Does the Netherlands have capital gains tax?
No. The Netherlands has no general capital gains tax on private wealth. The profit you make on shares, savings or a second home is not taxed as profit. Instead, your assets usually fall into Box 3: savings and investments. In Box 3, the Belastingdienst taxes an assumed return. That means the tax is based on what the tax office assumes you earned, not on what you actually gained. This guide is for private holders. Do you own 5% or more in a company, or do you run a business? Then different rules apply. Read more in our overview of the Dutch tax system.
In short
With the deemed return, you pay no capital gains tax on Box 3 wealth. You do pay Box 3 tax instead.
Box 3 taxes your assets on a deemed return: an assumed return, not your actual profit.
The Box 3 rate is 36% in 2026. The deemed return is 1.28% on savings and 6.00% on other assets.
No Box 3 tax below the tax-free allowance of €59,357. With a fiscal partner, that doubles to €118,714.
You may report your actual return instead. You then pay tax on the lower amount.
The Belastingdienst taxes a substantial shareholding separately in Box 2. That means shares of 5% or more. Business or professional trading falls into Box 1.
The bill to tax your actual return from 1 January 2028 is still waiting for the Eerste Kamer. The "no capital gains tax" rule stays for now.
Who pays Box 3 and on which assets?
If you are a Dutch tax resident, you declare your worldwide assets in Box 3. A Dutch tax resident lives in the Netherlands or has their main ties here. Think of savings, shares, crypto, a second home and a holiday home abroad. Your own home, the one you live in, falls into Box 1 instead of Box 3. Foreign bank accounts and foreign investment portfolios count too. Did you arrive or leave during the year? Your resident period decides your Box 3 year. Check your own dates with an advisor. Not a Dutch tax resident? You can still owe Box 3 tax on some Dutch assets, such as real estate.
The old 30% ruling could keep foreign assets outside Box 3. That option ended 1 January 2025. A transitional rule runs to the end of 2026. It only applies if you used the ruling before 2024.
» More: a second home in Box 3
» More: the 30% ruling
If there is no capital gains tax, how are gains taxed?
Box 3 taxes your assets on a deemed return. That is a fixed percentage the Belastingdienst assumes you earned, regardless of your real result. Savings have a low deemed return: 1.28% in 2026. Other assets, such as shares and a second home, have a higher deemed return: 6.00% in 2026. That return is then taxed at 36%. Debts count through their own deemed return of 2.70% in 2026. This means you can make a large gain and pay relatively little Box 3 tax. You can also make a loss and still pay tax. The calculation follows the assumed return, not your actual profit. A fiscal partner is usually your spouse or registered partner. Unmarried partners qualify too, with a notarial cohabitation agreement and matching registration. The first €59,357 of your assets is tax-free (€118,714 with a fiscal partner). Only your assets on 1 January count for this calculation. If you arrived or left partway through the year, your reference date may differ. Check it with an advisor.
» More: how Box 3 works
| What | Detail |
|---|---|
| Capital gains tax on private wealth | None. Gains are not taxed as separate gains. |
| How tax on private assets works | Box 3: deemed return on their value |
| Box 3 rate (2026) | 36% |
| Deemed return, savings (2026) | 1.28% |
| Deemed return, other assets (2026) | 6.00% |
| Deemed return, debts (2026) | 2.70% |
| Tax-free allowance (2026) | €59,357 / €118,714 with a fiscal partner |
| Actual-return option | You may report it. You pay the lower amount (no tax-free allowance in that calculation) |
| Substantial shareholding (≥5%) | Box 2: 24.5% / 31% (2026), including tax on the gain |
| Business or professional trading | Box 1: progressive rates, up to 49.50% |
Can you be taxed on your actual return instead?
