In a surprising turn of events, the Netherlands is bidding farewell to its coveted Golden Visa Program, slated for abolition at the stroke of midnight on December 31, 2023.
This program, which allowed foreign investors to secure residency in exchange for a significant financial infusion into the country, has been a beacon for wealthy individuals seeking a European foothold.
SchengenVisaInfo.com confirms this.
However, as the clock ticks down, the curtain is set to fall on this golden opportunity.
IND Plans
The announcement came earlier this year from the Immigration and Naturalisation Service of the Netherlands (IND), revealing that as of January 1, 2024, the doors to obtaining a residence permit through the Golden Visa Program will be firmly shut.
Future foreign investors eyeing the Dutch landscape for a temporary or permanent residence permit will need to navigate alternative pathways.
IND in a statement says:
“The residence permit for international investors will no longer be available from January 1, 2024.”
As the final chapter approaches, the IND emphasizes that eligible investors still have a narrow window until December 31, 2023, to submit their applications under the Golden Visa scheme.
Those who successfully secure a permit before the deadline will retain its validity until expiration, even if it extends beyond the program’s cessation.
What sets this program apart is the flexibility granted to existing permit holders. Even post-January 1, 2024, those with residency permits acquired under the Golden Visa Program can renew their status, offering a lifeline to those already part of the Dutch fabric.
Introduced in 2013 as a catalyst for economic growth, the Golden Visa Program has required investors to contribute a minimum of €1,250,000 to the Dutch economy, coupled with specific prerequisites. These include holding a valid passport, a willingness to undergo tuberculosis screening upon entry, and meeting stringent criteria outlined by the authorities.
However, the demise of this program is not without its critics. Golden visa initiatives globally have faced scrutiny for their potential contribution to rising property prices, money laundering, tax evasion, and other malpractices.
EU’s Appeal
The Netherlands’ decision aligns with the European Commission’s urgent appeal for member states to dismantle investor citizenship schemes, citing risks to security and violations of EU norms.
Member States should immediately repeal any existing investor citizenship schemes and to ensure strong checks are in place to address the risks posed by investor residence schemes.
As geopolitical tensions, such as the Ukraine-Russia conflict, cast a shadow over such programs, the debate surrounding the ethical implications of “buying” residency rights has gained momentum.
The European Commission’s call for immediate action reflects growing concerns about the misuse of these schemes, signaling a pivotal moment in reevaluating the role of Golden Visa Programs across the continent.
In the coming weeks, as the Netherlands closes the door on its Golden Visa Program, the legacy of this chapter in immigration history will undoubtedly leave a lasting impact on discussions surrounding wealth-based residency acquisition.
Culled in by Fortune Omosola
