For an increasing number of ultra-wealthy Dutch individuals, the question is no longer just how much tax they pay—but whether the Netherlands remains the right place to live and invest. Asset managers report growing discussions about emigration, with concerns shifting from taxation to the broader business climate and societal attitudes towards wealth.
While not yet a mass exodus, private bankers and family offices believe the trend is unmistakable. “Some clients are leaving, but many more are talking about it,” said Hans Wilton, founder of Wilton Family Office. Han Dieperink, CIO at Auréus, estimates that “every advisor at our firm knows at least five clients actively considering relocation.” Discussions about moving to Belgium, Spain, Switzerland, the UK, or Dubai have become commonplace.
The trigger is not just tax policy but what many perceive as a hostile climate towards wealth and entrepreneurship. “I don’t have a single client who refuses to pay tax,” said Wilton. “But these are people who have built businesses, employed workers, paid their dues—and they feel treated as cash machines, not contributors to society.”
Higher taxes, unstable rules, and a shifting narrative
Taxation of the wealthy in the Netherlands has increased significantly in recent years, but advisors insist that this alone is not pushing people out. More unsettling, they said, is the constant rule changes and public framing of the rich as freeloaders. “The wealthy are portrayed as a problem, not as people who have built companies, created jobs, and contributed to growth,” said Michiel Dill, founder of multi-family office Clavis.
Uncertainty around taxation is also a factor. EY tax consultant Jonathan van Oostenbrugge said many clients are in a research phase, exploring the implications of relocation. “For now, few are taking the plunge, but the interest is clear.”
One significant shift is the return of seminars and advisory sessions on emigration, reminiscent of the late 1990s when high-net-worth individuals left for Belgium in large numbers. “For the first time in years, tax specialists are actively guiding clients through the process again,” said Wilton.
The broader economic and social impact
The potential downside for the Netherlands is clear: if too many high-net-worth individuals leave, tax revenues could decline, forcing further increases for those who remain. “At some point, you tax more but collect less,” warns Dieperink. “A shrinking top tier means higher taxes on a smaller base—until you reach the tipping point where capital simply exits.”
Dill echoes these concerns, warning that the Netherlands is not doing enough to retain wealth within its borders. “If we want a strong tax base, we need to keep the wealthy engaged. Right now, other countries are doing far more to attract them.”
Is the grass greener elsewhere?
Not all advisors are convinced that relocation is the answer. Wilton cautioned clients about the risks of moving, only to find the rules changing elsewhere. “Belgium has a budget deficit. Spain is tightening policies to address housing shortages. No country stands still forever.”
Yet, many governments are actively courting wealthy expatriates. In Portugal, a decade of tax breaks helped revive the economy. Dubai and Singapore remain tax-free havens. Even within Europe, options remain: “Italy still allows high-net-worth individuals to buy off their tax liability, though the price has doubled,” notes Van Oostenbrugge.
Still, the global trend is shifting. The UK and Portugal are scaling back tax breaks for expats. Even Italy has raised its flat-tax scheme. “Governments everywhere are under pressure to close loopholes,” said Van Oostenbrugge. “The key question is whether the Netherlands finds a way to strike a better balance—before more of its wealthiest citizens decide to leave for good.”