What are the tax consequences?

That depends on the type of account. If you invest through your BV, results fall under corporation tax. If you invest privately outside a lijfrente, your capital counts in box 3.

With a lijfrente account it works differently: your contribution falls under 'uitgaven voor inkomensvoorzieningen' and is deductible in box 1, provided you have a demonstrable pension shortfall. During the accrual phase the capital is exempt in box 3, and you only pay income tax on payout. Your own situation is decisive; check it with your accountant or tax specialist.