The Golden Visa Program of the Netherlands is slated to cease by the end of the 1st of January, 2024.
This news is according to the Immigration and Natural Service (IND).Â
Nairametrics learns that the close of the program will mean that foreign investors won’t be eligible for residence permits under the program, requiring them to explore alternative procedures for Dutch residency.
What this means
By next year, foreign investors seeking residence permits based on substantial investments will be redirected to different application processes.
However, despite the program’s termination on January 1, 2024, eligible investors can still apply for a residence permit under the Golden Visa scheme until December 31, 2023.
For existing permit holders, their permits remain valid until expiration, and renewals are possible even after January 1, 2024.
About the Golden Visa Program
The Netherlands’ Golden Visa Program, facilitated residency with a minimum of €1,250,000 in investment. It also had specific requirements, including holding a valid passport and expressing willingness to undergo a tuberculosis screening upon entry.
This immigration pathway was introduced in 2013 to stimulate economic growth. The scheme initially faced low interest due to rigorous requirements.
However, in 2018, amendments aimed to attract more foreign investment. Similar residency-by-investment schemes exist in various European Union countries, each with varying investment thresholds.
As reported by Forbes earlier, the decision of several European nations to discontinue their golden visa schemes has paradoxically led to a surge in applications, reaching record levels in countries like Spain and Italy.
Remarkably, the business is flourishing at immigration consultancies amid ongoing political debates advocating for the cessation of citizenship-by-investment programs.
This surge in demand appears to be occurring simultaneously with increasing pressure from various political circles in Europe to eliminate such residency-by-investment initiatives.
Additionally, the European Union’s tightening stance on this matter adds another layer to the complex landscape surrounding golden visa programs.
