Dutch Parliament Backs 36% Tax on Investment Gains

The lower house of parliament in the Netherlands has approved a major reform of the country’s Box 3 tax system, paving the way for a 36 per cent levy on annual investment gains from 2028.

Under the proposed framework, investors will be taxed on their actual returns rather than the deemed or “presumed” returns used under the current regime. The reform follows a series of court rulings that challenged the fairness of the existing Box 3 structure, which calculated tax based on assumed yields regardless of real-world performance.

The new model would apply a flat 36 per cent rate on positive annual returns across a broad range of assets, including Bitcoin, equities, bonds and other investment holdings. Importantly, reporting indicates that taxation would extend to unrealised gains, meaning increases in asset value could trigger a tax liability even if no sale has occurred.

The legislation is expected to come into force on 1 January 2028, subject to final implementation steps. Policymakers argue the change will create a more transparent and legally robust system aligned with actual investment outcomes.

Critics, however, warn that taxing unrealised gains introduces liquidity challenges. Investors may face annual tax bills without having generated cash flow from disposals, potentially forcing partial sales to meet obligations.

For long-term holders of volatile assets such as Bitcoin, this could amplify market pressure during strong upward cycles. From a broader macro perspective, the shift reflects a growing European trend towards tighter capital taxation as governments confront fiscal deficits and rising public expenditure.

For Bitcoin holders, the development underscores the importance of jurisdictional awareness and long-term planning in an increasingly complex regulatory landscape. While the reform does not target Bitcoin specifically, its inclusion within the new framework signals that digital assets are now firmly embedded within mainstream fiscal policy debates.

One of Bitcoin's key properties is the right to own it and take it with you should you decide to leave a country trying to seal from you.