Yes. You can report your actual return instead of the deemed return. The Belastingdienst then uses the lower amount. This calculation has no tax-free allowance, so check both figures first. This follows rulings by the Dutch Supreme Court, the Hoge Raad. It is known as the counter-evidence rule, or tegenbewijsregeling. You report the value of your assets at the start and end of the year. You also report income such as interest, dividends and rent. Costs are not deductible, except interest on your Box 3 debts. This can help in a flat or falling year. In a strong year, the deemed return is often better. For improvements to real estate a separate correction applies. From 2026, private use of a second home also counts. It adds a deemed benefit to your actual return. From tax year 2025, you report your actual return in your tax return. For 2024 and earlier, you use the separate Opgaaf werkelijk rendement (OWR) form. OWR is Dutch for actual-return declaration.
» More: how Box 3 works
Is the Netherlands still getting a capital gains tax?
The Wet werkelijk rendement Box 3 would tax your actual return from 1 January 2028. It is still waiting for a Senate vote. For most assets, it would work as a capital-growth tax. That means you would pay tax each year on the increase in value. This could include gains you have not sold yet. Income such as interest and dividends would also count. For real estate and some other holdings it would work as a capital-gains tax. You pay tax when you sell. The lower house adopted the bill in February 2026. In September 2026 the cabinet proposed an amendment. It would tax gains on shares, bonds and other financial instruments only when you sell them. Parliament has not yet decided on it. The Eerste Kamer is the Dutch Senate, which votes last on the bill.
No capital gains tax here, but what about my home country?
The Dutch "no capital gains tax" rule only covers Dutch taxation. Your home country may still tax your gains. Many internationals are surprised that Box 3 taxes a deemed return on the value of their assets, not their actual profit. If you are also taxable elsewhere, a tax treaty may decide who taxes what. This can help prevent double taxation. The detail depends on your country and your situation, so it is worth checking before you assume a gain is tax-free everywhere. Check your 1 January asset value first. Then compare the deemed return with your actual return. Ask an advisor about your home country.
How Box 3 taxes your savings and investments is on our overview of Dutch wealth tax.
“People hear "no capital gains tax" and think their assets are free. In Box 3 you pay tax on their value, not your profit. Once you know that, planning around it is simple.”
Belastingdienst, Hoe is het Box 3-inkomen op mijn voorlopige aanslag 2026 berekend? · Accessed
Belastingdienst, Heffingsvrij vermogen 2026 · Accessed
Belastingdienst, Wat is mijn werkelijk rendement? · Accessed
Rijksoverheid, Tijdlijn werkelijk rendement Box 3 · Accessed
Eerste Kamer, Wet werkelijk rendement Box 3 (dossier 36748) · Accessed
Common questions about capital gains tax and Box 3 wealth tax in the Netherlands.
Do I pay tax when I sell my shares at a profit?
No, there is no general capital gains tax on private wealth. You pay no tax on your gains as profit. You pay Box 3 tax on your assets, based on a deemed return: an assumed return.
So how is my investment profit taxed?
Under the deemed return, Box 3 does not tax your profit as profit. You pay 36% (2026) on a deemed return of your asset value. Under the actual-return method, your real gains and income do count.
What is the tax-free allowance for Box 3?
In 2026, the first €59,357 of your assets is tax-free. With a fiscal partner, this is €118,714. Above that, the deemed return applies.
Can I be taxed on my real return instead?
Yes, you can report your actual return and pay the lower amount. The tax-free allowance does not apply in that calculation. Costs are not deductible, except interest on Box 3 debts.
Are there any gains that are taxed in the Netherlands?
Yes. A substantial shareholding, meaning 5% or more, falls into Box 2. That includes tax on the gain. Box 1 covers business or professional trading instead. The "no capital gains tax" rule is about private Box 3 wealth.
Does the 30% ruling still keep my foreign assets out of Box 3?
Generally no. The partial non-resident option ended on 1 January 2025, with a transitional rule. That rule runs to the end of 2026, for people with the ruling before 2024. This option used to keep foreign assets outside Box 3. After the transition, Dutch tax residents pay Box 3 tax on worldwide assets. Check your own situation with your advisor.
Is the Netherlands getting a capital gains tax?
The 2028 start still stands, but parliament has not decided yet. The Eerste Kamer has not voted on the bill. The cabinet has also proposed an amendment on gains from shares and bonds.