The planned reforms to the Dutch Box 3 tax system are currently raising many questions among Dutch savers, investors and property owners. Especially for those considering a second home or an investment abroad, the fiscal context is becoming increasingly important.
At the same time, interest in Spanish real estate continues to grow. It is no longer viewed solely as a holiday home, but increasingly as part of a broader strategy focused on wealth diversification, quality of life and long-term planning.
However, purchasing a property in Spain is rarely driven by tax considerations alone. Factors such as climate, rental opportunities, international accessibility and the possibility of spending more time in Spain in the future also play an important role.
In this article, we take a closer look at the main changes proposed within Box 3 and explain why Spanish real estate is becoming increasingly relevant for Dutch buyers.
What will change in Box 3 from 2028 onwards?
At present, the Dutch Box 3 system still largely works with deemed returns. This means that the Dutch tax authorities do not tax the actual return achieved, but rather an estimated return on different types of assets.
That may soon change. The Netherlands is currently working on a new Box 3 system based on actual returns, with an intended implementation date of 1 January 2028. The legislative proposal has already been approved by the Dutch House of Representatives, although it still has to go through the remaining legislative process.
According to the current proposal, different categories of assets will be treated differently. For many investments, such as shares, bonds and cryptocurrencies, the main rule would become a capital growth tax. This means that not only income such as interest or dividends would be taxed, but also annual increases in value — even if these gains have not yet been realised.
The key difference: certain investments may become taxable on unrealised gains. Real estate, however, would fall under a different system according to the current proposal.
For real estate, a different approach would apply. Properties, including second homes, would fall under a capital gains taxation model. This means that annual unrealised increases in value would not be taxed, but rather the direct income generated and any realised gain upon sale.
This distinction is important. It means that real estate could take on a different position within the future Box 3 framework compared to traditional investments such as shares or cryptocurrencies. This is one of the reasons why many Dutch buyers are once again considering property as part of their long-term wealth planning.
At the same time, it is important to remain cautious. The new regulations are not yet fully finalised and the exact impact will always depend on the individual situation. In the case of property in Spain, Spanish taxes, the tax treaty between Spain and the Netherlands and possible rental or residency situations must also be taken into account.
What does this mean for a property in Spain?
Dutch buyers purchasing property in Spain will naturally have to deal with both Spanish and Dutch regulations. The tax treaty between both countries also plays an important role, helping to avoid double taxation in many situations.
The exact fiscal impact depends on several factors, including:
- the type of property
- private use or rental activity
- the buyer’s personal tax situation
- and any future move to Spain
In Spain, owners must also take local taxes and purchase costs into account, such as the annual IBI property tax and taxes related to rental income or resale.
Market trend: Spain remains extremely popular among Dutch buyers. In several Spanish regions, Dutch nationals are now among the largest foreign buyer groups, gradually overtaking British buyers in certain areas.
Places such as Jávea, Moraira and Benissa combine a strong international property market with a high quality of life and a growing Dutch community.
Why many Dutch buyers are already looking ahead
Many Dutch buyers are already anticipating the planned Box 3 reform.
As a result, interest in tangible investments such as real estate continues to grow, with many people already preparing for possible fiscal changes from 2028 onwards. Especially for those thinking long term, it may be interesting to position themselves today within a stable property market.
However, purchasing property in Spain is rarely motivated by tax considerations alone. For many buyers, other factors also play an important role:
- wealth diversification
- rental opportunities
- quality of life
- retirement planning
- spending more time in Spain
- preparing for a future relocation
In addition, demand for quality property in popular Spanish regions remains strong, while supply in prime locations continues to be limited. Many buyers therefore want to position themselves today, regardless of how taxation may evolve after 2028.
Today, property in Spain is increasingly viewed not simply as a holiday home, but as part of a broader long-term strategy involving lifestyle, investment and wealth planning.
Guidance for Dutch buyers
Buying property in Spain today requires more than ever a professional and transparent approach. Especially in an international context, it is important to make decisions based on objective advice, market knowledge and long-term vision.
Although our offices are based in Belgium and Spain, we work with Dutch clients on a daily basis in their search for property under the Spanish sun. Thanks to our presence across several Spanish regions, we can provide independent advice without focusing on one specific area or project.
This allows us to truly assess which options best match the wishes, objectives and situation of each individual client.
We also closely monitor the real estate market in various Spanish regions, enabling us to support clients with realistic market insights and well-founded advice regarding locations, pricing, rental potential and long-term prospects.
For Dutch clients, we regularly organise non-binding introductory videocalls to discuss preferences, budgets, regions and any investment or future-planning questions — even before a first visit to Spain.
Do you have questions about buying property in Spain or would you like to discover which region best suits your plans? Feel free to contact us for a non-binding conversation.