- Temporary Resident Permit Introduced for Foreign Investors
- October 7, 2013
- Law Firm: Fragomen Del Rey Bernsen Loewy LLP - New York Office
Third-country nationals who make a significant investment in the Dutch economy can qualify for a new investor residence permit category, effective on October 1, 2013. The new permit is valid for one year initially and can be renewed if the holder continues to meet eligibility requirements. The Dutch Secretary of Security and Justice recently announced the permit’s introduction as part of the implementation of the Modern Migration Act (MoMi).
To qualify for the permit, a third-country national must invest at least €1,250,000 in the Netherlands. The investment must be determined by a division of the Dutch Ministry of Economic Affairs to add significant value to the Dutch economy, such as by creating jobs or stimulating innovation.
To prevent abuse of the new permit category, applicants will be subject to background checks and the source of the invested funds may be scrutinized. An applicant will be required to submit a statement issued by a Dutch accounting firm that operates both in the Netherlands and the applicant’s country of origin confirming that the invested capital is not from an unlawful origin.
The Dutch Immigration and Naturalization Service will assess whether the applicant poses a threat to public order or national security and will request that the Dutch Financial Intelligence Unit determine whether the applicant has links to money laundering practices or terrorist organizations.