The Netherlands Ends Golden Visa Program

Termination of the Golden Visa Program in the Netherlands

The Netherlands will terminate its Golden Visa program on January 1, 2024, according to the Immigration and Naturalisation Service (IND).

Launched in 2013 to stimulate economic growth by attracting foreign investors, the program required a minimum investment of €1.25 million in business projects within the Netherlands, excluding residential real estate investments.

The Situation in Europe

The Netherlands is not alone; many European countries are gradually tightening or discontinuing their Golden Visa programs. These programs have been criticized for facilitating money laundering, tax evasion, and driving up property prices, particularly in major cities. The European Commission has urged member states to immediately end such programs, deeming them a severe security risk and inconsistent with EU values.

However, news of these programs being phased out has led to a surge in applications in countries like Portugal, Spain, and Italy. Many investors are racing to submit their applications before policy changes take effect. Meanwhile, programs in countries like Montenegro and others continue to operate, drawing significant interest from investors.

Ethical and Legal Criticism

Golden Visa programs have faced heavy criticism from European lawmakers, who label them as tools for the wealthy, corrupt officials, and criminals to launder money, enhance their image, and conceal their identities. EU Justice Commissioner Didier Reynders declared that citizenship-for-sale programs are "illegal" and unacceptable under EU law. He emphasized, “European values are not for sale.”

Future Trends

Amid tightening regulations, investors should carefully consider and act swiftly if they intend to participate in investment visa programs. Obtaining accurate information and selecting the right program are crucial during this period of transition.