Fonds voor gemene rekening (FGR)
Opaque*
- In case participations units are freely tradable (so-called: “open FGR”)
Tax at fund level
- Generally access to double tax treaties and EU Directives
Transparent*
- in case: (i) admission or substitution is done via FGR (i.e. redemption and issuance of units); or (ii) admission or substitution requires prior consent of all participants (so called: “closed FGR” )
Tax at investor level
- No access to double tax treaties or EU Directives
As of 2025, all FGRs will be treated as transparent, unless (a) a FGR qualifies as an investment fund (beleggingsfonds or fonds voor collectieve belegging in effecten) as defined in the Dutch Financial Supervision Act and (b) the admission and substitution to such regulated FGR is not done only through redemption and issuance of units.
In 2024, certain tax facilities are available to avoid acute levying of (exit) taxes at the level of the FGR and its participants as a consequence of taxable ‘open FGRs’ becoming transparent with effect from 1 January 2025
A transparent FGR for Dutch tax purposes may (still) qualify as a reverse hybrid entity and subsequently become subject to Dutch tax (ATAD 2). However, collective and alternative investment funds with a diversified portfolio of securities are excluded under these rules.
Commanditaire vennootschap (CV)
Opaque*
- In case no prior consent of all partners is required with respect to the admission or substitution of a limited partner (so called: “open CV”)
Tax at fund level
- Generally access to double tax treaties or EU Directives
Transparent*
- In case prior consent of all partners is required with respect to the admission or substitution of a limited partner (so called: “closed CV” )
Tax at investor level
- No access to double tax treaties or EU Directives
As of 2025, all CVs are to be treated as transparent for tax purposes, unless such CV may also qualified as a fund within the context the Dutch Financial Supervision Act. In that case the 2025 rules applicable to FGRs also apply to the regulated CV.
In 2024, certain tax facilities are available to avoid acute levying of (exit) taxes at the level of the open CV and its participants as a consequence of open CVs that are currently subject to tax becoming transparent as a result of the introduction of this new legislation as per 2025.
A transparent CV for Dutch tax purposes may (still) qualify as a reverse hybrid entity and subsequently become subject to Dutch tax (ATAD 2). However, collective and alternative investment funds with a diversified portfolio of securities are excluded under these rules.
Fiscale beleggings-instelling (FBI)
- Opaque and taxable at 0%
- Generally has access to double tax treaties, but not to EU Parent-Subsidiary Directive
- Tax will apply to permitted subsidiary carrying out project development activities
- As of 2025, FBIs may no longer invest directly in Dutch real estate assets, causing profits derived from Dutch real estate assets to become taxable.
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