How to start investing in foreign markets from Poland

Quick Answer

To invest in foreign markets from Poland, open an account with a broker offering access abroad — Polish ones like Bossa, mBank eMakler or XTB, or foreign brokers such as Interactive Brokers or DEGIRO — then transfer funds (PLN, or EUR/USD for foreign brokers) and place orders. The simplest approach is one global UCITS ETF (e.g. Vanguard FTSE All-World VWCE or iShares Core MSCI World IWDA) bought on Xetra or Euronext in EUR. File the W-8BEN form to cut US dividend withholding from 30% to 15%, settle capital gains yourself in PIT-38 at 19%, and use IKE/IKZE with accumulating Irish-domiciled ETFs to shelter gains from Belka tax.

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Why invest abroad?

GPW is less than 1% of global stock market capitalization. By limiting yourself to the Polish market, you miss tech giants (Apple, Microsoft, Nvidia), healthcare leaders (Johnson & Johnson, Novo Nordisk) and thousands of other companies. Global investing isn't a luxury — it's the foundation of diversification.

Two approaches: ETFs vs individual stocks

Global ETFs — simplest

One ETF gives exposure to the whole world:

• Vanguard FTSE All-World (VWCE) — ~3,700 companies worldwide
• iShares Core MSCI World (IWDA) — developed markets (~1,500 companies)
• iShares Core S&P 500 (SXR8) — 500 largest US companies

You buy them on European exchanges (Xetra, Euronext) in EUR — these are UCITS versions, available to European investors.

Individual stocks — for advanced

Want to buy Apple, Tesla or ASML directly? You can, but remember:

• Concentration risk (one company isn't a portfolio)
• Need for fundamental analysis
• More complicated taxes

How to buy — step by step

Step 1: Choose a broker with access to foreign markets

Polish brokers:

• Bossa (BM BOŚ) — access to Xetra, NYSE, NASDAQ; IKE/IKZE with foreign ETFs
• mBank eMakler — foreign markets, integration with account
• XTB — 0% commission up to certain turnover, many markets

Foreign brokers:

• Interactive Brokers — broadest access, low commissions, professional platform
• DEGIRO — low costs, simple interface, European broker

Step 2: Open account

Online procedure — ID, verification, verification transfer. With foreign brokers you may need W-8BEN form (see below).

Step 3: Transfer funds

Polish brokers — transfer in PLN. Foreign — usually in EUR or USD. Exchange rate is an additional cost — compare broker rates with online exchanges.

Step 4: Place order

European ETFs (UCITS) — buy on Xetra or Euronext in EUR. The order looks the same as on GPW — choose instrument, quantity, order type (limit/market).

W-8BEN form

What is it?

W-8BEN is an IRS (US tax authority) form that certifies you're not a US tax resident. Thanks to it, withholding tax on US company dividends drops from 30% to 15% (under the double taxation treaty between Poland and USA).

Who must file it?

Anyone holding US stocks or ETFs paying dividends. You file the form with your broker — usually online, with one click.

Validity

W-8BEN is valid for 3 years — the broker will remind you to renew.

Note: IKE/IKZE

On IKE/IKZE, W-8BEN usually doesn't work — Polish brokers can't apply the reduced rate. Therefore, on IKE/IKZE it's better to choose ETFs domiciled in Ireland (UCITS), which apply the reduced rate at fund level.

Taxes — what you need to know

Capital gains

You sell at a profit → pay 19% tax in Poland. You settle yourself in PIT-38 (foreign broker doesn't issue PIT-8C).

Dividends

• US companies: 15% withholding tax (with W-8BEN) + 4% top-up in Poland = 19% total
• European companies: withholding tax depends on country (0-30%), you deduct from Polish tax
• UCITS ETFs (Ireland): withholding tax at fund level, you pay 19% on distributed dividend

Currency conversion

You calculate profit/loss in PLN at NBP rate from the day preceding the transaction. This is important for tax settlement.

IKE/IKZE

Investments on IKE/IKZE are exempt from Belka tax in Poland, but not from withholding tax abroad. Therefore, on IKE/IKZE prefer accumulating ETFs (not paying dividends) domiciled in Ireland.

Currency — risk and opportunity

Investing in USD or EUR, currency exposure works both ways:

• PLN weakening → Your foreign investments are worth more in PLN
• PLN strengthening → You lose on currency conversion

Long-term, currency "washes out" — don't hedge currency risk unless you have a specific reason.

How Freenance can help

Freenance automatically converts foreign assets to PLN and shows:

• Global portfolio in one view (PLN, EUR, USD)
• Currency impact on portfolio value
• Geographic diversification in percentages
• Estimated tax obligations from foreign investments

👉 Track global investments with Freenance — freenance.io

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• Jak zacząć inwestować na IKE — krok po kroku
• Jak osiągnąć FIRE w Polsce — kompletny przewodnik 2026

FAQ

What are UCITS ETFs and why prefer them from Poland?

UCITS ETFs are funds domiciled in the EU (most commonly Ireland or Luxembourg) compliant with European investor protection rules. They are typically more tax-efficient for Polish residents than US-domiciled ETFs, especially on IKE/IKZE, because the reduced US dividend withholding is applied at fund level. This material is educational and not investment advice.

Do I need to file the W-8BEN form when buying US stocks from Poland?

If you hold US-listed stocks or ETFs paying dividends, brokers usually require a W-8BEN to apply the 15% reduced US withholding tax under the Poland-US treaty instead of 30%. The form is normally signed online with your broker and is valid for around three years. Final treatment depends on your broker and personal tax situation.

How are foreign capital gains taxed in Poland?

Capital gains from foreign brokers are reported by you in PIT-38 at the flat 19% rate, since a foreign broker usually does not issue PIT-8C. Transaction values are converted to PLN using the NBP rate from the day preceding each operation. Specific cases may require help from a tax advisor.

Should I hedge currency risk when investing abroad?

Currency exposure works both ways and long-term tends to balance out within a globally diversified portfolio. Most long-term retail investors do not hedge, but the choice depends on your goals, horizon and risk tolerance. This is information only, not personalised advice.

Can I hold foreign ETFs inside IKE or IKZE?

Yes, brokers offering IKE/IKZE often provide access to foreign exchanges such as Xetra, where many UCITS ETFs are listed. Inside IKE/IKZE you avoid Polish capital gains tax under standard conditions, but foreign withholding tax may still apply at the fund level. Always check the current rules with your account provider.

Which broker should I use for foreign markets — Polish or foreign?

Polish brokers such as Bossa, mBank eMakler and XTB let you fund in PLN and offer IKE/IKZE with foreign ETFs, which simplifies tax and retirement-account handling. Foreign brokers like Interactive Brokers and DEGIRO provide broader access and low commissions but usually require funding in EUR or USD, where the exchange rate is an additional cost worth comparing. The right choice depends on your needs and is not a personal recommendation.

This guide is educational and describes general approaches rather than recommending any specific instrument or broker. Tax outcomes depend on your individual circumstances — consult a licensed tax adviser before investing abroad.