Netherlands to tax unrealised Bitcoin gains under new Box 3 rules

• Wet werkelijk rendement Box 3 is set to begin on January 1, 2028, according to the Dutch parliament.
• A 36% flat tax will apply to positive net returns above a €1,800 threshold per person.
• Losses can be carried forward to offset future gains.

The Netherlands is preparing to change how it taxes investors, and the shift could have a direct impact on people holding Bitcoin and other crypto assets.

Starting in 2028, the country plans to tax unrealised gains, meaning investors could owe tax even if they have not sold their holdings.

According to a post shared by Crypto Rover, the Netherlands is moving towards taxing unrealised Bitcoin gains, bringing fresh attention to how governments may treat crypto under mainstream investment rules.

The policy is expected to cover a broad set of assets, including Bitcoin, other cryptocurrencies, stocks, bonds, and similar investments.

For many investors, the key issue is that tax would be triggered by changes in value over time, not by selling and locking in profits.

That makes the reform especially relevant for crypto holders, who often deal with sharp price swings and long holding periods.

Netherlands plans overhaul of Box 3 wealth tax

According to the Dutch parliament, the Netherlands will introduce a new tax system called Wet werkelijk rendement Box 3 starting January 1, 2028.

The idea is to tax investors based on the actual returns they make each year, rather than on estimated returns set by the government.

Under the planned approach, authorities would compare the value of a person’s assets at the start and end of the year. Any income earned during that period would also be included in the calculation.

This means investors could be taxed on both realised profits and unrealised gains that only exist on paper.

The tax will apply to Bitcoin, other cryptocurrencies, and traditional investment products.

The reform is designed to treat different asset classes equally and apply one consistent method across a modern portfolio.

Why the Netherlands is changing its tax model

The proposed change follows a court ruling that found the old Box 3 system unfair.

Under the previous framework, investors were taxed based on assumed returns, even if their holdings did not perform in line with those assumptions.

Lawmakers argue the new structure is more accurate because it is based on the real change in value of assets, rather than an estimate that may not reflect actual outcomes.

Supporters of the change believe it improves fairness, especially for investors whose returns have historically been overstated by the assumed-return method.

The planned system also reflects how investment behaviour has evolved over the years.

Many households now hold a mix of traditional assets and crypto, and the government appears to be moving towards rules that apply consistently across both categories.

How unrealised gains would be taxed each year?

Under the new rules, the government would calculate a person’s yearly investment result by comparing asset values at the beginning and end of the year, plus any income earned during that period.

A 36% flat tax would apply to positive net returns above a €1,800 annual threshold per person.

In simple terms, the tax would be linked to annual performance rather than transactions.

That means an investor could owe tax if their portfolio rises in value, even if they did not sell anything and did not receive cash from their holdings.

If an investor records a loss, that loss can be carried forward and used to offset future gains.

This gives investors some protection during negative years, although the timing mismatch between paper gains and cash flow remains a concern for some.

What the reform could mean for Bitcoin and crypto holders

For crypto investors, the biggest challenge is volatility. Bitcoin and other digital assets can rise sharply in a short time, and then fall just as quickly.

A year-end value increase could create a tax bill, even if the investor has not sold any crypto and has no cash available from those gains.

Critics warn this could create liquidity pressure, especially for long-term holders who do not want to sell their Bitcoin just to fund tax payments.

Some also fear it could push investors and crypto businesses to relocate if the system becomes too costly or difficult to manage.

With the Box 3 reform planned for 2028, the Netherlands is positioning itself for a major shift in investor taxation, and crypto holders may soon face annual tax calculations tied to market movements rather than selling decisions.