Taxes
Box 3 in the Netherlands: What Do You Pay on Savings and Investments
How Box 3 tax works in the Netherlands? Understand the current rates, the tegenbewijsregeling, rechtsherstel claims, and the planned Box 3 reform from 2028.
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18 mins
Intro
Box 3 is the part of the Dutch tax return that causes more confusion and frustration than almost any other. The system has been under legal attack for years, the calculation changed in 2023, the rules changed again in 2025, and another major overhaul is planned for 2028. In the middle of all this, many Dutch savers and investors are left wondering a simple question: what do I actually owe?
The difficulty is that Box 3 no longer operates under one straightforward set of rules. Today, a transitional system applies with different deemed returns for savings, investments and debts. Taxpayers can now also invoke the tegenbewijsregeling if their actual return is lower than the government's assumed return. Meanwhile, parliament has already approved a future system based largely on actual returns. Understanding where the current rules end and the future rules begin is essential for anyone with savings, investments, crypto assets, or a second home.
What Box 3 Is and Why It Works Differently From Other Taxes
The Dutch income tax system is divided into three separate categories, commonly referred to as boxes. Box 1 covers employment income, self-employment income, and your primary residence. Box 2 covers income from a substantial interest in a company, usually a shareholding of at least 5% in a BV. Box 3 covers private wealth such as savings and investments.
Unlike Box 1 and Box 2, Box 3 does not primarily tax actual income. Instead, the government historically assumed that wealth generates a certain return and taxed that assumed return. The original idea was simplicity. Rather than requiring taxpayers to report every interest payment, dividend, and capital gain, the government could apply a standard formula and calculate the tax automatically.
The problem is obvious. Actual returns rarely match assumed returns. For years, savers earning less than 1% interest were taxed as if they earned much more. This mismatch ultimately led to multiple Supreme Court rulings and major reforms. Today’s system is a temporary solution until the planned move to a new actual-return-based system in 2028.
Understanding Box 3 is also important when calculating how much tax you pay as a Dutch entrepreneur or investor.
What Falls Under Box 3 and What Does Not
Knowing which assets belong in Box 3 is the starting point for every calculation. Many taxpayers assume all wealth belongs there, but that is not the case. The Dutch tax system separates personal wealth, business assets, and substantial shareholdings into different boxes.
For entrepreneurs, this distinction becomes particularly important. A founder may own a BV, maintain a private investment portfolio, hold crypto assets, and own a second home. Not all of those assets receive the same tax treatment.
Assets typically included in Box 3:
Savings accounts
Current accounts and bank deposits
Investment portfolios
Bonds and investment funds
Second homes and holiday properties
Rental properties
Crypto assets
NFTs
Receivables and loans to third parties
Cash holdings above the exemption threshold
Certain green investments
Assets generally excluded from Box 3:
Your primary residence
Pension savings
Annuities
Business assets of sole traders
Certain life insurance policies
Shares representing 5% or more of a company
This last point is especially relevant for directors and founders. A DGA who owns at least 5% of a BV reports those shares in Box 2 rather than Box 3. Their private savings, investment portfolio and second home remain taxable in Box 3. Understanding the interaction between Box 2 and Box 3 is essential when evaluating strategies such as DGA salary vs dividend.
Similarly, entrepreneurs deciding between a BV or sole trader should understand how business assets and personal wealth are taxed differently.
The 2026 Calculation: Forfait Rates, Threshold, and Tax Rate
The 2026 Box 3 calculation uses the transitional three-category system introduced under the overbruggingswetgeving. Different types of assets receive different deemed returns.
