The decision clarifies when an investment vehicle qualifies as an FGR, and when it is treated as a transparent fund for Dutch tax purposes. A key change is that the former consent requirement for the transferability of participation rights has been abolished. Instead, an FGR must now qualify as an investment fund or UCITS‑type fund within the meaning of the Dutch Financial Supervision Act (Wft). The decision also explains that an FGR must have tradable participation rights; where units can only be sold back to the fund itself, the fund is treated as an “inkoopfonds” and remains fiscally transparent.

The policy further elaborates on:

• the definition of a “fund” and the relevance of AFM registration or licence;
• when activities are regarded as “investing” rather than “running a business”, including specific guidance on investing through limited partnerships (cv’s) and through loan portfolios;
• the treatment of funds investing only within a family group, which typically fall outside the Wft regime;
• the interaction between the FGR and transparent‑entity regimes, including a priority rule when both could apply; and
• the relationship with the new rules on reverse hybrid entities.

In addition, the decision references a statutory transitional regime that allows certain existing transparent funds to restructure into inkoopfondsen if they wish to remain transparent under the new FGR definition. The Fondsenbesluit 2025 replaces the 2024 decision and enters into force the day after its publication in the Government Gazette.