Location: the Financial Centre

1 supervision and licensing Introduction

Historically, Amsterdam has always been a centre of Amsterdam’s Schiphol Airport has excellent connections financial activity. Many financial innovations originated to all major cities around the world. Additionally, the here, such as the world’s first publicly traded company, European political and financial centres of Brussels, the first stock exchange, and the first European option Frankfurt, Paris, and London are also within easy reach via exchange. More recently, Amsterdam has emerged as a road, air, and rail links. hotbed for the Fintech sector and these developments have been acknowledged, by the European Union Amsterdam’s talented, multilingual, highly skilled labour by naming Amsterdam as the European Capital of force is known for its flexible attitude and healthy work Innovation 2016. ethic. The city is a cultural hotspot and hosts a vibrant international community with an excellent quality of life As the capital city of one of the founders of the for expatriates. It continues to rank highly in the world’s European Union and home to a strong financial industry, most attractive and friendly cities for expats in which to Amsterdam offers the perfect location for financial live and work. institutions as it provides a thriving and dynamic environment that will enable them to flourish. It has a great range of international schools in close proximity and a dedicated expat centre to help newly- Amsterdam is renowned as a top-level international arrived foreign citizens to assimilate and settle. financial services and business centre. It houses all major Dutch financial institutions as well as branches The Netherlands, and its capital Amsterdam, are and subsidiaries of more than fifty prominent European considered to be a thriving, independent, and open- and international banks. Combined with a strong legal minded location at the heart of the major European and services sector this creates an energetic global economic hotspots and, as such, presents the perfect business environment. Amsterdam’s financial district hosts location for financial institutions. outstanding real estate opportunities, able to fulfil all the requirements that an international financial services corporation might require.

2 introduction Contents

Strategic location...... 4 The Netherlands: our country...... 5 The Netherlands: accessibility...... 6 Efficient business travel...... 7 Excellent digital connections...... 8

The financial and business services sector...... 10 The financial and business services sector...... 11 Facts & figures...... 12

Supervision and licensing...... 13 Financial supervision and licensing...... 14 Other relevant organisations based in the Netherlands...... 17 Banking levy...... 18

Labour force...... 19 Multilingual labour force...... 20 30% facility: special tax regime for expats...... 21 Dutch act on the remuneration policies for financial undertakings...... 22 Work and residence permits...... 23

Quality of life...... 24 Quality of life...... 25 Amsterdam: the liveable city...... 26 Expat friendly...... 27

Education...... 28 Location international schools...... 29 Public & private schooling in Amsterdam...... 30 Relevant higher educational institutions...... 31

Office locations...... 32 Office locations ...... 33 General information on relevant office locations in the Amsterdam area...... 34

Leisure...... 36 Cultural life in Amsterdam...... 37 Amsterdam & sports...... 39 ...... 40 Service amsterdam inbusiness...... 41

3 contents Strategic location

4 supervision and licensing The Netherlands: our country

Located in the centre of the three biggest economies in Europe, Germany, the United Kingdom, and France, the Netherlands is a perfect place to serve all the major European markets. The Netherlands does well when it comes to conditions that support economic growth, such as economic 600 miles stability, low inflation and long-term interest rates, as well as having a low budget deficit and public debt.

The Netherlands: our country Denmark • Capital: Amsterdam, the country’s largest city is also its financial and 300 miles cultural centre, home to the second-largest port in the Netherlands and Schiphol International Airport. United Kingdom • Currency: euro • Surface area: 33,800 sq km • Unemployment rate: 5.5% (average 2007-2015) Germany • Population: 17.0 million (July 2016) • GDP per capita: 38,429 euros (IMF 2015) Belgium • Moderate inflation: 1.3% (average 2007-2015)

Source: Holland Compared July 2016 France Switzerland

million million consumers consumers 170within 300 miles 244within 600 miles

5 strategic location The Netherlands: accessibility

The Netherlands offers a strategic location, being within easy range from Amsterdam (less than 1.5 hour’s close to, and having frequent and direct connections drive). Both airports also provide connections to many with, London, Brussels and Frankfurt, and with very good European destinations. connectivity to the rest of Europe and the rest of the world. This is due to the country’s favourable, central The Netherlands has an extensive road and rail network, geographical position, top-notch accessibility, and partly due to its flat topography. The rail infrastructure excellent infrastructure. provides services to all major Dutch cities and towns, and there are many high-speed rail connections to many Amsterdam Airport Schiphol cities and towns in adjacent countries such as Germany, • 4th European passenger airport (58.3 million passengers) Belgium and France. • 322 non-stop destinations in 95 countries • Time from Amsterdam Airport Schiphol to Amsterdam’s Railway connections ‘The location and ‘Zuidas’ main business district: 7 minutes by direct train. Amsterdam - Brussels: 01:54 hours | 202 km Amsterdam - Frankfurt: 03:46 hours | 471 km infrastructure make In addition to Amsterdam Airport Schiphol, Eindhoven Amsterdam - Paris: 03:13 hours | 492 km Airport and Rotterdam / Airport are also Amsterdam - London: 04:37 hours | 494 km it easy to travel anywhere.’