Asset Category | Dutch Term | Forfait 2026 | Notes |
Bank deposits | Banktegoeden | 1.28% (preliminary) | Savings, current accounts, cash |
Other assets | Overige bezittingen | 6.00% | Investments, property, crypto |
Debts | Schulden | 2.70% (preliminary) | Above debt threshold only |
Key parameters for 2026:
Heffingsvrij vermogen: €59,357 per person
Fiscal partners: €118,714 combined
Tax rate: 36%
Peildatum: 1 January 2026
Example Calculation
Assume a taxpayer owns:
Asset | Value |
Savings account | €80,000 |
Investment funds | €40,000 |
Total wealth | €120,000 |
Calculation:
Step | Amount |
Total wealth | €120,000 |
Less exemption | €59,357 |
Taxable base | €60,643 |
The taxable base is then split proportionally:
Category | Share | Taxable Base |
Savings | 66.67% | €40,429 |
Investments | 33.33% | €20,214 |
Deemed return:
Category | Return |
Savings (1.28%) | €517 |
Investments (6.00%) | €1,213 |
Total return | €1,730 |
Tax due:
€1,730 × 36% = €623
This remains the standard calculation unless the taxpayer chooses to apply the tegenbewijsregeling.
The Tegenbewijsregeling: When Your Actual Return Is Lower (And the Hidden Trap)
The Wet tegenbewijsregeling box 3 entered into force on 1 July 2025. It gives taxpayers a statutory right to use their actual return instead of the forfait return when that actual return is lower.
At first glance, this sounds universally beneficial. Most articles stop there. Unfortunately, that is not the full story.
Taxpayers who often benefit include:
Savers earning low interest
Investors with losses
Property owners with low rental income
Crypto holders with negative returns
The actual return generally includes:
Interest income
Dividend income
Rental income
Realised capital gains
The hidden trap comes from a Supreme Court ruling that most websites fail to mention.
When using the tegenbewijsregeling, the heffingsvrij vermogen no longer applies.
The actual return is calculated across your entire wealth position.
Example:
Situation | Amount |
Savings | €100,000 |
Actual interest | €1,200 |
Forfait calculation:
Taxable wealth = €100,000 - €59,357
Deemed return = €520
Tax = approximately €187
Tegenbewijsregeling:
Actual return = €1,200
Tax = €432
In this situation, using the tegenbewijsregeling produces a significantly higher tax bill.
The lesson is simple: always calculate both methods before making a choice.
The 2026 Second Home Rule: What Changed for Property Owners
Property owners face an additional complication from 2026 onwards.
Under earlier interpretations of the tegenbewijsregeling, taxpayers could largely focus on actual rental income when calculating their actual return. That approach has changed.
From 2026, taxpayers who own a second home and wish to use the tegenbewijsregeling must also include the deemed personal-use value of the property in the actual-return calculation.
This primarily affects:
Holiday homes
Second residences
Partially rented properties
A taxpayer who rents a holiday property for only part of the year can no longer calculate actual return using rental income alone. The personal use component must also be included.
For some property owners, this significantly reduces the advantage of the tegenbewijsregeling and may eliminate it entirely.
Anyone planning to use the regeling for a second home should recalculate carefully before filing their return.
Crypto, Investments, and Alternative Assets in Box 3
Few examples demonstrate the shortcomings of the current Box 3 system better than crypto.
Crypto assets fall under "overige bezittingen" and therefore receive the 6% forfait, regardless of actual performance.
A portfolio worth €50,000 on 1 January 2026 produces:
Fictional return: €3,000
Tax due: €1,080
Even if the portfolio subsequently falls 40%.
This is one of the main reasons Box 3 remains controversial.
For crypto holders and investors, the tegenbewijsregeling can provide relief if actual returns are lower than the forfait. However, the calculations must always be compared carefully.
Green investments receive special treatment:
Additional exemption: €71,251 per person
Fiscal partners: €142,502
Additional tax credit: 0.7%
Many entrepreneurs who are starting a company in the Netherlands eventually build private investment portfolios alongside their business. Understanding how these investments interact with Box 3 becomes increasingly important as wealth grows.
Written by
Nick Knuppe
CEO & Founder
