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Swedish Investment Platforms & Co
Main Post:
Hello,
I moved to Sweden less than a year ago. In my previous country (euro zone) I was using a broker for monthly investments (ETF, stocks, crypto, savings account), accepting only Euro of course. Now that I finally spent several months here in Sweden, fixing all the housing, rent and various stuff, I would like to restart investing part of my Swedish salary.
I was therefore wondering how taxation here works, I heard you can "decide" between a fixed percentage every year (ISK?) or pay a capital gain fee when you sell stocks and ETF.
Instead of doing the SEK to EUR conversion every time and then buy stocks on my Euro broker, I would like to use a Swedish broker, in order to continue my monthly investment plan without any waste in conversion fees etc.
Any suggestion?
EDIT: thanks for the suggestion, you clarified my doubts, I'll probably go for Avanza and ISK, although I don't know how many years I will stay in Sweden
Tack så mycket!
Top Comment: Avanza or Nordnet are the most common online brokerages. They have fairly low fees and are totally legit, though they may actually hinder you from investing in some of the riskier financial instruments until you've proven you know what you're doing. And yes, you can choose to have an ISK-account, which taxes you at a flat rate, based on the value of your investments (taken as a mean of the value 4 times a year). The tax is based on the government's official interest rate, which for 2023 was 2.94%. That is then taxed at 30%, meaning you will pay approximately 0,89 of your average holdings as tax at the end of the year. This is incredibly advantageous if you've made any gains; if you invested 100k, and got a 10% return, and then realised your profits, you'd pay 30% on 10k, ie 3000sek. With an ISK, you'd pay around 110x000.89, or 979sek (actually less, since you started out at 100sek, so the average would depend on how early in the year you made your profit). However, a big difference compared to normal accounts is that you can't deduct any losses; even if you lost 90% of your value, you'd still have to pay 0,89% tax on your average holdings for that year. You also have to pay your tax whether you realised your gains or not.