The FBI is abolished and all four now pay corporate tax — why is this still a 'do'?

Because the tax is already inside the numbers: Wereldhave's EUR 1.86 direct result beat guidance that itself included the Dutch tax reform's negative impact — you are buying a 70% payout of after-tax earnings, with no second tax cut to apply off-page. Other European REITs' 'exempt' earnings need a withholding table to convert into in-hand terms; the Dutch batch has earnings after tax and a final 15% withholding, both printed in the open. Comparability is quality: this site scores its evidence and in-hand certainty at the top tier.

Vastned is a Dutch stock — why is it withheld at the Belgian 30%?

Because the reverse cross-border merger of 1 January 2025 replaced the listed parent with Belgium's Vastned (a SIR/GVV) — what determines withholding is the paying company's tax identity, not the exchange the shares trade on. It is dual-listed in Amsterdam and Brussels with exactly one identity: Belgian. Its in-hand is therefore 4.8% (30% at source), with the reclaim path identical to the Belgium basket's (entry No. 93). Assuming the Dutch 15% from the listing venue would be a 15-point error — this page singles the name out precisely to prevent it.

NSI carries a warning — why does it stay in the basket?

Because the exclusion standard is evidence and payout discipline, not the cycle: its FY2025 filing figures (EPS of EUR 2.10, a proposed EUR 1.58, a 75% policy) still stand; what is deteriorating is the H1 2026 forward reading. This site's treatment is retention plus a top-placed warning plus a review clause (the equal weight is re-examined if the dividend prints below the proposal) — which differs from the France page's exclusion of Icade in kind: Icade's problem was that its headline figure itself was false (capital returns dressed as dividends), while NSI's figures are true and merely trending badly. True-but-deteriorating numbers stay on the page with a warning; false good numbers are what gets excluded.

Opportunity rank #100 (cash-flow board) · Netherlands

The Dutch listed property basket: four landlords after the FBI's abolition — about 7% equal-weight gross, on post-corporate-tax earnings

Our take: Do

6.8–7.1% Netherlands listed property basket dividend yields (filing basis) · Verified range · Data as of: 2026-11-06

Composite-board score: 6.6 · Where it is strong: Net cash flow, Hands-off degree · methodology

Data updated: 2026-11-08

The Dutch listed-property story starts with the tax regime, because it decides the numbers' comparability: the FBI (0% corporate tax in exchange for distributing profits within eight months) may no longer hold real estate directly from 1 January 2025 — the four former-FBI landlords (Wereldhave, NSI, Eurocommercial, Vastned) now earn their Dutch direct-property income inside ordinary corporate tax (19%/25.8%), so their post-2025 EPRA earnings are after-tax figures; symmetrically, their pre-2025 dividend histories were earned under a 0% regime and are not comparable with today, and this site cites them on the post-2025 basis throughout. Name by name (filing basis; prices at 6 Nov 2026): Wereldhave (Benelux/France retail) — a proposed dividend of EUR 1.30 (+4%) on a direct result of EUR 1.86 (above its EUR 1.80–1.85 guidance, which itself already included the Dutch tax reform's negative impact), a payout of about 70%; EUR 1.30 over EUR 18.22 = 7.1%, at a 23% discount to EPRA NTA of EUR 23.53, with occupancy of 98% and like-for-like rental growth of +6%. Eurocommercial (pan-European shopping centres) — an FY2024 dividend of EUR 1.80 on a direct investment result of EUR 2.39, a payout of about 75%; over EUR 25.50 = 7.1%, at a 39% discount to NTA of EUR 41.79, with vacancy of just 1.4% — noting that its final EUR 1.12 carried an optional stock dividend (paid from share premium), with cash the default for omnibus holders and this site costing on the cash basis. Vastned (high-street retail) — EUR 1.85 over EUR 27.25 = 6.8% gross, but its tax identity must be read separately: since the reverse cross-border merger of 1 Jan 2025 the listed parent is a Belgian SIR/GVV — its dividends suffer Belgian withholding of 30% at source (in-hand 4.8%; 5.8% if reclaimed to the Belgium–Singapore treaty cap of 15%), not the Dutch 15%, under exactly the mechanics of the Belgium entry (No. 93). The three priced names equal-weight to about 7.0% gross, and the basket's blended in-hand figure is about 5.7–6.0%. NSI (Amsterdam offices) is printed with filing figures only and no yield: a proposed dividend of EUR 1.58, EPRA EPS of EUR 2.10 (flat year on year) and NTA of EUR 33.03 — its price was not captured in this pass, and it carries the basket's explicit warning: H1 2026 EPRA EPS fell 20% year on year to EUR 0.79, FY2026 guidance was cut to about EUR 1.80, vacancy rose from 9.2% at year-end to 11.7% (the Vivaldi II asset), and NTA slid further to EUR 31.39 — it is the basket's deteriorating leg, and whether equal weight still holds is reviewed each period. The Dutch three's withholding is Europe's most final: 15% domestic law is the end of it, the Netherlands–Singapore treaty gives portfolio individuals no lower tier, and there is no reclaim game. Verdict: do — the best cash-flow quality among this wave's new European countries, with its conditions written into the NSI warning and Vastned's tax identity.

