28/09/23

CITIZENSHIP: Netherlands to Abolish Golden Visa From January 1, 2024

As published on: schengenvisainfo.com, Thursday 28 September, 2023.

Wealthy foreign investors will no longer be eligible to benefit from the Golden Visa Program of the Netherlands after it will be abolished starting from next year.

The decision has been confirmed through a statement provided by the Immigration and Naturalisation Service in the Netherlands (NLS), SchengenVisaInfo.com reports.

“The residence permit for inter investors will no longer be available from 1 January 2024,” NLS

Netherlands’ Golden Visa Program permits wealthy foreign investors to acquire residency in this country provided they contribute at least €1,250,000 to the Dutch economy and meet specific requirements, among them the following ones:

• Hold a valid passport or another travel document
• Persons should not be a risk to public order or national security
• They are willing to undergo a tuberculosis test upon reaching the Netherlands

In addition, wealthy foreign investors should also follow some of the following specific requirements in addition to the general ones:

Invest a minimum amount of €1,250,000 in a company international based in the Netherlands or in a fund that, according to the Ministry of Economic Affairs, is in line with the SEED scheme, a venture company or a contractual joint venture that invests in a company in the Netherlands.

“You deposit the amount to be invested into a bank account of a Dutch bank or a bank of an EU Member State with a branch in the Dutch,” NLS.

Authorities in the Netherlands use a points system. The added value is there if the investment meets two of the following three criteria:

• Within five years, at least ten jobs will be created
• A contribution is made to increasing the innovativeness of the Dutch company
• There is other non-financial added value, such as specific knowledge, network clients and active involvement of the investor

According to the NLS, the invested capital has not been gained in an unlawful way. The IND can also ask for information in this regard from the Netherlands Financial Intelligence Unit (FIU-Netherlands).

Dutch authorities introduced the Golden Visa Program in 2013 as part of efforts to help the further growth of the country’s economy. In 2018, the country introduced some changes to this scheme after its popularity in the first years was low.

The Netherlands is not the only country offering such a scheme; other European countries also offer residency and citizenship programs, with Spain, Portugal, and Greece being the most attractive countries.

Tags

Citizenship CBI Golden Visa Netherlands