Dutch Petition Challenges Tax on Paper Investment Profits
Netherlands, Sunday, 15 February 2026.
Over 27,000 Dutch citizens have signed a petition opposing the proposed 2028 Box 3 tax reform that would tax unrealized investment gains annually. The grassroots movement advocates for an American-style system where investors pay taxes only when selling assets for actual profits, not on paper gains. Petitioners argue the current proposal forces citizens to pay taxes on money they haven’t received while bearing full investment risk. The campaign highlights how compound interest effects could reduce retirement savings by up to 80% over 30-40 years, with one example showing a €200,000 portfolio yielding €6.6 million less in the Netherlands compared to tax-free jurisdictions.
Petition Demands Major Reform of Proposed Tax System
The petition, hosted on box3eerlijk.petities.nl, has gathered 27,336 signatures as of February 15, 2026, calling for fundamental changes to the Netherlands’ proposed Box 3 tax legislation scheduled for implementation on January 1, 2028 [1][2]. The grassroots campaign specifically demands replacing the planned ‘vermogensaanwasbelasting’ (wealth growth tax) with a ‘vermogenswinstbelasting’ (wealth profit tax), arguing that taxation should occur only when investors actually realize their gains through asset sales [1]. Petitioners describe themselves as private investors in the Netherlands with investments below €1 million, positioning the campaign as a defense of small-scale savers and investors [1].
Constitutional and Financial Concerns Drive Opposition
The petition raises significant constitutional objections, arguing that the proposed tax system violates Article 1 of the European Convention on Human Rights by forcing citizens to pay taxes on money they have not yet received while bearing 100% of the investment risk during market downturns [1]. Petitioners warn that the annual taxation of unrealized gains creates an unsustainable liquidity problem, potentially forcing investors to sell carefully built portfolios to meet tax obligations [1]. The campaign emphasizes how this system would destroy the compound interest effect, which they describe as critical for pension building over 30-40 year periods [1].
Dramatic Impact on Long-Term Investment Returns
The petition presents a stark financial comparison demonstrating the proposed tax system’s impact on long-term wealth building. Using a €200,000 portfolio with 10% annual returns over 40 years, the analysis shows that investors in tax-free jurisdictions would retain €9,051,851, while Dutch investors under the proposed 36% tax rate would keep only €2,404,975 [1]. This represents a difference of €6,646,876, which petitioners characterize as ‘theft of property’ [1]. The calculation assumes consistent annual taxation of unrealized gains, illustrating how compound growth would be systematically eroded under the new system [1].
Parliamentary Developments Signal Potential Changes
Recent parliamentary activity suggests growing political support for the petition’s core demands. On February 12, 2026, the Tweede Kamer approved the Wet werkelijk rendement box 3 bill while simultaneously adopting motions to develop the hybrid system into a vermogenswinstbelasting [2]. The parliament has requested that a box 3 system based on capital gains taxation be presented no later than in the 2029 Tax Plan, indicating a potential shift away from the annual unrealized gains model [2]. Coalition parties D66, VVD, and CDA have expressed preference for a vermogenswinstsystematiek over the proposed vermogensaanwassystematiek as of February 2, 2026 [2].
Implementation Timeline and Political Opposition
The proposed Box 3 reform has faced multiple delays, with implementation originally planned for 2027 before being pushed to January 1, 2028 [2]. On February 4, 2026, demissionair staatssecretaris Eugène Heijnen noted that coalition parties’ desire to eliminate taxation of paper investment profits lacks coverage in their financial plans, highlighting the fiscal challenges of such reforms [2]. The petition deadline extends to April 17, 2026, giving organizers additional time to build support for their proposed American-style capital gains system [1]. Political resistance has been growing, with various experts and organizations criticizing the complexity and potential economic impact of taxing unrealized gains on Dutch investment behavior [2].