The capital growth tax (in Dutch: vermogensaanwasbelasting) that's coming to the Netherlands is a big change to how the government taxes your savings and investments in what's called Box 3 in the income tax system. From the 1st of January 2028 onwards (assuming Parliament approves the bill on time, which looks likely based on recent debates), things will work very differently. Draconian tax laws on unrealized gains will come into effect.
How Box 3 used to to (and why It was often seen as "nice" for investors within the EU)
Until recently and still right now in 2026/2027 the Dutch government doesn't tax what you actually earn on your money. Instead, it uses a fictitious (assumed) return on your total assets above a certain exemption.
- You pay tax on a made-up percentage of your wealth, no matter if your stocks crashed, your savings earned almost nothing, or you made a killing.
For example, in recent years:
If your real return was low (e.g., during market dips or low-interest times), you still only paid on the fictitious low-ish percentage, often less than reality. If you had big unrealized gains (paper profits you hadn't sold), you paid nothing extra on them. And it was simple: no need to track every dividend or daily price change.
Many people (especially those with growth-focused portfolios) ended up paying less tax than if it were based on real results hence why some saw the Netherlands as relatively tax-friendly for long-term investing compared to countries that tax actual gains every year. It was basically just a wealth tax on your capital.
But courts kept ruling parts of it unfair (especially when real returns were way below the assumed ones), so the government decided to change it.
So what's changing from 1 January 2028?
The new system switches to taxing your actual returns what you really make.
Capital growth tax (vermogensaanwasbelasting) the main rule for most things like stocks, bonds, crypto, savings:
Every year you'll pay 36% tax on:
Imagine you're single with €200,000 in stocks (no other assets). In 2028 your portfolio goes up 10% (€20,000 paper gain) and pays €2,000 dividends.
Old system (like now in 2026/2027):
→ You pay roughly €4,000–€4,200 more in a good year.
But if markets fell 5% (€10,000 loss), you'd pay almost nothing under the new rules (just on the dividends minus loss), while the old system might still charge you €3,000+ on "assumed" gains. And do you lose 20% of value on your stocks? Too bad, the government won't pay you (of course).
Exit taxes
Thinking about escaping? Right now if you emigrate the Netherlands already has an exit levy for certain things (like big company shares in Box 2): they treat it as if you "sold" them the day you leave, taxing unrealized gains (with possible payment deferral in the EU).
With the new Box 3 rules, there's growing talk of something similar for investments. As matter of fact, it's likely to come into effect:
It's not fully decided yet, but if you're thinking of moving to another country to escape higher taxes it could make leaving more expensive or complicated, thus, LEAVE BEFORE JANUARY 2028
How Box 3 used to to (and why It was often seen as "nice" for investors within the EU)
Until recently and still right now in 2026/2027 the Dutch government doesn't tax what you actually earn on your money. Instead, it uses a fictitious (assumed) return on your total assets above a certain exemption.
- You pay tax on a made-up percentage of your wealth, no matter if your stocks crashed, your savings earned almost nothing, or you made a killing.
For example, in recent years:
- Savings accounts got a low assumed return (around 0–1.44%).
- Investments (stocks, crypto, etc.) got something like 5.5–6% assumed.
- The tax rate is currently 36% on that assumed income.
- There's a somewhat decent exemption: around €57,000–€60,000 per person (higher for couples), so smaller pots often pay little or nothing.
If your real return was low (e.g., during market dips or low-interest times), you still only paid on the fictitious low-ish percentage, often less than reality. If you had big unrealized gains (paper profits you hadn't sold), you paid nothing extra on them. And it was simple: no need to track every dividend or daily price change.
Many people (especially those with growth-focused portfolios) ended up paying less tax than if it were based on real results hence why some saw the Netherlands as relatively tax-friendly for long-term investing compared to countries that tax actual gains every year. It was basically just a wealth tax on your capital.
But courts kept ruling parts of it unfair (especially when real returns were way below the assumed ones), so the government decided to change it.
So what's changing from 1 January 2028?
The new system switches to taxing your actual returns what you really make.
Capital growth tax (vermogensaanwasbelasting) the main rule for most things like stocks, bonds, crypto, savings:
Every year you'll pay 36% tax on:
- Actual income (dividends, interest, rent).
- Plus any increase in value during the year even if you haven't sold anything (unrealized/paper gains). (insane, isn't it?)
- Losses? They reduce your taxable amount (and can carry forward to future years).
- This means the taxman gets a cut of growth every year, not just when you sell.
Imagine you're single with €200,000 in stocks (no other assets). In 2028 your portfolio goes up 10% (€20,000 paper gain) and pays €2,000 dividends.
Old system (like now in 2026/2027):
- Exemption: say €57,000.
- Taxable assets: €143,000.
- Assumed return on investments: around 6%.
- Fictitious income: roughly €8,580.
- Tax at 36%: about €3,090.
- Real return: €2,000 dividends + €20,000 gain = €22,000.
- Minus €1,800 tax-free: €20,200 taxable.
- Tax at 36%: €7,272.
→ You pay roughly €4,000–€4,200 more in a good year.
But if markets fell 5% (€10,000 loss), you'd pay almost nothing under the new rules (just on the dividends minus loss), while the old system might still charge you €3,000+ on "assumed" gains. And do you lose 20% of value on your stocks? Too bad, the government won't pay you (of course).
Exit taxes
Thinking about escaping? Right now if you emigrate the Netherlands already has an exit levy for certain things (like big company shares in Box 2): they treat it as if you "sold" them the day you leave, taxing unrealized gains (with possible payment deferral in the EU).
With the new Box 3 rules, there's growing talk of something similar for investments. As matter of fact, it's likely to come into effect:
- Proposals/motions in Parliament want options to stop people moving to low-tax countries just to avoid tax on gains.
- This could mean taxing unrealized Box 3 gains upon leaving (especially for assets under the capital gains exception, like property).
- Or even a "trailing tax" for a few years after you leave.
It's not fully decided yet, but if you're thinking of moving to another country to escape higher taxes it could make leaving more expensive or complicated, thus, LEAVE BEFORE JANUARY 2028
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