The Dutch Golden Visa program is closing soon. According to the Government announcement IND, The residence permit for foreign investors will no longer be available from 1 January 2024. Those who wish to invest in Netherlands must submit applications before this date to receive residence permit for investment.
The Dutch government officially launched the “Wealthy foreign investor scheme” in Oct 1, 2013 to attract investors from outside the EU to invest in the Netherlands. The scheme for foreign investors enables them to invest and reside in the Netherlands. The investment must present added value to the Dutch economy. It must generate employment, stimulate innovation and/or have other non-financial added value.
According to IND, the required minimum amount of €1,250,000 in:
• a company that is based in the Netherlands, or;
• in a fund that, according to the Ministry of Economic Affairs, fits within the SEED scheme, a venture capital company, or a contractual joint venture that invests in a company in the Netherlands;
• Investing in real estate for private occupation is excluded.
The complexity of the Dutch GV program and the exclusion of property market has made the Dutch program unpopular with foreign investors. The concerns about criminal money and EU pressure to phase out all investor residence schemes has led to the closing of this scheme.
The scheme offers path to become a Dutch national with residence permit non-temporary residence purposes. as Wealthy foreign national (foreign investor) after five years of living.
In 2016, the authorities made huge changes to increase the attractiveness of the scheme. The Minister of Justice announced, Since 1 October 2013, foreign investors have been able to obtain a residence permit if they invest in the Dutch business sector. However, the scheme has hardly been used so far.
- The first residence permit for foreign investors will be valid for three years.
- The investment will be checked in a simplified manner.
- The amount of the investment in the Dutch business sector continues to be € 1,250,000.
There is also a parliamentary questionnaire submitted by Derk Jan Eppink,MP on the government decision to close the GV scheme calling it it a “deadly mistake” on the economy, foreign investors will soon no longer receive a visa.