New Box 3 system: what It means for crypto investors and how to prepare

After years of discussion, the Dutch House of Representatives has passed the Box 3 Actual Return Act. This marks the beginning of a fundamental change in how wealth is taxed, affecting anyone with investments, including crypto. 

In brief

• From 2028 onwards, tax will no longer be based on a notional (estimated) return, but on the actual return you achieve.
• This means you may have to pay tax on unrealized gains — even if you have not sold anything.
• The law is expected to take effect on January 1, 2028, but still requires approval from the Senate.
• In this article, you will read what the new rules could mean for crypto investors and the role a business crypto account with Amdax can play.

What exactly is going to change?

Under the current system, you pay Box 3 tax on a fictional return on your assets — a rough estimate that doesn’t reflect what you actually earned.

The new system is based on actual returns: in other words, how much your investments have truly increased in value. This applies not only to savings and stocks but also to crypto.

The key point: you will pay tax on your real profit in a year even if you haven’t sold anything. This is called a wealth growth tax.

For certain asset types — such as real estate or shares in start-ups — an exception applies: tax is only charged when you sell. This is known as a capital gains tax.

The tax-free allowance will also change. Instead of a tax-free amount of wealth, there will be a tax-free return allowance. This means you’ll receive an annual portion of your return that is exempt from tax. The tax-free return allowance is €1,800 per person per year.

What does the new Box 3 regulation mean for crypto investors?

For example, imagine you have a crypto portfolio:

• Value at the beginning of the year: €200,000

• Value at the end of the year: €260,000

• Unrealized gain: €60,000

From that €60,000 gain, the €1,800 tax-free return allowance is deducted first:

Taxable return: €60,000 – €1,800 = €58,200

At a tax rate of 36%, this results in: €20,952 in tax.

For crypto investors, this can be especially challenging because crypto prices often fluctuate significantly.

The consequence of the new system is that you may have to pay tax on paper gains, potentially forcing you to sell part of your crypto to cover the tax bill. It therefore changes not just how much you pay, but when and at what prices.

It can also affect your compound returns: if you have to withdraw capital during a growth period, you may end up with less capital available to grow further over time — and that can make a noticeable difference to your final wealth.

How does loss offsetting work in the new Box 3 system?

Under the new system, losses are also taken into account. If the value of your crypto portfolio falls in a given year, this creates a negative return. You can carry this loss forward to future years to offset positive returns.

What you cannot do is carry losses back to prior years to reclaim tax already paid — so loss offsetting works only forward, not backward. There is also a €500 loss threshold per year.

With volatile investments like crypto, this difference can matter: you might pay tax in a strong year, but a drop in value the next year might not trigger a refund automatically.

Why is this controversial?

The plan has drawn criticism:

• It may discourage investing — an important way many people build wealth, including for retirement.

• Many investors and tax experts think it’s unfair to tax gains that have never been realized.

• Critics also worry about liquidity issues, especially with volatile assets like crypto.

• Political disagreement remains over the ideal structure: some lawmakers want to shift toward taxing income only when assets are sold (capital gains tax), and plans to present such proposals by Budget Day 2028 are already underway.

Importantly, the new system is likely not the final version — further changes could come.

How to Prepare for This Change

This shift makes when you build wealth as important as how much you build, as it affects your tax timing and cash flow.

A Business Structure (e.g., BV / Box 2)

One option some investors consider is holding assets within a company (a BV), where tax generally applies when profit is realized (e.g., on sale or distribution), giving more control over timing.

This can have advantages:

• More control over the timing of tax payments.

• No annual tax on unrealized price gains.

• Potential planning benefits for volatile assets like crypto.

However, corporate structures also come with other tax and administrative considerations and whether this makes sense depends on your personal situation. Always consult a qualified tax advisor.

Business crypto investing with Amdax

For those who want to invest business-wise, Amdax offers accessible options to invest in Bitcoin and other crypto via a holding, BV, or other entity, with full access to Amdax features you’re used to.

You can manage your investments yourself or have our experts manage them for you.