The Netherlands, often regarded as one of the most accessible pathways to European citizenship, has made a significant announcement. As of January 2024, the Netherlands will bring an end to its ‘Golden Visa’ program, a system that has provided residence permits to wealthy foreign investors.
The decision, officially disclosed by the country’s Immigration and Naturalization Service (NLS), marks a significant shift in Dutch immigration policies and priorities, aligning with worldwide trends regarding investment-based residence permits.
The End of an Era for the Dutch ‘Golden Visa’
The Dutch government conveyed on its official website that, effective January 1, 2024, the residence permit for foreign investors will no longer be available. This decision heralds the conclusion of a notable avenue for foreign investors seeking Dutch residence permits.
Background on the Golden Visa Program
Introduced in 2013, the Dutch ‘Golden Visa’ program was established with the aim of fostering the nation’s economic growth, a goal shared by numerous countries offering similar investment schemes.
To qualify for this program, prospective investors were required to make a substantial financial commitment of at least €1,250,000, while also meeting stringent criteria.
It is important to note that this visa was designed primarily for business development and did not allow investment in real estate for personal use.
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Program Eligibility
Basic prerequisites for applicants included:
- Possession of a valid passport or travel document.
- A clean record with no threat to public order or national security.
- Undergoing a tuberculosis test upon entering the Netherlands.
Investors were also obligated to direct their funds into an international company based in the Netherlands, a fund approved by the Ministry of Economic Affairs, a venture company, or a contractual joint venture investing in a Dutch company.
Implications for Foreign Investors
The termination of the Golden Visa program will have significant implications for foreign investors who have been looking to use the program to obtain Dutch residence permits. Investors who are interested in obtaining Dutch residence will need to explore other options, such as the Highly Skilled Migrant Visa or the Startup Visa.
In the coming months, stakeholders and affected parties will undoubtedly scrutinize the implications of this decision and consider its impact on the Dutch economy and immigration landscape.
Conclusion
The Netherlands’ decision to discontinue its Golden Visa program reflects a shift in Dutch immigration policy towards a more selective approach. The government is clearly focused on attracting immigrants who can make a positive contribution to the Dutch economy.
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