Bad news for Dutch investors: The government is tightening the screws on Box 3.
If you have savings or investments in the Netherlands, you know the pain of the "fictitious return" tax. The government assumes you made profit, even if you lost money, and taxes you on it.
While we wait for the "Actual Return" system (now delayed to 2027/2028), the rules for 2026 are becoming stricter. The tax-free allowance is dropping, and the deemed return rate on investments is skyrocketing to nearly 7.8%.
Here is what you need to know to protect your wealth.
Key Takeaways
- Deemed Return Hike: The government assumes your investments make ~7.78% return. You are taxed on this imaginary number, even if you only made 4%.
- Allowance Drop: The tax-free threshold (*heffingsvrij vermogen*) is dropping to roughly €51,396 (down from ~€57k).
- The "Actual Return" Option: In 2026, you may finally have the option to prove your actual return was lower, but the paperwork will be a nightmare.
- Action: Fiscal partners should optimize their asset split, and "Spaargeld BV" structures are becoming attractive again for larger portfolios.
The Numbers: Why 2026 Hurts
The Dutch system divides your wealth into "Savings" (low tax) and "Investments/Other" (high tax). The problem? They assume "Investments" make massive returns.
| Asset Category | 2025 Deemed Return | 2026 Deemed Return (Est.) | Tax Rate (Box 3) |
|---|---|---|---|
| Savings (Bank) | ~1.03% | ~1.5% (Variable) | 36% |
| Investments (Stocks/Crypto) | 6.04% | 7.78% | 36% |
The Trap: If you hold €100,000 in stocks, the taxman assumes you made €7,780 profit. You pay 36% tax on that profit (~€2,800). Even if the market crashed and you lost money, you still owe the €2,800.
This crushes conservative investors. If your bond portfolio only yields 3%, you are paying more in tax than you made in profit.
Your Defense Strategy
1. Use the "Counter-Evidence" Rule: Starting in 2026, taxpayers can finally submit proof (*tegenbewijs*) if their actual return was lower than the deemed return. Keep immaculate records. If you lose money, you need to prove it to avoid the tax.
2. Fiscal Partners: If you have a partner, you can double your tax-free allowance (~€102,000 total). Allocate your "Savings" to the person with the most wealth to minimize the impact of the high-investment bracket.
3. The "Spaargeld BV" (for €200k+): For larger portfolios, it might make sense to move assets into a private limited company (BV). In a BV, you are taxed on actual realized return, not imaginary numbers. If you have €200,000+ in investments, ask an accountant about this immediately.
Conclusion: Don't Be a Victim
The Dutch system penalizes passive holders. You need to be active in your planning.
Review your portfolio. If you are holding low-yield bonds in Box 3, you are likely losing money after tax. It might be smarter to pay off your mortgage (Box 1 deduction) or move those funds to a BV.
Stop guessing. Get your free Wealth Roadmap here to see if your current structure is bleeding money.
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