How to SAVE MONEY in SWEDEN with the ISK (InvesteringsSparKonto)

[@BeingSwenglish]

*If you don't yet have a Swedish ISK, then you're losing an opportunity to build your savings! COMMENT below if this is useful!*

[@tanimjubaer]

Hi Ash, did you need Passport/ID verification to create ISK account in Sweden? Nordea does not allow it for expat/non-citizen like me, even Avanza asked me to verify my IDs.

[@BeingSwenglish]

@@tanimjubaer no because at that point you should already have a Bank Account and therefore you shouldn't need to reauthenticate yourself.

[@beserk786]

Hi, can you do a video on buying a house in Sweden? My wife is Swedish and wants us to move there. Currently I have a house here in the UK with a mortgage, whats the best way about it and how much savings would we need to move to Stockholm?

[@newperspective5918]

It might be worth looking into the investment banks such as Avanza, Nordnet or SAVR. They generally have a lot lower costs than the normal banks for investment in stocks or funds. It adds up quite a bit.

[@alvarob2443]

Hi, just the channel I needed to follow, I’ve got investments in the uk on Traiding 212/isas and savings, do you Recomend. Moving everything from the uk to here. I’ve got loses on my individual stocks. Also isa and private pension is with vanguard , what do you recommend ?

[@vinayakg15]

Very good Info! One suggestion, If you could create some slides, examples along with your explanation would be an added advantage.

[@roshant8955]

Is it good to open isk with a bank or online broker?

[@Swaussieperformingaccountant]

Can you clarify more please regarding fees. Im new to Sweden and, like you, have some additional funds I'd like to invest. Here is how i basically see the main different options:- 1. use an online broker to buy a Swedish index fund (eg. OMXS30): one off broker fee and usual income taxes for distributions and realised capital gains 2. set up an SFI invest in something similar and pay yearly fees regardless if the stock goes up or down. What am I missing here cause this makes an SFI not sound good at all?

[@nainag2279]

This is a very great initiative ...Please come up with more such Market related vedios in English

[@jpcf]

How is the ISK performing nowadays?

[@gargvnay]

Nice info. Do you have a fund screener?

[@paul1974]

Do you know if theres a limit on how much you can put into these accounts?

[@nagarajn5052]

I am not English. But stay and work in Sweden. Found this video to be very relevant. Thanks 👍

[@BeingSwenglish]

Thanks for the comment, glad to hear!

[@fairyfiddler8765]

Hi! I had no idea about this. Thanks for sharing your experience. What do you think about cryptocurrency?

[@BeingSwenglish]

Pleasure! Crypto is risky as there isn't any clear pattern for up and down trends, Bitcoin took a plunge this week of almost $8000 back towards $50k, all because of a rumour that it might be banned in India, so it's a risky investment!

[@tomasabrahamson]

The yearly "kost" for a ISKacount isn't 3 a 4 %. It is 0,375%

[@BeingSwenglish]

Actually that's just the base rate, the full calculation is between 1%-3%

[@BeingSwenglish]

Example Quarter value 1: 5,000 Quarter value 2: 5,500 Value quarter 3: 11,000 Quarter value 4: 20,000 Total deposits during the year: 15,000 Government loan interest rate 30 Nov 2020: -0.09% + 1.00% = 0.91%. However, as there is a lower limit of 1.25%, the standard tax will be 1.25% in 2021. 5000 + 5500 + 11,000 + 20,000 + 15,000 = SEK 56,500 56,500 / 4 = SEK 14,125 (this is the capital base) SEK 14,125 * 1.25% = SEK 176.56 (this is the standard income that will be pre-printed in your declaration) 176.56 * 30% = 53 kr The tax was thus SEK 53 for the year 2021.

[@tomasabrahamson]

@@BeingSwenglish 0 14125:- x 0.375% = 53:-

[@maryamwashik]

Very good to know this. Thanks for sharing!

[@BeingSwenglish]

Pleasure! Thanks for the comment and sub!

[@seanlive6975]

It's basically a worse and more complicated version of the UK ISA (which has no taxes at all). Also in the UK you can make I think about £12000 in capital gains each year (outside of ISA s) before it becomes taxable. Really makes Sweden unattractive to anyone with capital.

[@BeingSwenglish]

Not worse, this has no payment limits per year, unlike an ISA. And as a reminder, we're in Sweden not the UK ☺️

[@seanlive6975]

@@BeingSwenglish the limit is pretty high though at £20000 per year. My point is that's it's not as attractive a scheme as you make out in comparison to what's available elsewhere.

[@BeingSwenglish]

We don't live in the UK, so there isn't any comparison of relevance. If you were to hold an ISA in the UK while living in Sweden,you'd pay CG on that balance in Sweden. I don't see your point...

[@seanlive6975]

@@BeingSwenglish yes and that's quite annoying as it means I cannot sell any funds I hold in my ISA without a 30% tax (even if I just want to reallocate to another fund). My point is relevant in so far as your channel, as I understand it, is about being English living in Sweden and so it's interesting to compare the differences between the countries (as you do in many of your videos on various topics).

[@BeingSwenglish]

Yes but this video is about what best to do with your money whenlivijg in Sweden, in all honesty Sean you've made a big error retaining an ISA in the UK if you're now living in Sweden for the very reason of the CG obligation. Compared to an English ISA, I love the flexibility, access and control that you have with an ISK, to deposit funds, change funds, remove funds, at any time, without worrying about a limit.

[@Fishingletsgo]

Great tip

[@BeingSwenglish]

Glad it was helpful! :)

[@sunilkgb]

Good one , thank you

[@BeingSwenglish]

Pleasure!