How the box 3 tax rules impact your investments
Introduction
In the Netherlands investing has become popular with young people in the last few years. But together with rising interest in investing, we also see more discussions about taxes. One of the most important tax rules for investors is Box 3: the wealth tax (Belastingdienst, 2024). Many international clients don’t know how this system works, and even some Dutch people find it confusing. In this blog I will explain what Box 3 means, what is changing, and how these changes can affect your investments. My goal is to make it simple and clear so you understand what this means for your situation.
What is Box 3?
Box 3 is the part of the Dutch tax system that deals with your savings and investments (Rijksoverheid, 2024). Instead of paying tax on the real return you make, the Dutch system uses a fictional return. That means the government thinks you make a certain percentage of profit even if you don’t. This system has been under a lot of criticism, especially because many people paid tax on money they never earned. Because of this unfairness the Dutch government is now working on a new system. There is a certain amount from which you have to pay taxes in box 3 (2025): from €57.684 or €115.368 (fiscal partners) (Belastingdienst, 2024).
What is changing?
The biggest change is that the government wants to move from a fictional return to a system where you pay tax on the real return. This means you pay tax on the return you actually make. The tax becomes fairer for small investors, and people who take more risk may pay more because risky assets can have higher returns.
For example: in the old system, your money in a savings account was taxed as if you earned much more interest than you did. In the new plan savings will be taxed much lighter because interest is still low. Investments like stocks may be taxed higher, because their potential return is higher.
How does this impact your investments?
For investors, this change has some positive and negative sides.
- More fair taxation
If you’re a beginning investor with a small portfolio, the new system will likely benefit you. You will pay tax based on what you really earn, which feels more logical and less unpredictable. - Higher tax when you make higher returns
For people who invest in shares, crypto, or real estate taxes might go up if the real return is strong. This isn’t immediately bad, but it means you must plan better and keep track of your results. - Less advantage for just saving
People who keep most of their money in savings accounts will probably pay less tax than before. But at the same time, because inflation is high, saving also means losing buying power. So even if the tax is lower, investing can still be more attractive in the long term.
What does this mean for our clients?
For international clients who don’t understand the Dutch system, this change can actually help. The new rules are easier to explain because you pay tax on what you really earn, not on a fictional percentage.
For young investors or starters, it also means that small portfolios are not punished anymore. Many young people start investing with small amounts, and in the old Box 3 system they paid too much tax compared to what they actually earned. With the new system it becomes more fair and transparent.
However, clients must understand that risk and return go together, and with higher return comes potentially a higher tax. Good advice and regular checking of your investments become more important.
Conclusion
The changes in Box 3 will have an impact on investors in the Netherlands. The move from fictional to real return taxation makes the system fairer, especially for small investors and beginners. At the same time, investors with higher returns will need to prepare for possibly higher taxes and more paperwork. As an advisory office, it is our job to help clients understand these rules and help them in making smart financial choices. This makes good help more important. At HuisjeBoompjeBeleggen we make sure to help our clients as best as possible and we are happy to help anyone at any time.
Sources:
Belastingdienst. (2024). Box 3: Belasting over sparen en beleggen. Geraadpleegd op 6 oktober 2025, van https://www.belastingdienst.nl/wps/wcm/connect/nl/box-3/box-3-belasting-over-sparen-en-beleggen
Rijksoverheid. (2024). Hervorming box 3: Naar een stelsel op basis van werkelijk rendement. Geraadpleegd op 6 oktober 2025, van https://www.rijksoverheid.nl/onderwerpen/income-tax/box-3-hervorming
Rijksoverheid. (2023). Vermogensrendementsheffing en toekomstig box 3-stelsel. Geraadpleegd op 6 oktober 2025, van https://www.rijksoverheid.nl/onderwerpen/belastingen-op-vermogen