Sweden · Tax regime
Investment Savings Account (Investeringssparkonto)
Reformed
Last verified July 2026
Reformed on 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. The underlying rate, though, rose to about 1.065%.
The 2026 ISK reform is being marketed as a tax cut. 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, even though the headlines say the opposite.
Qualifying routes
300k SEK
ISK / endowment insurance
This is a tax-free allowance per person across all such accounts combined, not per account or per bank.
The facts
- Minimum
- 300k SEK
- Total landed cost
- Roughly 1.065% a year of the capital base above SEK 300,000. It is levied regardless of return, based on a deemed return of 3.55% taxed at 30%.
- Route type
- Tax regime, not a visa
- Physical presence
- Swedish tax residence
- Family
- The SEK 300,000 allowance applies per person. A couple gets SEK 600,000 between them
- Permanent residency
- Not applicable
- Citizenship
- Not applicable
- Language test
- Not applicable
- 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 not directly on Skatteverket. Confirm before relying on it.