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Explanation of Box 3 for recreational real estate
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How does Box 3 apply to vacation rentals? 

What about taxes? 

Investing in a vacation rental is lucrative: you get to enjoy the property yourself and benefit from both rental income and a potential appreciation in value. But what about taxes?

The Tax and Customs Administration charges a so-called notional return on your assets in Box 3, which also includes vacation rentals provided you do not permanently reside there. This often raises questions: how much tax do you have to pay? What is the impact of a loan? And how does this compare to savings?

On this page, we will explain clearly how Box 3 works, what it means for your vacation rental, and why an investment often proves to be tax-efficient. With clear examples, up-to-date figures, and smart insights on reducing your tax burden.

 
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How does Box 3 work exactly?

We explained it in 5 steps. Check them out below. ⤵︎

1. Calculating value on January 1

2. Apply exemption

3. Calculate your taxable base

4. Calculating the notional return

5. Tax calculation (36% in 2025)

 

The tax on my savings in Box 3 is much lower—so is it really a good idea to invest in a vacation home?

Why investing in a vacation home can be a good idea—even with Box 3 tax and debt

It's true: the tax on savings in Box 3 will be relatively low in 2025, with a notional return of 1.44%. But the question is: what do your savings get you? It's often less than inflation. A vacation home, on the other hand, generates steady rental income (which is not taxed under Box 3), may appreciate in value over the long term, and offers the opportunity to use it yourself for vacations.

In addition, a vacation home can be financed with a loan (a Box 3 debt). This debt reduces your taxable net worth, which can significantly lower your tax burden. So you're converting your capital into a tangible asset, rather than letting it lose value due to inflation.

Managing your assets wisely

By converting (part of) your savings into a vacation home, you’re shifting from low-yield savings to an asset with the potential for a much higher return. With the right financing, you can also use debt as leverage, while your taxable assets decrease due to the debt you can deduct in Box 3.

Less taxes, more potential

Instead of a 1.44% notional return on your savings, you may have to pay taxes on a 5.88% return on your home. But the actual return on a vacation home is often much higher than the interest on your savings, and because you finance part of the purchase with debt, you often end up paying proportionally less in taxes than you might expect.

If you'd like to create a sample for your specific situation, please feel free to contact us!

Four scenarios outlined for Box 3

Scenario 1 – €150,000 with tax partner

Scenario 2 – €150,000 without a partner

Scenario 3 – €350,000 without debt or a partner

Scenario 4 – €350,000 in investments + €100,000 in debt, without a partner

Read more about investing and returns

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