Tax-free income for those who invest for three years: How will CMVM's new account work?

Portuguese capital markets regulator CMVM has prepared a new tax-advantaged account model that aims to direct some of the money that households hold in bank deposits to investments.

In the model called Conta Individual de Poupança e Investimento (CIPI), the investor will not be able to pay taxes after three years for the earnings he earns from investments such as stocks, bonds and ETFs, if he meets certain conditions.

However, the first point to know is this:

CIPI is not an account that can be opened today and tax exemption is not yet in effect.

The proposal prepared by CMVM has been under the Government's evaluation since the end of June.

How will the tax advantage work?

According to CMVM's model, the account will have two parts:

a cash account and a securities account where investment instruments are held.

The investor will be able to buy and sell eligible assets in the account.

Once the initial three-year period is completed, it is recommended that the income and capital gains generated in the account benefit from tax exemption.

The three-year period does not restart for each new investment; It is calculated from the date the account is opened.

The upper limit is 250 thousand euros

The total capital limit recommended for investment that can benefit from tax advantages is 250 thousand euros.

CMVM does not offer a separate annual investment limit.

Therefore, if the proposal becomes law in its current form, the person will have to transfer the capital to the account at different times up to the total limit of 250 thousand euros. may be possible.

Which investments can be taken?

The CMVM proposal does not only cover Portuguese companies.

In the eligible investment universe:

stocks, bonds and ETFs.

Assets can be from Portugal as well as from the European Union and other OECD markets.

For this reason, it is envisaged that, for example, a regulated US stock fund may also be included in the account.

Crypto assets are excluded from the offer.

Not the same as PPR

The new account is not a new retirement product that replaces PPR.

CMVM excludes PPRs from CIPI scope.

In the PPR system, under certain conditions, IRS discounts during investment and advantageous taxation at exit are available.

In the CIPI proposal, the main advantage is different: investment gains that complete a certain period of time become completely tax-free.

What happens if the money is withdrawn before three years?

CMVM foresees a penalty mechanism for early withdrawals.

However, it is thought that dismissal, disability or similar exceptional situations may be regulated separately in the law.

These details are not yet finalized legislation.

The bank will make the tax declaration

One of the interesting aspects of the model is that it aims to reduce bureaucracy.

CMVM recommends that the financial institution report the necessary data to the Autoridade Tributária, rather than the investor accounting for each transaction in his or her own IRS return.

In addition, the account can be transferred from one bank or investment institution to another without incurring taxes. It is intended to be portable.

Each person can only have one CIPI.

When will it start?

No date yet.

The proposal is with the Government and it needs to be legislated by the Assembleia da República because it changes the taxation system.

Therefore, a person who invests today will not automatically be exempt from tax after three years.

For now, there is a remarkable and detailed CMVM proposal; There is no new tax regime in effect.

Resources

CMVM — Comissão do Mercado de Valores Mobiliários

ECO — Luís Leitão, 6 October 2026

https://eco.sapo.pt/2026/10/06/cmvm-propoe-contas-de-poupanca-e-de-investimento-sem-impostos-ao-fim-de-tres-anos/

Dinheiro Vivo — October 6, 2026

https://dinheirovivo.dn.pt/economia/conta-poupana-com-iseno-fiscal-para-ativos-detidos-por-trs-anos-proposta-pela-cmvm