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About Spesía
Yes, educating and empowering people to invest "right" with confidence to improve their financial well-being is our mission. We are starting modestly with some educational resources but we plan to massively expand them over time.
No, Spesía's investing service is specifically designed for people who want to invest without having to be experts in financial markets or securities trading. We focus on education and explaining things in a simple manner. We aim to guide you in choosing an investment strategy that meets your goals, situation and risk-appetite and then handle everything else so that you don't have to. We strive to make investing with Spesía is as easy as depositing money into a regular bank account.
Most comparable investment funds in Iceland run by the banks or others are much more expensive than Spesía's funds. They also often invest heavily in Icelandic stocks even though most people living in Iceland already have more than enough exposure to Icelandic stocks through the pension funds. Spesía gives you the opportunity to invest in a well-diversified international portfolio at a much lower cost than is usually the case. Unlike most others in Iceland, Spesía also automatically rebalances the funds so that the desired ratio of stocks vs. bonds is maintained over time.
It is not possible to invest in the shares of specific companies through Spesia, only in our pre-defined, Spesía-operated funds, each of which invests in accordance with a specific investment policy that each customer chooses when opening an account with Spesía. In other words, Spesia offers automated wealth management, which means that we put together a well-diversified portfolio of international stocks and Icelandic government bonds in proportions that match your goals, situation and risk appetite. This way, your investment is always spread across thousands of companies around the world, which significantly reduces risk and protects you from shocks in the small Icelandic economy.
Yes. The company is Icelandic and Spesía's operation is subject to Icelandic law and regulations and requires a license from the Financial Supervisory Authority of the Central bank of Iceland. Furthermore, Spesía is solely owned by Icelandic shareholders, mainly its founding team. The company’s services are designed to meet the needs of Icelandic consumers.
Spesía is an Icelandic investment service that provides easy access to the returns provided by international financial markets. With Spesía, anyone can invest in a well-diversified global portfolio of stocks and bonds with an appropriate level of risk tailored to individual needs. Saving with Spesía is as easy as using regular bank accounts and is most suitable when saving for a longer time than than two years.
Spesía is primarily owned by its founders and employees and a select group of Icelandic investors. Spesía's founder and CEO is Georg Lúðvíksson, a personal finance expert and the founder and former CEO of Meniga, a personal finance business. Tómas Áki Gestsson is a founder and Chief Investment Officer and has held a variety of roles in the Icelandic financial sector, most recently at the Central Bank of Iceland.
The other co-founders, which are also shareholders, are Peter Short, the company's CTO, Bergur Ebbi, who leads marketing and communications, and Tinna Karen Gunnarsdóttir, who leads front-end development.
In addition, a little over 20 Icelandic investors, primarly individuals and family-offices, are shareholders in Spesía. These include Arnar Þór Másson and the investment firm of Guðmundur Fertram Sigurjónsson, both of whom serve on Spesía’s Board of Directors.
Spesía is an independent fintech company and is not owned by the Icelandic banks or is in any way part of the Icelandic traditional banking system.
FAQ
Yes, if you have an Icelandic ID number (kennitala), bank account, electronic ID and are 18 years or older you can still use Spesía. But note that we still withhold 22% capital gains tax from all withdrawals when profits are realized. If you are supposed to pay a lower tax in Iceland due to tax residency elsewhere and/or double taxation treaty, you need to account for this yourself on your Icelandic tax return and request a correction to the Icelandic tax authority when filing your taxes.
When you invest with Spesía you invest in one of the funds operated by Spesía. The fund then spreads your investment across thousands of publicly traded companies around the world as well as Icelandic government bonds instead instead of being tied to a single company or one bond issue. This significantly reduces the risk compared to owning shares in a single or few companies. Owning part of an international equity portfolio can also be considered protection against possible shocks in the small Icelandic economy.
Investing in Spesía's funds also involves low cost, since their operation is largely automated and because the funds buy assets in much larger volumes than an individual typically would. As a result, the cost is proportionally lower for indviduals invested in the funds. You benefit from the expertise of those designing and managing the funds, without having to follow developments in the financial markets yourself.
