Two EU countries have taken bold steps to tax savings and investments harder. Here’s the short version.

Netherlands – Tax on unrealized gains from 2028
From 1 January 2028, the Netherlands introduces the “Actual Return in Box 3 Act” (Wet werkelijk rendement box 3). 

• It taxes actual returns on savings, shares, bonds, crypto and similar assets in Box 3. 
• Both realised and unrealised gains are included — you pay even if you haven’t sold anything. 
• Rate: 36%. 
• Exemptions: property and startup shares (taxed only on sale). 
• Small tax-free allowance: around €1,800 per year.

This followed Supreme Court rulings that the old fictional yield system was unlawful. Instead of scaling back, the government moved to a more aggressive model to protect revenue. Source

Spain – Permanent solidarity tax on large fortunes
Spain introduced a “temporary” solidarity tax on high net worth in 2022. It is now permanent. 

• Applies to net wealth above €3 million (after a €700k deduction). 
• Progressive rates: 1.7% (3–5M), 2.1% (5–10M), 3.5% (above 10M). 
• National tax that overrides low-tax regions like Madrid. 
• Regional wealth taxes still apply from lower thresholds in many areas.

Classic pattern: “temporary” becomes forever. Source

Both cases reveal the same pressure: ageing populations, high debt, and the need for revenue without raising ordinary income taxes further. The Netherlands goes furthest by taxing paper gains. Spain shows how quickly new levies stick.

For private savers the message is clear — governments are increasingly eyeing accumulated capital. Diversify, stay informed, and consider your options.

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