Rules for obtaining a residence permit for wealthy foreign nationals revised

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Since 1 October 2013, wealthy foreign nationals may qualify, contingent on certain conditions, for a residence permit (see our earlier update). As per 1 June 2014 the rules have been revised. The principal changes are as follows:

• Wealthy foreign nationals may reside outside the Netherlands up to a maximum of eight months, without their residence permit being revoked (the usual period is six months).
• The minimum investment of €1,250,000 in Dutch companies may now be made directly or indirectly via seed funds, private equity funds, or contractual joint ventures. It is still a requirement that the investment is paid into a qualifying bank account and brings added value to the Dutch economy. If wealthy foreign nationals invest in a seed fund or private equity fund that is a member of the Nederlandse Vereniging van Participatiemaatschappijen (The Dutch Private Equity and Venture Capital Association), it is automatically assumed that the investment brings added value.
• Wealthy foreign national are exempt from the requirement to take the basic civic integration exam.

Resources

Amendment to the Foreign Nationals Employment Act dated 27 May 2014 (in Dutch language)

Netherlands Enterprise Agency’s website

Dutch Private Equity and Venture Capital Association’s website

For further information or to discuss the consequences of the above, please contact Wendy Terporten on +31 10 224 6 434 at Loyens & Loeff Rotterdam http://www.loyensloeff.com.

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