Netherlands Introduces Tax on Unrealized Gains – Bitcoin Holders Affected

The Dutch House of Representatives (Tweede Kamer) approved a far-reaching reform of wealth taxation on February 12, 2026. Starting from the planned effective date of January 1, 2028, actual appreciation in value will be taxed rather than fictional returns – even if these gains have not yet been realized ^[1].

The reform affects private investment assets in the so-called Box 3, including stocks, ETFs, precious metals, as well as Bitcoin and other cryptocurrencies. The background: The previous system taxed presumed returns on a flat-rate basis, which the Dutch Supreme Court (Hoge Raad) repeatedly declared unlawful ^[1].

Particularly critical for Bitcoin holders is the liquidity problem: The tax liability arises on the valuation date but is not due until months later. With an estimated tax rate of 36 percent, an unrealized appreciation of 30,000 euros could trigger a tax liability of approximately 10,800 euros – without any sale having taken place. If the price subsequently falls, the tax liability remains nonetheless, which can lead to forced sales ^[1].

The bill must still be approved by the Senate (Eerste Kamer). Experts consider approval likely, although amendments are possible ^[1].