The Netherlands just passed a bill to tax unrealized wealth gains at 36%. Not realized gains. Not the money that you made, not the money you took off the table. Money that's still sitting in your portfolio. I'm talking about gains on paper. Now, you didn't sell it, but you owe money on it. But there's a lot more to this than just the tax. Video by Mark Moss.
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-Legal Necessity: The reform was triggered by several Dutch Supreme Court rulings (starting in 2021) that found the previous system of taxing "fictional" returns unconstitutional.
-Potential for Change: Although the bill passed the lower house, a parliamentary majority has already requested that the government explore moving to a purely realization-based system (taxing only when sold) by Budget Day 2028.
-Interim Period (2026–2027): Until the new law takes effect, a transitional system remains. For 2026, the fictitious return on "other assets" (like stocks) has been increased to 6%.
Key Provisions of the 2026 Reform
-Effective Date: The new system is scheduled to take effect on January 1, 2028, pending final approval from the Dutch Senate (Eerste Kamer).
-Tax Rate: A flat rate of 36% will be applied to actual returns.
-Assets Taxed on Unrealized Gains: This "mark-to-market" approach applies to stocks, bonds, and cryptocurrencies. Investors must pay tax on paper profits even if they have not sold the assets.
-Assets Taxed on Realized Gains: As a critical exception, real estate (other than primary residences) and shares in qualifying startups will follow a capital gains approach, meaning appreciation is only taxed upon sale or disposal.
-Tax-Free Threshold: The current tax-free capital threshold is replaced by a tax-free annual return of €1,800 per person.
-Loss Provisions: Net losses in a given year can be carried forward indefinitely to offset future gains, provided the loss exceeds €500.
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