On top of that, there's a tax advantage for individuals investing though funds compared to investing in savings accounts, since you don't pay capital gains tax when the fund buys and sells, or when a company it holds pays a dividend. You only pay capital gains tax on the gain you realize when you withdraw money and sell all or part of your portfolio - not before.
Handling your tax return is also very simple with Spesía, since Spesía automatically sends information about your holdings to the Icelandic tax authority (Skatturinn), which then appears pre-filled on your tax return.
Fees and returns
Yes. Investing in equities and bonds always involves risk, and the value of your portfolio can increase or decrease. We help you choose an investment path that fits your risk tolerance and time horizon.
Spesía's fee structure is really simple by design: You can expect a total cost of 1% of your portfolio's value per year. Spesía's fee is 0.9% of the portfolio's value annually, split into a fund management fee of 0.45% and a wealth management fee of 0.45%. In addition, a small amount of cost arises within the funds from buying and selling assets, which means your total cost is around 1%, of which Spesía receives 0.9% in fees. That's it. We don't charge any fees when you buy or sell, no performance fees, custody fees, currency exchange fees, and there are no other hidden costs whatsoever. You always see exactly what you're paying and we encourage you to compare prices. Spesía's goal is to be, by far, the most cost-effective option in Iceland, so that the majority of the returns goes to our customers. See more at [pricing page].
Yes. The return and account balance shown at any given time always reflects the value of your portfolio after all costs have been deducted. The number you see is simply what you would receive if you withdrew (aside from potential capital gains tax on any gains when you sell)
Spesía invests on your behalf in the international stocks and in Icelandic government bonds. The stock/bond ratio is different depending on what investing policy you choose when you open an account with Spesía. Spesía invests in global equities through a handful of low-cost index funds, resulting in a well-diversified global portfolio with shares in thousands of companies around the world, including the US, Europe and Asia. Spesía also invests in Icelandic government bonds. You can see the exact composition of your portfolio, i.e. which companies and bonds you're invested in and for how much, at any time under "My Portfolio" when you log in to your Spesía account.
Spesía's goal is to maximize your return given the level of risk you choose when selecting an investment policy when you open your Spesía account. Your portfolio's return fluctuates in line with developments in the financial markets for equities and bonds, which have historically delivered good returns in the long run. However, returns in the financial markets are never guaranteed and the value of your investment can both increase and decrease in value, particularly in the short term. Investing with Spesía is generally more suitable for long-term investors, since short-term market fluctuations tend to even out over longer periods.
Investing with Spesía
Yes, you can set up automatic weekly or monthly deposits into your Spesía account and we actually highly encourage this. You choose the monthly amount and the date each month, and we will invest according to the investment strategy you have chosen. The minimum monthly subscription amount is 5,000 ISK.
Yes, you can request a withdrawal at any time. We will then sell part of your portfolio and transfer the money to your bank account within two business days of the withdrawal request.
It only takes a few minutes and doesn't cost anything to open an account with Spesía. You need to be financially independent, have an Icelandic personal ID (kennitala), a valid electronic ID, an Icelandic bank account and have reached the age of 18.
When creating an account, you identify yourself with electronic ID and answer a few questions about your finances and your attitude towards investments and taking risk. Based on your answers, we propose an investment strategy that we believe is best suited for you and you can confirm this recommendation or choose a different strategy. Finally, you'll have to answer a few questions related to anti-money-laundering which we are required by law to ask, and sign an agreement with electronic ID where you agree to the terms of Spesía investing service. After you have finished the onboarding process, you can deposit money into your Spesía account and we will invest every króna in accordance with the investment strategy you have chosen.
We've created instructions here that explain how to do it with the main banks in Iceland. The steps are quite similar between banks.
If you're bank is missing from the list you should work similarly to the ones includes, but do let us know if you need assistance.
