Phuket property and Dutch Box 3: what you actually pay
A Phuket property is declared in Box 3 at its market value (waarde in het economisch verkeer), but the Dutch levy on that value is largely neutralised: the aftrek ter voorkoming van dubbele belasting is designed to bring the Dutch tax on that value to at or near zero, under the proportional method of art. 23–24 Besluit voorkoming dubbele belasting 2001. What the property does do is raise the effective rate on the rest of your Box 3 assets, because the Netherlands applies progressievoorbehoud — the foreign property is exempt, but still counts when the rate is set. From 1 January 2028 the Wet werkelijk rendement replaces the forfaitair system with tax on actual returns, and whether foreign real estate falls inside that calculation is still being argued by Dutch tax professionals.
The short answer
The Dutch tax on the value of a Phuket apartment or villa comes out at or near zero. You will still declare it, and it will still change what you pay on everything else in Box 3.
- Declare the property in Box 3 at waarde in het economisch verkeer — market value, not purchase price.
- Claim the aftrek ter voorkoming van dubbele belasting. Claim it under art. 23–24 Bvdb 2001 — art. 23 defines the foreign savings-and-investment benefit, art. 24 sets the proportional reduction.
- Expect progressievoorbehoud: the exempt property still counts when determining the rate applied to your remaining Box 3 assets.
- Thai-side taxes (transfer taxes at the Land Office, rental income tax) are separate and are paid in Thailand.
The 2026 numbers
Box 3 is in a transitional system until the new law starts. These are the figures that apply for tax year 2026.
| Item | Value |
|---|---|
| Heffingsvrij vermogen, per person | €59,357 |
| Heffingsvrij vermogen, fiscal partners | €118,714 |
| Box 3 rate | 36% |
| Forfait — investments (incl. real estate) | 6% |
| Forfait — savings (provisional) | 1.28% |
| Forfait — debts | 2.70% |
| Drempel schulden (single / partners) | €3,800 / €7,600 |
The savings and debt percentages are set provisionally and fixed definitively after the tax year closes, so treat them as estimates until the Belastingdienst confirms them.
What changes in 2028
The Wet werkelijk rendement box 3 — taxing actual return instead of a fictional one — passed the Tweede Kamer on 12 February 2026 with 93 votes in favour, comfortably above the 76 needed in a 150-seat chamber. Its target start date is 1 January 2028. It has not, however, cleared the Eerste Kamer.
Under the new system, tax is levied on what your assets actually returned: interest, dividends, rental income and unrealised capital gains.
What this means when you are buying
Stripped of the machinery, the Dutch side of a Phuket purchase comes down to three practical points.
- The Dutch tax on the property itself is not the obstacle. It is close to zero under the current system, and buyers who assume the Netherlands taxes foreign property at full Box 3 rates are usually over-estimating the cost.
- The cost that is real is the knock-on effect on your other Box 3 assets through progressievoorbehoud. That figure depends entirely on the rest of your balance sheet, which is why it needs modelling rather than a rule of thumb.
- The reform is the genuine uncertainty, and it is unresolved both politically and technically. It does not affect whether you buy; it affects how you will want to hold and report the asset from 2028 onward.
None of the above touches the Thai side — foreign ownership quota, freehold versus leasehold, transfer taxes, rental income tax in Thailand. Those are covered separately.
Where this guide stops
This is general information about a system that is mid-reform, written for orientation before you talk to someone qualified. It is not tax advice and it is not a substitute for a Dutch belastingadviseur.
- Figures are for tax year 2026 and change annually.
- Provisional forfait percentages are fixed only after the year closes.
- The treatment of foreign real estate under the 2028 system is unresolved.
- Your own position depends on your other assets, your partner status and any financing — none of which a general guide can see.
FAQ
Do I pay Dutch Box 3 tax on a property in Thailand?
Not on the value of the property itself. You declare it in Box 3 at market value, and the aftrek ter voorkoming van dubbele belasting under art. 23–24 Bvdb 2001 is designed to bring that levy to at or near zero. It is not a guarantee of complete relief: because the proportional formula uses category forfaits for savings, investments and debts, they do not always cancel exactly, and a small residual can survive. For a simple Dutch balance sheet the residual is negligible; it should still be modelled rather than assumed. It does, however, raise the rate applied to your other Box 3 assets through progressievoorbehoud.
At what value do I declare a Phuket property?
At waarde in het economisch verkeer — market value on the reference date — not the price you paid. For a recently purchased property those are usually close, but they are not the same thing, and they diverge as the market moves.
What is progressievoorbehoud in this context?
The exemption removes the tax on the foreign property but not the property from the calculation. Your total Box 3 wealth, including the Thai property, sets the rate; the exemption then removes the part attributable to the foreign asset. The net effect is a higher effective rate on your Dutch assets than if you had never bought.
Does the 2028 reform change this?
That is the plan, but the bill is not through. It passed the Tweede Kamer in February 2026; the Eerste Kamer debated it on 30 June 2026 and postponed its vote, and the government is preparing an amending bill for Prinsjesdag 2026 with Eerste Kamer treatment expected around January 2027. If it passes in its current shape it taxes actual returns — interest, dividends, rental income and unrealised gains — from 1 January 2028. Whether foreign real estate returns are inside that calculation is separately unsettled.
Does the Phuket property use up my heffingsvrij vermogen?
The heffingsvrij vermogen (€59,357 per person, €118,714 for fiscal partners in 2026) is applied to your Box 3 position as a whole, and the foreign property is part of that position before the relief is applied. In practice this is part of why the property raises the effective rate on your other assets: it is the progressievoorbehoud effect showing up in the arithmetic rather than a separate charge.
Does rental income from Phuket get taxed twice?
Rental income is taxed in Thailand, where the property is. The Dutch relief mechanism exists precisely to prevent the same value being taxed twice, but the interaction of Thai rental tax with the incoming Dutch actual-return system is exactly the area a Dutch adviser should look at for your situation.
Sources & references
Buying from the Netherlands?
Tell us your budget and timeline and we will send the projects that fit — with the Thai-side numbers laid out. We are not tax advisers; for Box 3 we will tell you to speak to one.