This study evaluates circular end-of-life pathways for neodymium–iron–boron permanent magnets used in Dutch offshore wind turbines by combining an asset-level projection of the offshore fleet with a life cycle assessment of a representative 2 GW wind farm. Turbines installed between 1992 and 2046 are estimated to contain 8.2–26.3 kt of permanent magnets, with end-of-life availability extending from 2036 to 2086, indicating substantial future potential for domestic recovery of rare earth materials. The principal finding is that short-loop magnet-to-magnet recycling provides the greatest climate benefit: it reduces the global warming impact of finished magnet production by 72.5 % relative to virgin production, compared with 26.5 % for long-loop recycling. At turbine level, however, the effect is diluted by other life cycle stages, and total impacts differ by less than 4 % across the assessed pathways. Short-loop recycling should therefore be prioritized where magnet grade and scrap homogeneity permit direct reprocessing, while long-loop recycling remains necessary for mixed, degraded or compositionally complex material. Realizing these benefits requires coordinated collection and dismantling, material traceability, design for disassembly and expanded European recycling and magnet-manufacturing capacity.