Netherlands to Tax Crypto and Investments on Unrealized Gains Starting 2028

The Dutch House of Representatives has enacted a sweeping tax reform that will impose a 36% levy on unrealized gains from cryptocurrencies and other investments beginning in January 2028. The Actual Return in Box 3 Act marks a significant shift in fiscal policy, targeting the appreciation of assets like stocks, bonds, and digital currencies regardless of whether they are sold.

Crypto holders will face annual taxation based on their portfolio's value as of January 1, creating potential liabilities even during market downturns. The fixed valuation date eliminates consideration of subsequent price volatility, potentially creating tax burdens without corresponding liquidity events.

Real estate and startup investments receive differentiated treatment under the new regime, with taxation deferred until realization. This disparity has drawn criticism from digital asset advocates who argue the policy unfairly targets crypto investors.