.55% on 27 November 2025), so it moves annually.
- The SEK 300,000 figure is confirmed via major Swedish banks but we could not verify it directly on Skatteverket. Confirm before relying on it.