Denmark is one of them. Germany has something similar. But you can ask your friendly neighbourhood LLM for details on the world's jurisdictions to get a complete list.

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lxgr 2 days ago | parent | next [-]

Germany doesn't tax actual unrealized gains. They do tax foreign accumulating ETFs, but those really just dress up dividends to look a bit like unrealized capital gains to brokerages and, in the past, tax authorities.

	▲	eru a day ago \| parent [-]
		Btw, I wonder why companies bother with dividends at all, when for most of their shareholders buybacks have tax advantages. (Economically, the two are the same.)

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throw-qqqqq a day ago | parent | prev [-]

Denmark taxes unrealized gains in accumulating funds, unless they are on the “exception-list” (SKATs positivliste) or you use the tax advantaged “aktiesparekonto”.

If you buy regular stocks in a regular brokerage account, you do not incur taxes before selling (with profit).

Same for dividend-distributing ETFs.