Dutch residence permit for wealthy foreign nationals ‘easier to get’

Dutch residence permit for wealthy foreign nationals ‘easier to get’

Wealthy foreign nationals can obtain a temporary residence permit more easily as from 1 October 2013. If they have capital of at least 1,250,000 euros and invest that in Dutch business, they can get a regular residence permit for one year. State Secretary Teeven wants to give an impulse to Dutch economy with this proposal.

NL Agency, part of the Ministry of Economic Affairs, will assess if the investment of the wealthy foreign national is going to a company with added value to Dutch economy. The added value is there, if the investment creates additional employment and/or if the company has an innovative nature. The foreign national is thus directly involved in the Dutch economy.

To avoid abuse, the origin of the money will be checked. The Cabinet does not want the scheme to be used for money laundering. That is why the IND will check if the foreign national is a risk to the public order or to national security. The IND will also obtain information from the Financial Intelligence Unit (FIU)-Netherlands, which is in charge of the execution of the Anti-Money Laundering and Anti-Terrorist Financing Act. De FIU Netherlands can make use of its international network in 134 countries.

The foreign national should further have an auditor’s certificate from a Dutch accounting firm with an office in the country of origin of the foreign national. The certificate must state that there is no evidence that the capital being invested has a fraudulent origin.

The residence permit will be issued to the wealthy foreign national for the duration of one year at first, so that, when an extension is applied for, a new check can be conducted to see if the conditions for the scheme are still being complied with and if the investment is of a permanent nature.

Source: Dutch government

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