The Netherlands announces closure of its Golden Visa program from January 2024: Beginning from January 2024, the Netherlands will discontinue its Golden Visa program, which offers residence visas to wealthy foreign investors.
The country’s Immigration and Naturalization Service (NLS) officially announced the primary decision to end the Golden visa program.
The Dutch government said on its website that the residence visa will no longer be available for foreign investors from 1 January 2024.
The Dutch golden visa was introduced in 2013, and this visa initiative aimed to boost the economic growth of the country, a goal shared by many nations offering equal investment schemes.
To qualify for the Golden Visa Program, Foreign investors need to make a significant contribution of at least €1,250,000, along with completing strict criteria.
Notably, this visa program was planned for business development and did not permit investment in real estate for personal use.
Basic requirements included for the Golden Visa program:
- Possessing a valid passport or travel document
- Undergoing a tuberculosis test upon entering the Netherlands
- Showing no threat to public order or national security
Investors were also required to invest their funds in one of the following: an international company established in the Netherlands, a venture company, a fund approved by the Ministry of Economic Affairs, or a contractual joint venture that invested in a Dutch company, according to a report by Schengenvisa news.
The decision to end the ‘Golden Visa program’ marks the end of a significant avenue for foreign investors to obtain Dutch residence permits. This move will have far-reaching implications for those who plan to utilize this scheme.
The termination of this program reflects a shift in Dutch immigration policies and priorities, which is in line with global trends regarding investment-based residence visas.
So, it is all about The Netherlands announces closure of its Golden Visa program from January 2024.
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Source:- economictimes.indiatimes.com
