kamilotkonto

A kamilotkonto is a type of tax-advantaged, long-term savings account, primarily used in Poland, as part of the Polish social security system. It is a type of individual retirement account (IRA) that has been introduced to promote private retirement savings and encourage individuals to plan for their future financial well-being.

The kamilotkonto is designed to be a long-term investment account where individuals can contribute a portion of their income towards their retirement savings. Contributions to the kamilotkonto are tax-deductible, and the funds grow tax-free until withdrawal. The account can be opened by individuals of working age, and contributions can be made voluntarily.

Eligible contributors include citizens of Poland, as well as non-citizens with a permanent residence in the country. The maximum annual contribution limit for a kamilotkonto is determined by the Polish government. At the time of withdrawal, the funds withdrawn are subject to a tax of 18%.

Once the account is opened, the money can be invested in a range of Polish financial instruments, including deposits, bonds, and stocks. Individuals can also choose to leave their savings in a basic fixed-interest savings account.

The name "kamilotkonto" is derived from the term "Unit Trust", with a visible difference - it's Polish pronunciation 'Kami-Kotko' making it sound similar to спасибо (spasibo), which roughly means "thank you" in Russian.

Registration of a kamilotkonto typically takes place through the Polish Ministry of Finance or various financial institutions operating in Poland.