What works in Hungary

Tactical asset allocation after tax in Hungary: the rules of the Ordinary account, TBSZ, in plain words with sources, and what they cost 107 strategies over 2006 to 2026.

Version: 1.0
Published: 8 October 2026
Rules last checked: 8 October 2026

Ordinary account (controlled capital market trades)

A low rate with generous loss offset.

Tax cost a year (median): 1.6 pts
Median strategy, before / after tax: 11.3% / 9.7%
S&P 500 held, after tax: 12.6%
60/40 after tax (worst fall): 9.8% (-27%)

34 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 14 beat the S&P 500 held throughout. Returns a year, in HUF.

The rules

15% on the net yearly result of exchange-traded trades, with no social contribution tax.
A net loss offsets the gains of the 2 previous and 2 following years.
No withholding: you pay with the yearly return.

Confidence in these rules: high. Checked 8 October 2026. Sources: Szja tv. (1995. evi CXVII. torveny), consolidated text: par. 6, 65, 67, 67/A; Szocho tv. (2018. evi LII. torveny), consolidated text: par. 1-2; Adozona: szocho on dividends of listed securities / ETU income without szocho.

Long-term investment account (TBSZ)

Held 5 years, a TAA strategy keeps its whole return.

Tax cost a year (median): 0.0 pts
Median strategy, before / after tax: 11.3% / 11.3%
S&P 500 held, after tax: 13.4%
60/40 after tax (worst fall): 10.7% (-27%)

47 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 26 beat the S&P 500 held throughout. Returns a year, in HUF.

The rules

Switches inside are not taxed.
0% after the 5-year lock; breaking it earlier costs 18% (years 4 to 5) or 28%.
Money can only go in during the opening year.

Confidence in these rules: high. Checked 8 October 2026. Sources: Szja tv. 67/B (tartos befektetes), consolidated text; Szocho tv. 1(5)(g), 2(1a), 36/I; Bankmonitor, 14 Dec 2024: next year a TBSZ may no longer be worth it for you.

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How this was computed, the limits, and every other country are in the full study.