The Dutch tax system operates with the same precision as a Delta Works sluice gate, until you try to navigate the labyrinth of Box 3 (wealth tax) calculations. With the 2028 reforms looming, a growing crowd of retail investors is discovering a loophole that feels almost too Dutch in its pragmatism: if you can’t beat the taxman, incorporate yourself.
Welcome to the Beleggings BV (investment corporation) boom, where ordinary savers are transforming into corporate entities to sidestep wealth taxes designed for, well, wealthy people.
The Box 3 Panic Button
The new Box 3 system, approved by the Tweede Kamer (Second Chamber) despite audible grumbling, shifts from a fictional 4% deemed return to taxing actual returns. On paper, this sounds fair. In practice, it creates a perverse scenario where investors might need to sell assets to pay taxes on unrealized gains. The details of the 2028 Box 3 wealth tax overhaul have sent the FIRE community into a collective spreadsheet frenzy.
One comment that keeps surfacing in private discussions captures the mood: “The government gives multinationals advantages while continuously trying to screw its own citizens.” This sentiment is fueling a mass DIY tax rebellion that would make the Belastingdienst (Tax Authority) reach for the Advil.
What Exactly Is a Beleggings BV?
A Beleggings BV (investment corporation) is essentially a shell company with one purpose: holding your stock portfolio. Instead of owning shares personally (Box 3), you own a company that owns shares (Box 2). The tax difference is substantial:
- Box 3: Up to 36% tax on your actual returns
- Box 2: 26.9% dividend tax when you take profits out, but only 19% corporate tax (VPB) on profits under €200,000
The magic happens when you don’t need the money immediately. By keeping profits inside the BV, you defer the 26.9% dividend tax indefinitely. For long-term investors, this compound tax deferral can outweigh the setup costs within a few years.
The Real Math: When Does It Actually Pay Off?
Here’s where the Reddit wisdom gets practical. One user broke down the costs:
- Setup: €300-550 (Ligo or similar services)
- KVK registration: €75 one-time
- eHerkenning: €30-60 annually (digital identification for government portals)
- Bookkeeping: €240-360 annually (Jortt or Excel if you’re brave)
- Corporate bank account: €120 annually
- LEI code: €60 annually (required for investing)
Total first-year cost: roughly €600-700. Annual recurring: €450-600.
The break-even point? Around €80,000 in invested assets generating 10% returns. At that level, Box 3 hits you for approximately €1,000 in taxes. The BV costs become a wash, and every euro above that threshold starts saving you money.
The Setup Reality Check
Creating a Beleggings BV isn’t rocket science, but it’s not a weekend project either. The process involves:
- Registering with the KvK (Chamber of Commerce) as a “spaar BV” (savings corporation)
- Opening a corporate bank account (GODUTCH offers €0.14 per transaction, which adds up for monthly contributions)
- Getting eHerkenning to file annual reports
- Depositing capital via agio storting (premium deposit) to enable future tax-free withdrawals
The agio storting is crucial. By depositing capital above the nominal share value, you create a special reserve that can be repaid tax-free later. One investor explained their method: “I fill out a document myself, approve it at the shareholder meeting (I’m the only shareholder), sign it, and keep it safe. The notary only gets involved when I want to pay out this money.”
The DGA Salary Trap and How to Avoid It
Here’s where many DIYers stumble. As a DGA (director-major shareholder), you’re technically required to pay yourself a “market-conforming” salary of at least €56,000. However, for a pure Beleggings BV with no economic activity, you can set this to €0.
The key is explicitly marking your BV as inactive during KvK registration and maintaining zero business operations. One investor warned: “If you start swing trading actively, you risk the tax office classifying it as economic activity, triggering DGA salary requirements and killing your business case.”
The Transparency Problem Nobody Talks About
When you register a BV, your financials become semi-public. Annual reports filed with the KvK show total assets and liabilities. While exact holdings remain private, your neighbors can see you’re sitting on a corporation with substantial wealth.
One privacy-conscious investor noted: “I can see on TomTom maps exactly which neighbors have BVs.” The solution? Register your BV at a different address (costs extra) or create a foundation to hold one share, obscuring ownership, though this complicates banking.
The Elephant in the Room: Regulatory Risk
The most controversial aspect? The government might close this loophole as quickly as it opened it. Multiple investors expressed the same fear: “If the Netherlands masses incorporate BVs for this purpose, they’ll adjust the rules.”
The concern is legitimate. The current system creates a clear arbitrage opportunity that primarily benefits middle-class investors with €80k-€500k in assets, exactly the demographic Box 3 reforms target. A simple rule change requiring personal holding BVs to use Box 3 taxation would render the entire exercise pointless.
The Double Taxation Sting
Let’s be clear: the Beleggings BV doesn’t eliminate taxes. It defers them. When you eventually want to spend your money, you pay:
- 19% corporate tax on profits
- 26.9% dividend tax on distributions
- Possibly Box 2 income tax if you exceed thresholds
This creates an effective tax rate of roughly 40%, higher than Box 3 for modest returns. The advantage comes from decades of compounding on the deferred amount.
Is This Actually Worth It?
For the right profile, a long-term, buy-and-hold investor with €100k+ who doesn’t need income for 10+ years, the math works. The transition from self-employment to BV for tax efficiency becomes even more compelling if you’re already a DGA.
For everyone else? The hassle factor is real. You’re running a mini-corporation: annual filings, bookkeeping, separate bank accounts, and the constant risk of regulatory whiplash. As one skeptic put it: “You need serious capital before this becomes interesting.”
The Bigger Picture
This boom reveals something deeper about Dutch fiscal policy: when taxes become too complex or punitive, citizens engineer their way around them. The Beleggings BV trend is essentially a middle-class version of what multinationals have done for decades, optimize structure for tax efficiency.
The government faces a choice: crack down on these “letterbox corporations” and face political backlash, or accept that tax arbitrage is the new normal for anyone with a decent accountant. The current trajectory suggests more complexity, more loopholes, and more frustrated investors launching BVs in a desperate bid to preserve their retirement funds.
For now, the Beleggings BV remains a viable, if controversial, strategy. But move fast. The window might close before your first annual report is due.