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6 strategicsupervision location and licensing Efficient business travel

Non-stop flights from Schiphol 2016

Destination Frequence/Day Duration (H) London 58 1:10 Paris 14 1:15 Frankfurt 12 1:10 Berlin 10 1:15 Brussels 5 0:45 Rome 11 2:10 Madrid 9 2:35 New York 5 8:20 Singapore 2 12:25 Hong Kong 2 11:00 Beijing 2 9:15

High Speed Direct Train connections from Amsterdam Central in 2016

Destination Frequence/Day Duration (H) Brussels 13 1:54 Paris 10 3:16 London (via Brussels) 10 4:50 Berlin 6 6:30 Frankfurt 6 3:00 Düsseldorf 6 2:12

7 strategic location Excellent Home to the world’s digital connections largest data transport hub The Netherlands is a true frontrunner in Europe when it comes to digital infrastructure. It is home to the world’s largest data transport hub: the Amsterdam Internet Exchange (AMS-IX). The Netherlands is renowned for having one of the fastest average broadband speeds in the world, and it also has one of the highest levels of broadband penetration in Europe. In addition, the Netherlands is home to some of the world’s most reliable broadband and telecom providers. As a result, roughly one-third of European data centres (including Interxion and Equinix) are located within the Amsterdam Metropolitan Area.

• Amsterdam Internet Exchange (AMS-IX) - The largest internet exchange in the world, both by number of members and total traffic - Ultra-high-speed connectivity with an average peak load of over 3 Terabytes per second - More than 70 carriers present at AMS-IX locations - Diverse peering community of over 710 internet-related companies connected to the AMS-IX grid, half of them from outside the Netherlands (e.g. Microsoft, Google, Facebook). • The Netherlands currently ranks 6th on best ICT infrastructure worldwide (The Networked Readiness Index, World Economic Forum, 2016). • Amsterdam ranks 2nd when it comes to mobile internet speed in Europe (European Digital City Index, 2015). • The Netherlands has one of the fastest internet speeds in Europe, with 17.9 Mb per second average (Akamai, State of the Internet Report, Q1 2016).

8 strategicsupervision location and licensing Excellent digital connections

% of individuals using internet % of % of Mobile individualsindividuals internet usingusing speed internetinternet- ranking Mobile Mobile internet internet speed speed - ranking- ranking % of individuals using internet Mobile internet speed - ranking 94% 94% 90% 94% 90%90% 84% 82% 84%84% 82% 78% Amsterdam 2 82% 78%78% AmsterdamAmsterdam 2 2

Paris 5 ParisParis 5 5

Berlin 24 BerlinBerlin 2424

London 28 LondonLondon 2828

Netherlands UK Germany France Ireland NetherlandsNetherlandsDublinUKUK GermanyGermany FranceFrance IrelandIreland33 DublinDublin 3333

Source: The Networked Readiness Index, World Economic Forum, 2015 Source: Source: Source: The Networked Readiness Index, World Economic Forum, 2015The Networked Readiness Index, World Economic Forum, 2015European Digital City Index, 2015 Source: Source: European Digital City Index, 2015European Digital City Index, 2015

ICT Infrastructure - ranking InternetInternet speed ICT ICT Infrastructure speedInfrastructure - –AverageAverage- ranking- ranking MbMb per second per second Internet speed Internet speed – Average– AverageMb per secondMb per second 17,9 17,917,9 Netherlands 4 NetherlandsNetherlands 4 4 14,9 14,914,9 14,4 13,9 14,414,4 13,913,9 UK 8 UKUK 8 8 9,9 9,99,9 Germany 13 GermanyGermany 1313

Ireland 25 IrelandIreland 2525

France 26 FranceFrance 2626 Netherlands UK Ireland Germany France NetherlandsNetherlands UKUK IrelandIreland GermanyGermany FranceFrance

Source: The Networked Readiness Index, World Economic Forum, 2015 Source: Source: The Networked Readiness Index, World Economic Forum, 2015Akamai, State of the Internet Report, Q1 2016The Networked Readiness Index, World Economic Forum, 2015 Source: Source: Akamai, State of the Internet Report, Q1 2016Akamai, State of the Internet Report, Q1 2016