In short: four lines first

What it costs to get in

Listed shares; a practical basket is about EUR 10,000–20,000

Roughly what it earns

6.8–7.1%（Netherlands listed property basket dividend yields (filing basis)）

How much work for you

Very hands-off (listed route; no reclaim paperwork for the Dutch three)

The biggest catch

The numbers that matter

Netherlands listed property basket dividend yields (filing basis)

6.8–7.1%

Verified range As of: 2026-11-06 Source: Wereldhave FY2025 results presentation: direct result of EUR 1.86 per share, a proposed dividend of EUR 1.30 (+4%), EPRA NTA of EUR 23.53, occupancy of 98%, like-for-like rental growth of +6%

Why we think it makes money

Post-tax comparability is the Netherlands' unique quality: the four names' earnings are already inside ordinary corporate tax, so against other European REITs' exempt-segment earnings the Dutch EPS is paradoxically the most 'real' — this site reads the FBI's abolition as a virtue because it deletes the regime-arbitrage layer of noise.

The two retail anchors' operating prints are hard: Wereldhave's 98% occupancy with +6% like-for-like rents and Eurocommercial's 1.4% vacancy — in a European retail sector narrated as dying, these two filing prints are the counterexamples, both from company materials.

Vastned's tax identity displays this site's cross-page consistency: a stock inside a 'Dutch basket' is withheld under Belgian rules — this site never assumes tax from the listing venue, checking each name's domicile and regime (with entry No. 93's reclaim mechanics cross-referenced).

How to actually get in

Listed route: buy the four names through a broker with Euronext access (WHA/NSI/ECMPA in Amsterdam; VASTN also in Brussels); a practical basket is EUR 10,000–20,000 so per-name dealing costs stay proportionate. NSI's position is reviewed each period against its warning readings, not held at equal weight by default.

What it costs, what it earns

Entry amount: Listed shares; a practical basket is about EUR 10,000–20,000
How much work for you: Very hands-off (listed route; no reclaim paperwork for the Dutch three)

Costs & taxes, item by item:

Euro exposure: all four names' distributions and principal are in EUR.
Vastned's reclaim paperwork (if the 15 points are wanted): the same FPS Finance paper reclaim as the Belgium page — price it as unrecoverable, treat recovery as a bonus.

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

无购房居留计划（已确认不存在）

This asset does not count toward the channel No status channel

Threshold: —

荷兰没有以购房换居留的计划：居留路径只有就业、学习、家庭与真实经营（初创/自雇许可）。买荷兰物业或上市股份不产生任何居留权。

Source: 荷兰移民归化局（IND）框架

Tax (investor level)