When you open an account with Spesía, we help you choose an investment policy that suits you the best. By doing so, you are choosing a specific fund that Spesia owns and operates that invests according to the investment policy that you choose. When you deposit into your Spesía account, the entire amount is used to buy in the fund that corresponds to the investment policy you have chosen. Similarly, when you withdraw, a part of the fund is sold and the sale proceeds (minus capital gains tax on possible gains) are transferred to your bank account.
The value and return on your investment with Spesía follows the fund's performance: If the value of the fund's assets increases, your share also increases - and if the value decreases, your share decreases in the same way. Your portfolio of assets in the fund is always registered in your name and is always kept separate from Spesía's own finances, which only manages the funds on behalf of its investors. The assets are held in safe custody by an independent custodian company (T plus), not Spesía.
Your Spesíu account balance always shows the value of your portfolio and the returns on your funds after fees have been deducted, so the balance you when you login to your Spesía account is always what you have at any given time.
We want investments to be accessible to everyone. The minimum deposit with Spesía is 100,000 ISK, but with a monthly subscription it is only 5,000 ISK per month. You can start small and then deposit more later or start a subscription with a smaller amount and see how things go.
The value of your Spesía account is calculated every business day based on the value of your portfolio at the end of the day. But in between official end-of-day values (intraday) Spesía strives to estimate the change in value of the portfolio and shows you the estimated value of your account in close to real time.
Security and surveillance
No, investments in equities, bonds, funds and other financial instruments are not insured in the same way as bank deposits. Howerver, unlike bank deposits, your portfolio with Spesía is always registered in your name and kept separate from Spesía's assets and finances, so there's no risk of it being lost if Spesía would run into trouble or stop operating. So your investments cannot really disappear or become inaccessible even if Spesía were to fail somehow. Finally, keep in mind that the value of your portfolio can both increase and decrease, and you may end up with less than you invested in the first place. There is no insurance against possible losses in the financial markets and the risk of loss and short-term fluctuations is the "price" everyone must pay for what is usually much better long-term returns compared to the predictability and insurance of savings accounts.
Privacy, data protection and information security are strictly adhered to in all of Spesía’s operations. We encourage you to review the company’s Terms of Use and Privacy Policy, which can be read here.
Yes. First, Spesía operates under a license from the Icelandic Financial Supervisory Authority (FME) and is subject to its ongoing supervision.
Second, your portoflio is always legally registered in your name and held by an independent custodian company (T plús), which is also licensed by the FME to be a custodian. This means that even if something were to happen to Spesía, your investments are always accessible to you and are at all times kept separate from Spesía's own assets.
The value of your portfolio may, however, fluctuate with the financial markets and in accordance with how risky an investment policy you choose when you opened your Spesía account. The value of your portfolio can both increase and decrease, although it tends to increase in the long run.
Taxes and other legal issues
Yes, in general in Iceland, gains from investments, for example capital gains from selling stocks or funds, is taxable as capital gains for individuals. The capital gains tax rate for individuals in Iceland is 22%, and Spesía automatically withholds it and remits it to the tax authorities whenever a profit is made when you withdraw from your Spesía account. Note that gains aren't taxable until they're realized when you choose to withdraw the money. In that sense, growing your money in funds like with Spesía is more tax-efficient than doing so in a savings account, where the return (interest paid) is realized and taxed annually.
All dividends, interest or other income from the funds' underlying assets are re-invested in the funds and will be reflected in the funds' value at any given time. Since the funds do not pay out dividends, you do not have to worry about filing dividends in your tax return.
Spesía sends information to the Icelandic tax authority (Skatturinn) so that everything is automatically filled in on your tax return. Your investment with Spesía appears on your tax return as an asset held in one of the funds operated by Spesía, just like other funds, and similar to bank account balances. If a profit is generated from a withdrawal (sale of assets) during the year, Spesía withholds capital gains tax on that gain, remits it to the tax authority, and it is accounted for automatically on your tax return.
We'd really like to hear from you if that's the case, and to have the chance to resolve the issue if possible. If you're not satisfied with our service, you can contact us at complaints@spesia.is. We take complaints seriously, Spesía's Compliance Officer reviews the matter and you'll receive a response as soon as possible.