9 strategic location The financial and business services sector

10 supervision and licensing The financial and business services sector

The financial and business services sector is one of the market infrastructure hub, including trading venues such largest key economic sectors in the Netherlands, and as Euronext, TOM MTF, and ICE Endex, and clearing the Amsterdam Metropolitan Area lies at its heart. In service providers such as ABN AMRO Clearing, EuroCCP addition to major Dutch financial institutions such as and ICE Clear. ABN AMRO, ING, Delta Lloyd and Rabobank, the area houses branches of foreign banks such as ICBC, Deutsche The region houses many international law and Bank, BNP Paribas, MUFG Bank (formerly known as Bank accountancy firms. Amsterdam plays host to the global of Tokyo-Mitsubishi UFJ), Citibank and many others. headquarters of accounting firm KPMG, as well as a Additionally, Amsterdam has a strong and long- variety of other professional business services, such as established trading community, housing some of the legal affairs, management, pensions and tax consultancy, world’s leading market-making firms, such as IMC, Flow all of which ensure that businesses are served effectively. Traders and Optiver. As a major asset management In turn, the presence of financial and business service centre it is also home to one of the world’s largest asset providers has helped accelerate the growth in the management firms, APG. Amsterdam’s position as a establishment of international head offices and corporate financial center is further strengthened by being a major treasuries in the Amsterdam Metropolitan Area.

11 the financial and business services sector Facts & figures

The Netherlands is home to: Dutch Financial Sector: Assets Under Management

Dutch Banks: 53 banks and 43 branches of credit institutions €2.6 trillion established in EU countries, and 4 branches of credit institutions established in non-EU countries Dutch Pension Fund Industry: (2016Q2) €1.3 trillion

186 life- and non-life insurance companies Dutch Insurance Companies: (2016Q2) €505 billion

298 pension funds Dutch Investment Funds: (2016Q2) €767 billion

Source: Dutch Central Bank

Facts & figures regarding the financial and business services industry in the Amsterdam Metropolitan Area

• Largest cluster in the Amsterdam Metropolitan Area

• 25% of the regional economy (gross domestic product of the region)

• 255,000 jobs

• 19% of the employment market

Source: 2016 Economic Outlook of the Amsterdam Metropolitan Area Supervision and licensing

13 supervision and licensing Financial supervision and licensing

Financial market participants that would like to conduct DNB their business from the Netherlands are welcome. DNB has the task of promoting the stability of the The Dutch supervisory authorities are open to discuss financial system. More particularly, DNB is responsible any questions you may have prior to filing a license for the prudential supervision of financial institutions application. and the financial sector. It contributes to defining and The Netherlands has a twin peaks model of supervision implementing the single monetary policy of the countries which is comparable to the UK supervisory model with which have introduced the euro, and promotes the split responsibilities between the Dutch Central Bank smooth operation of the payment system. Furthermore, (De Nederlandsche Bank – DNB) and the Netherlands DNB is designated as National Resolution Authority. Authority for the Financial Markets (Autoriteit Financiële In its Supervisory Strategy 2014-2018, DNB advocates Markten – AFM). assertive European banking supervision and directs its In general, the AFM and DNB follow a risk-based own supervisory approach towards improvements in supervisory approach towards financial entities. Where information provision, the quality of risk analyses and applicable, the supervisors work together, and they behaviour adjustment at institutions under its supervision. are allowed to exchange information necessary for DNB aims to intensify the surveillance of financial sector supervision. The rules of procedure are laid down in a integrity and will, within the constraints of the law, seek covenant between AFM and DNB. greater openness on its supervisory practice.

AFM Banking Union The AFM carries out conduct-of-business supervision. Being part of the euro-area, the Netherlands is also The AFM is committed to promoting fair and transparent a participating Member State in the Banking Union. financial markets. As an independent market conduct This implies that all credit institutions located in authority, the AFM contributes to a sustainable financial the Netherlands fall under the scope of the Single system and prosperity in the Netherlands. Supervisory Mechanism (SSM) and the Single Resolution In the Agenda 2016-2018, the AFM has set itself three Mechanism (SRM), with all significant institutions under priorities for 2016: to reduce undesirable risks in the the direct responsibility of the European Central Bank financial markets; to strengthen and renew supervision (ECB) and the Single Resolution Board (SRB). Supervision through investment in technology and methodologies; of banks is a shared responsibility of the ECB and national and to increase the effectiveness, efficiency and supervisory authorities. adaptability of the organisation. The SRM is made up of a network of national resolution authorities and the SRB as the central decision making body. The SRB is able to draw on the European Single Resolution Fund, to which the banks contribute.

