Netherlands Announces End of Golden Visa Program in 2024

The Netherlands has officially announced the termination of its super-popular “Golden Visa” program starting January 2024. This program, which allowed wealthy foreign investors to obtain residence permits in exchange for a substantial financial contribution, has been a hallmark of Dutch immigration policy since its inception in 2013.

Netherlands Golden Visa Program Origins and Criteria

The Dutch Golden Visa program was initially introduced with the goal of stimulating economic growth within the country. Like its counterparts in various other European nations, it required a significant investment of at least €1,250,000 and adherence to stringent eligibility criteria.

Notably, the Netherlands’ program focused on business development and explicitly excluded investments in private real estate.

Applicants were required to hold a valid passport or travel document and undergo a tuberculosis test upon arrival. They also had to demonstrate that their investment would benefit the Dutch economy by directing their funds into approved avenues such as international companies, government-approved funds, or joint ventures.

But the Netherlands is not the only European country to offer such a scheme. Spain, Portugal, and Greece are among the most attractive destinations for similar residency and citizenship programs.

European Golden Visas in the Spotlight

The decision to discontinue the Dutch Golden Visa program coincides with a broader trend across Europe. Multiple European countries have either terminated or considered ending their Golden Visa schemes, causing a surge in applications. Spain and Italy, in particular, have witnessed record levels of interest in their programs.

Despite growing calls to abolish these residency-by-investment programs due to ethical, legal, and economic concerns, the Netherlands and Montenegro, among others, continue to accept Golden Visa applications.

Money Laundering and Tax Evasion Concerns

One of the primary criticisms of Golden Visa programs revolves around lax regulations in some countries, allowing investors to acquire residency permits by investing in local real estate and financial assets. These lenient programs have raised concerns about money laundering, tax evasion, and their role in driving up property prices.

The European Parliament’s Civil Liberties Committee has labeled these schemes as “objectionable from an ethical, legal, and economic point of view.” The European Commission is urging member states to repeal existing investor citizenship schemes and implement rigorous checks to address the risks they pose.

Security and Legal Concerns

The Ukraine-Russia conflict has exacerbated concerns. The European Union has expressed that these programs, which effectively allow wealthy individuals to purchase the right to residency without residing in the country, pose security risks and are vulnerable to money laundering, terrorist financing, and organized crime infiltration.

Saskia Bricmont, a Belgian member of the EU Parliament, has strongly criticized these visas as a means for “oligarchs, criminals, and corrupt politicians” to gain entry into Europe and launder their wealth. The Commissioner for Justice and Consumers, Didier Reynders, has gone a step further, branding the scheme as “illegal” and emphasizing that European values should not be for sale.

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