股息预扣 15%（国内法），且荷新条约对组合个人不低于 15%——没有可追回的差额，到手 = 毛 × 0.85，是欧洲最干脆的一档。

FBI 废止（2025-01-01）：FBI 不得再直接持有房地产，直投收入落入普通公司税（19%/25.8%）——四只篮子名的荷兰收入已是税后口径，其 2025 年前的股息史（0% 制度下赚得）与现在不可比。篮内例外是 Vastned：经反向合并后为比利时 SIR，其股息按比利时规则（30% 源头、条约追回至 15%）处理，见比利时页。
Box 3（居民及非居民直投业主的财富税）不触及新加坡居民持有 Euronext 股份者：36% 名义税率作用于推定回报（2026 年投资类推定 6.00%），仅作背景列示。

Double-tax treaties: 15% 为国内法终局口径；条约对组合个人无更低档。

Source: 荷兰股息税法；2024 年税法计划（vastgoedmaatregel）；Belastingdienst Box 3 参数

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

NSI is a deteriorating leg: H1 2026 earnings down 20%, guidance cut, vacancy at 11.7% and rising, NTA still sliding — if the Amsterdam office cycle steps down again, it cuts its dividend first (its 75% minimum payout policy binds on the same falling EPS). If these happen, our take changes: Checked each half against NSI's EPRA EPS and vacancy; if its FY2026 dividend prints below the proposed EUR 1.58, the basket's equal-weight structure is re-examined.

Retail concentration: three of the four names are shops — current occupancy (98–98.6%) is a cyclical high print, not a structural guarantee, and one consumer downturn hits three names at once. If these happen, our take changes: Checked each period against the four names' occupancy/vacancy prints.

The direction of Dutch property politics: rent regulation has already expanded into the mid-segment (2024) and a Box 3 actual-return regime is in legislation — listed commercial names are not directly regulated, but the policy direction's spillover into sentiment and follow-on measures runs one way. If these happen, our take changes: Follows enacted legislation; proposals live in the risk list only.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

NSI's and Vastned's discounts to EPRA NTA were not fully captured (NSI's price was not captured; Vastned's NTA was not captured): this site prints only the two computable discounts among the priced names (WHA 23%, ECMPA 39%) and invents none for NSI/Vastned. NSI's price-to-book of about 0.55 is aggregator basis and is not cited as a discount.
Eurocommercial's Italian exposure involves a substitute-tax matter at its Italian entities (its interim reporting referenced about EUR 50M of Italian substitute tax in the prior-year period): its correspondence with SIIQ entry taxes was not verified in its annual report, and this page does not cite the figure.

FAQ

The FBI is abolished and all four now pay corporate tax — why is this still a 'do'?: Because the tax is already inside the numbers: Wereldhave's EUR 1.86 direct result beat guidance that itself included the Dutch tax reform's negative impact — you are buying a 70% payout of after-tax earnings, with no second tax cut to apply off-page. Other European REITs' 'exempt' earnings need a withholding table to convert into in-hand terms; the Dutch batch has earnings after tax and a final 15% withholding, both printed in the open. Comparability is quality: this site scores its evidence and in-hand certainty at the top tier.
Vastned is a Dutch stock — why is it withheld at the Belgian 30%?: Because the reverse cross-border merger of 1 January 2025 replaced the listed parent with Belgium's Vastned (a SIR/GVV) — what determines withholding is the paying company's tax identity, not the exchange the shares trade on. It is dual-listed in Amsterdam and Brussels with exactly one identity: Belgian. Its in-hand is therefore 4.8% (30% at source), with the reclaim path identical to the Belgium basket's (entry No. 93). Assuming the Dutch 15% from the listing venue would be a 15-point error — this page singles the name out precisely to prevent it.
NSI carries a warning — why does it stay in the basket?: Because the exclusion standard is evidence and payout discipline, not the cycle: its FY2025 filing figures (EPS of EUR 2.10, a proposed EUR 1.58, a 75% policy) still stand; what is deteriorating is the H1 2026 forward reading. This site's treatment is retention plus a top-placed warning plus a review clause (the equal weight is re-examined if the dividend prints below the proposal) — which differs from the France page's exclusion of Icade in kind: Icade's problem was that its headline figure itself was false (capital returns dressed as dividends), while NSI's figures are true and merely trending badly. True-but-deteriorating numbers stay on the page with a warning; false good numbers are what gets excluded.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。