When you are new to the Dutch system, investing can be confusing. Many internationals say the rules feel strict and sometimes unclear. That is why the Dutch government has introduced changes. These changes can affect anyone with savings or investments. The biggest topic this year is Box 3. This is a part of the tax system that covers your savings and investments. In this blog, I am going to explain what has changed, what it means for you as an international investor and how you can take action.
Box 3 and the tax system
Box 3 has been in the news a lot in recent years, especially this year (Zakenblad , 2025) . The reason why is simple. The Netherlands used a certain tax system for a long time. This system taxed a fictional return on investments which means the government assumed you earned a certain amount even if you did not. Because of this, many people paid tax in years when investments lost value, and others paid more than they felt was fair. This caused a lot of frustration.
That is why this system is going to change. The Dutch government announced in 2025 plans to replace this system with the idea to move toward a tax on actual returns (Rijksoverheid, 2025). This means you will pay tax only on what you really earned. Many investors welcome this, as it feels clearer and fairer. However, it is a challenge to implement the new system. It is still being developed. So for now, the old rules remain in place.
Rising taxes in 2025
It is stated that the assumed return for 2025 is higher than last year. For example, in 2024 the assumed return was 5.33%, while for 2025 it is estimated at 5.53%. So what does this mean? It means your tax bill may increase, even if your investments did not grow. Internationals are often surprised by this because in many countries you only pay tax on real profit. However, in the Netherlands this works differently at the moment.
For instance, if you own assets in your home country, Dutch rules may still apply to you. This is different in each situation. So it heavily depends on tax treaties and the place where you are considered a resident. When you do not know the details, it is easy to misinterpret this and to face some negative consequences. That is why many internationals say the rules feel strict.
So I always advise my clients to review their portfolios annually. At Hypovest for instance, we help international investors understand exactly how Box 3 affects their portfolio. In this way we want to ensure our clients don’t pay more than necessary and can make the most of sustainable investment opportunities.
Sustainable investing
Sustainable investing has also received attention in 2025. The Netherlands has long supported green investments. For example, the government was offering extra tax advantages. However, the government announced that some benefits will be reduced in coming years (Vanlaarhoven&patners, 2025).
This does not make sustainable investing less attractive. It means investors should focus more on the long-term strength of the investment rather than tax perks. From my point of view, investing sustainably is not just about tax incentives. I think it is more important to focus on building a portfolio that aligns with your values and withstands market changes.
These developments show how important it is to understand the Dutch system, because even small choices can have bigger effects than you expect. Many internationals assume the rules work the same everywhere, but it is different in every situation, especially in the Dutch tax system.
Conclusion
These changes in 2025 show that the Dutch investment landscape is evolving. Moving toward taxing actual returns promises more fairness in the future. Until then, the temporary rules still determine what you pay today. So stay informed and ask questions as an international investor in the Netherlands. Understanding the rules helps avoid surprises. While investing here can seem simple, the right support is crucial.
So I encourage all international investors to review their portfolios today. Consulting an advisor can help you optimize both your tax position and sustainable investment strategies.
References:
Rijksoverheid. (2025, mei 19). Wetsvoorstel werkelijk rendement box 3 aangeboden aan Tweede Kamer. Opgehaald van Rijksoverheid: https://www.rijksoverheid.nl/actueel/nieuws/2025/05/19/wetsvoorstel-werkelijk-rendement-box-3-aangeboden-aan-tweede-kamer
Vanlaarhoven&patners. (2025, juni 25). Afschaffing fiscale voordelen groen beleggen wordt niet teruggedraaid. Opgehaald van Vanlaarhoven&patners: https://www.vanlaarhovenenpartners.nl/nieuws/afschaffing-fiscale-voordelen-groen-beleggen-wordt-niet-teruggedraaid-314
Zakenblad . (2025, oktober 17). Het meest besproken fiscale onderwerp van de laatste jaren: box 3. Opgehaald van Zakenblad : https://zakenblad.nl/2025/10/17/het-meest-besproken-fiscale-onderwerp-van-de-laatste-jaren-box-3/
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