The Golden Visa Program of the Netherlands is set to be abolished at the end of this year – less than three weeks from now.
Confirming the ending of the program, the Immigration and Naturalisation Service of the Netherlands (IND) said earlier this year that from January 1, 2024, foreign investors will no longer be able to obtain a residence permit on the basis of the program, SchengenVisaInfo.com reports.
The residence permit for international investors will no longer be available from January 1, 2024.
The move means that starting from January 1, 2024, new foreign investors who want to obtain a temporary or permanent residence permit in the Netherlands in exchange for a significant investment in the country will no longer be able to do so.
Instead, those who wish to become Dutch residents will have to follow procedures other than those related to investment.
While the program will end on January 1, 2024, the authorities have stressed that eligible investors can still apply for a residence permit under the Golden Visa scheme until December 31, 2023.
As for those who currently hold residence permits under this scheme, the authorities stressed that their permits will remain valid until expiration.
Moreover, it has been highlighted that holders of a residence permit obtained under the Golden Visa scheme will be able to renew their status even after January 1, 2024.
The Golden Visa Program of the Netherlands has so far permitted wealthy foreign investors to acquire residency as long as they contribute at least €1,250,000 to the country and meet specific requirements.
Among many other requirements, foreign investors applying for residency under the Golden Visa scheme have been required to hold a valid passport or another travel document. They have also been required to state that they are willing to undergo a tuberculosis screening upon entering the country.
The Golden Visa Program was introduced by the Dutch authorities in 2013. The move was introduced as part of the country’s efforts to grow its economy further.
At the beginning, interest in the scheme was low, mainly due to the high number of requirements. However, in 2018, the country decided to make some changes to its scheme aimed at pushing more foreigners to invest in the country.
The Netherlands is not the only European Union country that offers such a scheme. Several other countries allow gaining residence by investment. However, the investment amount differs from one country to another.