Every country in Europe taxes capital gains when they're realized.

Except one.
The Netherlands doesn't tax what you made.
They tax what they think you made.
The government assumes a fixed annual return on all assets and takes 36% of it.
Doesn't matter if the portfolio is up, down, or completely wiped out.
The assumed return for crypto in 2025: 5.88%.
Hold a €1M portfolio on January 1st, get liquidated in February, lose everything and still owe them €19,947.
The rate isn't tied to the market.
It's not tied to performance.
It's a number the government picks every year.
The Dutch Supreme Court called this a human rights violation.
The government's fix? Tax unrealized gains instead.
That's the current system. It expires in 2027.
The Dutch House just passed a new law with 93 votes: starting January 2028, the 36% stays but now on actual unrealized gains instead of fictional ones.
Portfolio pumps €500K in March, crashes in November, and the tax is already paid.
Token 100x's, rugs to zero, still taxed on the top.
The money is gone. The tax isn't.
A country where going broke and owing taxes happen in the same month.