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Dutch tax on your assets in Portugal

Living in the Netherlands and still own property, savings or investments in Portugal? You have to declare them in Box 3. The Netherlands–Portugal tax treaty stops you paying twice on property, but savings and investments stay taxable here. Here's how it works, and a calculator to see what it means for you.

Property in Portugal

A house, flat or land in Portugal counts in your Box 3 wealth at its value on 1 January. Under the treaty Portugal may tax that property, and the Netherlands exempts the share of Box 3 tax that falls on it.

So you usually pay no Dutch tax on it, but you still have to declare it. It also counts when the tax-free allowance is spread over your assets, so your other wealth can be taxed slightly more.

Bank accounts and investments in Portugal

Savings, deposits, shares and funds in Portugal stay taxable in Dutch Box 3, just like assets here. The Netherlands is your country of residence and keeps the right to tax them.

If Portugal withheld tax on interest or dividends, it's credited against the Dutch tax on that slice, up to that Dutch tax and the rate the treaty allows.

Converting and declaring

Convert amounts to euros at the exchange rate on 1 January of the tax year. Keep a year-end statement from the bank or broker and a valuation of any property.

Many countries automatically share account information with the Belastingdienst. If you left foreign assets out in earlier years, correcting it voluntarily usually means a lower fine than if the Belastingdienst finds it first.

Money from family in Portugal

Gifts from parents or relatives living in Portugal are not subject to Dutch gift tax, unless the giver is a Dutch national who left the Netherlands less than 10 years ago. From the next 1 January the money does count in your Box 3.

What Portugal itself taxes

  • IMI, the municipal property tax, is payable every year on Portuguese property, plus AIMI on high total values. Rent from it is taxed in Portugal as a non-resident.
  • On selling, Portugal taxes the capital gain of a non-resident; reinvestment reliefs that residents get may not apply.

Your accounts and products in Portugal

  • Portuguese bank accounts and certificados de aforro count as savings in Box 3; funds and shares as investments.
  • A PPR (retirement savings plan) is generally treated as a pension right; cashing it in while living here is taxed in the Netherlands.

Common situations

  • Inheriting from parents who lived in Portugal: there is no Dutch inheritance tax when the person who died lived abroad (unless they were a Dutch national who left the Netherlands less than 10 years before). What you inherit counts in your Box 3 from the next 1 January.
  • Thinking of moving to Portugal later? Until you actually move, you live here, and the Netherlands taxes your worldwide savings and investments.

Worked example (2026)

You live in the Netherlands, single, with € 45.000 in a Dutch savings account. In Portugal you own a home in Porto worth € 170.000 and € 15.000 in a Portuguese deposit.

Box 3 tax on everything€ 3.119
Treaty relief for the home− € 2.724
Box 3 tax you pay€ 394

The home still raises the tax a little: it counts when the tax-free allowance is spread over everything you own. The tax Portugal levies on the home itself comes on top. Sources: belastingdienst.nl, portaldasfinancas.gov.pt.

Keep calculating

General information based on Dutch treaty practice for Box 3. Your own situation may differ; have foreign assets checked by an adviser if in doubt.