� Netherlands proposes 36% tax on unrealized capital gains starting 2028

The Netherlands announced a 36% tax on unrealized capital gains covering stocks, ETFs, savings, and crypto. Each year, portfolio value growth would be taxed even if assets are not sold. The proposal still requires Senate approval and is scheduled to take effect on January 1, 2028.

Example:

� €100K portfolio rises to €140K
� €40K paper gain
� After €1,800 threshold, €38,200 taxable
� 36% tax = €13,752 due

Even if markets later crash, taxes already paid are not refunded. Losses can be carried forward, but prior unrealized gains remain taxed.

In a 3-year scenario:

� Initial investment: €100K
� Total tax paid: €13,752
� Portfolio value after recovery: €110K
� Real net capital after tax: €96,248

On paper the investor shows a profit. After taxes, they are below the original capital.

This setup increases forced selling risk, as investors may need to liquidate assets to pay taxes on unrealized gains.

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