Key Takeaways:
The Netherlands has proposed a new Box 3 system based on actual investment returns, with a 36% tax rate.
Under the proposal, self-held crypto could be subject to annual taxation on changes in value, even without selling.
The House of Representatives passed the bill in February 2026, but the Senate still has to consider it.
The government is examining possible changes to the system, and the final form remains uncertain.
The planned start date is January 1, 2028.
A proposed tax overhaul in the Netherlands is drawing intense scrutiny from crypto investors. The plan, part of the Actual Return in Box 3 Act (Wet werkelijk rendement box 3), would shift the Dutch tax system toward taxing actual investment returns rather than assumed returns. Under the proposal, a 36% tax rate would apply to the taxable Box 3 result — which, for crypto, could include annual changes in value even if the investor never sells.
What the New Box 3 System Proposes
The Netherlands uses a "box" system for personal income tax. Box 3 covers income from savings and investments. The current system, which taxes an assumed return rather than actual returns, has been repeatedly struck down by the Dutch Supreme Court for violating property rights when the assumed return diverges from reality .
The new system is designed to tax actual returns. The general rule under the proposal is a capital growth tax (vermogensaanwasbelasting, or VAB). This means both income (like dividends and interest) and annual changes in value would be taxable, regardless of whether the investor sells . However, the proposal also includes a realization-based regime (vermogenswinstbelasting, or VWB) for certain asset categories — primarily real estate and shares/interests in startups and scale-ups .
For crypto investors, this means that if Bitcoin rises in value over the course of a year, the holder could owe tax on that increase — even without cashing out. Loss settlement would be subject to the proposal's loss-settlement rules, which are still being finalized in the legislative process. The proposal also includes a €1,800 tax-free result allowance.
Important Context on the 36% Rate
The proposed 36% rate applies to the taxable Box 3 result after the applicable calculation and allowances. It should not be described simply as "36% of every unrealized Bitcoin gain." The exact tax base depends on how the final legislation defines actual returns and how losses and allowances are applied.
What About Crypto ETFs and Gold/Silver?
The current proposal includes a separate realization-based regime (VWB) for certain assets. According to the official proposal, this regime is primarily intended for real estate and shares/interests in startups and scale-ups — not automatically for crypto ETFs.
Crypto ETFs should not be assumed to fall under the realization-based exception without a specific applicable rule. Similarly, the treatment of physical gold and silver under the proposal is not the same as the ETF exception. The article does not claim a specific treatment for gold and silver beyond what the statutory source establishes.
Current Legislative Status
The bill passed the Tweede Kamer (House of Representatives) on February 12, 2026. The Eerste Kamer (Senate) still has to consider the bill and has not yet given final approval .
The government's current target for implementation is January 1, 2028. However, following a June 19, 2026 update, the government is examining possible changes to the VAB system and is also investigating alternative wealth-gains-tax approaches .
Dutch Finance Minister Eelco Heinen said in February 2026 that the proposal would need to be amended . According to reports, he stated the law "cannot stand as it is" and that he would discuss changes with both houses of parliament .
What This Means for Crypto Investors
The proposal would represent a major change toward taxing actual investment returns. For crypto holders in the Netherlands, the key implication is that annual value changes could become taxable events, even without a sale.
However, the legislation is not yet final. The Senate has not voted, and the government is actively considering changes to the system. The final form — including how crypto is treated and whether the realization-based regime is expanded or narrowed — remains subject to the legislative process and possible amendments.
Frequently Asked Questions
What is the Netherlands Box 3 tax plan?
The Box 3 Actual Return Act would tax actual returns on investments, including annual changes in value for crypto, at a proposed 36% rate. The planned start date is January 1, 2028.
Will crypto ETFs automatically be taxed only when sold?
Not necessarily. The current proposal's realization-based regime specifically covers certain real-estate assets and qualifying startup/scale-up interests. Crypto ETFs should not automatically be treated as part of that exception without a specific applicable rule.
Is the 36% rate a 36% tax on every crypto gain?
No. The proposed 36% rate applies to the taxable Box 3 result after the applicable calculation and allowances. It should not be described simply as 36% of every unrealized Bitcoin gain.
Has the law been finalized?
No. The House of Representatives passed the bill in February 2026, but the Senate still has to consider it. The government is also examining possible changes to the system.
What should Dutch crypto investors do?
Keep detailed records of asset values at the start and end of each tax year. Consult a tax advisor for personalized guidance. The final rules are not yet set.
Bottom line: The Netherlands is preparing a new Box 3 system based on actual returns, with a proposed 36% tax rate. Under the current proposal, crypto can be subject to annual taxation on changes in value even when gains have not been realized through a sale. However, the legislation is not yet final, and the government is considering changes to the wealth-accrual system and examining a wealth-gains approach. The planned start date remains January 1, 2028.
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