Investing in a vacation home in 2026: why our recreational fund is structured differently
Investing in a vacation home has been in the news frequently in recent months, and not always in a positive light. The tax increase in Box 3, uncontrollable and ever-rising operating costs, and the VAT hike on rentals make the return on a privately owned vacation home considerably less predictable than it was a few years ago. At the same time, the Dutch vacation park market is rapidly becoming more professional. Our newest investment fund, Orange IM Goldberg Gardens I, is built precisely on that new reality. You are not buying a vacation home; you are becoming a co-owner of two complete eco-resorts. In this article, we explain why that difference matters.
What's the deal with investing in vacation homes?
The appeal of owning a vacation home is under pressure due to three mutually reinforcing trends. The most significant change is the shift to taxation based on actual returns in Box 3, rather than the relatively lenient flat-rate system previously applied to high-yield investments. A second change is the VAT increase on lodging: from 9% to 21%. This directly reduces net rental income if the increase cannot be passed on to the tenant. In short, direct ownership of a vacation home imposes a structurally higher tax burden.
The second trend is the professionalization of the market. Landal and Roompot have merged into a single entity with 172 parks in the Netherlands, and international investors such as Blackstone have recently established a foothold through the acquisition of Recreatiecentra Nederland (RCN). As a result, individual cottages now compete directly with large-scale operators in terms of marketing, pricing, and booking platforms.
The third factor is the guest themselves. Today’s vacationers are looking for sustainable accommodations, high-quality amenities, and well-maintained parks. When ownership of a park is divided among many individual homeowners, it leads to disputes and delays regarding major (park) maintenance, which has a negative impact on property values in the long term. Many parks are in need of a thorough renovation and sustainability upgrades to continue meeting the demands of the modern vacationer.
The net effect: higher taxes, rising operating costs, and a narrowing competitive advantage compared to professionally managed parks.
How is Orange IM Goldberg Gardens I structuredGoldberg Gardens I ?
Goldberg Gardens I not an alternative way to invest in the same product. It is a different product. Through a tax-transparent fund, you are investing in two entirely new eco-resorts, all accommodations, and the central facilities. Three key features ensure that this fund circumvents the market challenges associated with direct ownership.
You are a co-owner of two parks instead of one cottage
Goldberg Gardens Vorden is located in the Achterhoek region of Gelderland along the Achtkastelenroute, featuring 80 nearly energy-neutral lodges, a food forest, wellness facilities, and a central farmhouse. Goldberg Gardens Bleijenbeek is situated next to De Maasduinen National Park in Limburg, with 35 lodges and shared facilities with the adjacent golf club. Your return therefore does not depend on the occupancy of a single unit, but on the combined performance of two parks in two regions with different target audiences. Diversification is thus built into the fund’s design, not into a complex individual portfolio.
All-inclusive, no partial charges, and no hidden fees
With a private vacation home, your ownership ends at the front door. At Goldberg Gardens, you are a co-owner of the wellness center, the restaurant, the central farmhouse, the food forest, and the shared wellness facilities. It is precisely these amenities that are increasingly driving up the average rental rate and occupancy rate. For Year 3, an Average Daily Rate of €156 (Vorden) and €138 (Bleijenbeek) is projected, with an occupancy rate of 78%.
In addition, all costs are included in the fund’s projections, so there are no surprises down the line. This includes operating expenses, leasing and management costs, financing, and all major maintenance. This ensures that quality is maintained, which in turn creates additional value.
Landal manages, Orange IM
Landal, the European market leader with over 300 parks in 13 countries, is responsible for leasing and day-to-day operations. Orange Investment Managers handles fund and asset management and oversees Landal’s leasing and daily maintenance activities. Both the developer and Orange IM investing more than €1 million in the fund, ensuring that the interests of the participants, the initiator, and the developer are aligned.
Get involved in Goldberg Gardens I today
Goldberg Gardens I
What are the tax differences compared to owning a vacation home?
The fund is tax-transparent for Dutch income tax and corporate income tax purposes. For you, this generally means taxation in Box 3 (if investing as an individual) or under corporate income tax and Box 2 (if investing through a private limited company), in proportion to your investment. At first glance, this appears similar to direct ownership, but there are three practical differences that make the net picture more favorable.
Lower additional tax liability for personal use. Starting in 2026, if you own a vacation home, an additional tax liability for personal use may apply when calculating the actual return on investment for the days the home is not rented out. This creates a practical burden: you must keep track of when the home is rented out and when it is vacant, and this can result in additional taxes. At Goldberg Gardens, you do not own your own individual cottage. The accommodations are professionally managed and rented out on a short-term basis through Landal. An additional tax liability for personal use may only apply if you actually use a specific accommodation based on Goldberg Gardens Credits or if it is made available to you, and then only for that specific period. This makes the tax implications regarding personal use more concrete and clearly defined.
You do not pay transfer tax when you join the program. If you purchase a vacation home directly, 8% transfer tax is deducted directly from your initial return.
With Goldberg Gardens, you are investing in vacation homes that are yet to be built, which means the investment is primarily subject to VAT that is deductible at the fund level, rather than transfer tax.
You will receive quarterly distributions based on actual operating results. The targeted average direct return is 6.5% per year. Even during the construction phase, you will already receive 6% on an annual basis. The targeted total return is an average of 7.5% per year, including capital appreciation, over a term of 7 to 10 years.
We recommend consulting with your own tax advisor regarding your specific situation, especially if significant amounts are involved or if you are investing through your business.
Who is Goldberg Gardens I for?
The fund is designed for high-net-worth individuals who appreciate the return profile of recreational real estate but wish to avoid the increasing tax and operational complexities of direct ownership. With a minimum investment of €100,000—comprising ten shares of €10,000 each—you gain access to a scale and quality that would be unattainable through private ownership. Those who currently own a vacation home and recalculate the tax implications often find that a fund structure is better suited to today’s market.
Request a brochure or get advice
The full rationale, projections, risk factors, and tax information are included in the information memorandum. Request the brochure and the information memorandum via the fund page, or schedule a personal meeting with our investment managers.
Frequently asked questions
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Owning a vacation home will be significantly less tax-advantageous in 2026 than it was previously. The flat-rate return in Box 3 will rise to 6%; when taxation is based on the actual return, an additional tax liability for personal use must be taken into account, and maintenance and management costs will remain non-deductible. For many investors, a fund with professional management and diversification will become more attractive than a single vacation home.
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With a direct purchase, you own one specific cottage and are solely responsible for its operation and maintenance. Through Goldberg Gardens I you Goldberg Gardens I a co-owner of two complete eco-resorts, including all accommodations and central facilities. Operations are handled by Landal, while the fund and real estate are managed by Orange IM. We have packaged a more emotionally appealing product in a more business-oriented framework, where transparency, diversification, returns, and sustainability take precedence over personal use, without compromising on any of these aspects.
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The targeted average direct return is 6.5% per year, paid out quarterly. You will receive 6% annually even during the construction phase. The targeted total return, including capital appreciation upon sale, averages 7.5% per year over a term of 7 to 10 years.
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The minimum investment is €100,000, consisting of ten shares of €10,000 each, excluding a 2% issuance fee.
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