The Netherlands will discontinue its Golden Visa Program for wealthy foreign investors starting from January 1, 2024. This decision, confirmed by the Netherlands' Immigration and Naturalisation Service (NLS), marks the end of a program that allowed affluent foreign investors to obtain residency by contributing a minimum of €1,250,000 to the Dutch economy while meeting specific requirements.
The general prerequisites for participation in the program include holding a valid passport or equivalent travel document, posing no risk to public order or national security, and undergoing a tuberculosis test upon arrival in the Netherlands.
In addition to these general criteria, wealthy foreign investors were required to meet specific conditions:
Invest a minimum of €1,250,000 in an internationally based company in the Netherlands, a fund aligned with the SEED scheme, a venture company, or a contractual joint venture investing in a Dutch company.
Deposit the investment amount into a Dutch or EU Member State bank account with a branch in the Netherlands.
Satisfy at least two of the following three criteria within five years of the investment: Creation of a minimum of ten jobs.
Contribution to enhancing the innovation of the Dutch company.
Provision of non-financial added value, such as specific knowledge, client networks, and active investor involvement.
The program also required that the invested capital be acquired through lawful means. The Netherlands Financial Intelligence Unit (FIU-Netherlands) could be consulted by the Immigration and Naturalisation Service (IND) to verify the source of funds.
Introduced in 2013, the Golden Visa Program aimed to boost the Netherlands' economy. However, due to its limited popularity in the initial years, the program underwent modifications in 2018. While the Netherlands is discontinuing its Golden Visa Program, other European countries like Spain, Portugal, and Greece continue to offer residency and citizenship programs to attract wealthy foreign investors.
The decision to end the program aligns with the Netherlands' immigration policy changes and reflects a broader trend of reevaluating investor immigration schemes in various countries.
By fLEXI tEAM