14 supervision and licensing Licensing process in the Netherlands the ECB being required. The application process Financial institutions wishing to operate in the Dutch starts by submitting an application form, which can be market require an authorisation from DNB, the ECB or downloaded from DNB’s website. This form lists the the AFM. information to be provided by the applicant. Requirements to be assessed include: • DNB issues authorisations to institutions such as insurers, payment institutions, electronic money • Suitability, integrity and number of prospective institutions, trust offices and clearing institutions. directors and supervisory board members. • The AFM issues authorisations to institutions such • Policy, organisation and integrity of operations; as investment firms, market makers, trading venues, institutions should have controlled and sound (management companies of) collective investment business operations, including rules on the schemes (AIFMs, UCITS), custodians, depositaries, prevention of conflicts of interest, outsourcing and investment objects, financial services providers and conduct of business; operational management must credit providers. be geared to the nature, size, risks and complexity of • The ECB issues banking (i.e. credit institutions) the bank’s activities. authorisations. The authorisation application must be • Prudential requirements (regarding own funds, submitted to DNB, which will then process it in close solvency and/or liquidity). cooperation with the ECB. • Declarations of no objections for qualified holdings.

Some of the authorisation processes require a mandatory In the event that a bank also has the intention of advice of DNB to the AFM and vice versa. This concerns providing investments services, additional requirements authorisations of payment institutions, investment firms apply to operational management and business conduct. and collective investment schemes, fund managers, trading venues, central counterparties, central securities Investment firm, market maker and MTF authorisation depositories and banking authorisations including The requirements for investment firms, market makers investment services. However, financial institutions will and MTFs which are stemming from MiFID, focus on only need to apply for a license at either DNB or AFM. assessing the following requirements:

Banking authorisation • Suitability and integrity of prospective directors and As set out above, the ECB issues the banking supervisory board members. authorisations. Nevertheless, the authorisation • Policy and organisation of operations of controlled application must be submitted to DNB, which will then and sound business operations, including conflicts of process it in close cooperation with the ECB. If, following interest, outsourcing and conduct of business rules. an assessment, DNB is of the opinion that the applicant • Description of measures concerning business meets the authorisation requirements, it will draw up a conduct requirements and safeguarding of client draft decision to issue an authorisation and provide it to assets. the ECB. If DNB is of the opinion that the applicant does • Prudential requirements (minimum own funds, not meet the statutory authorisation requirements, solvency and/or liquidity). it can reject the application without a decision from • Declarations of no objections for qualified holdings.

15 supervision and licensing With regard to MiFID II, the AFM will accept applications sandbox is to enable businesses to test their innovative for MiFID II licenses as of April 2017, which can be issued ideas in a live environment, under a custom regulatory per 3 January 2018. framework.

InnovationHub Additional licensing information The AFM and DNB have created the joint InnovationHub DNB and the AFM decide on authorisation applications to support market operators that seek to market for banks and investment firms, market makers and MTFs innovative financial services or products but are unsure in principle within thirteen weeks of receipt. about the rules. For more licensing information on other financial The Hub aims to create room for innovation in the institutions, please contact DNB or the AFM. financial sector. With the InnovationHub, the AFM All information with regard to the application can be and DNB have set up a single point of entry for new submitted in English. Any firm wanting to move its entrepreneurs – such as fintechs – and incumbents operations (or part of it) to the Netherlands should first to submit questions about regulations directly to a establish a legal entity here, then obtain a license, and supervisory authority, irrespective of whether they are subsequently transfer its business into that licensed entity. currently subject to supervision. Any firm applying for a license in the Netherlands The InnovationHub can provide you with various types of will follow the same procedure. Where possible, the support, such as: supervisors can base their assessment of applications of already licensed firms on their original application • Detailed explanation of specific supervision rules and or updated documentation. It is therefore expected that policies. applicants who have already been authorised by • Guidance in navigating the Dutch supervisory a regulator of another EU member state (i.e. which landscape. have a license based on EU legislation) will be able • Information about potential supervision issues, to relatively efficiently provide the complete set of for example if you are developing an innovative required information, permitting the regulators to more concept. efficiently make their assessment. This may speed up the application process. You can contact the InnovationHub via innovationhub@ For further information, please refer to the websites afm.nl or [email protected]. The InnovationHub will www.dnb.nl and www.afm.nl. respond to your question within two business days, telling you at least how to follow up on your question. In the case of a simple answer, a contact by telephone or email will suffice. Otherwise, you will be invited to discuss your question at the AFM or DNB offices. Moreover, in order to create more room for innovation in the financial sector, the AFM and DNB plan to launch a regulatory sandbox from 2017 on. The aim of the

16 supervision and licensing Other relevant organisations based in the Netherlands

Dutch Banking Association Dutch Association of Insurers The Dutch Banking Association (NVB) consults with The Dutch Association of Insurers represents the the regulatory authorities, the Dutch Government interests of private insurance companies operating in and many social organisations and interest groups the Netherlands. The association is an independent to represent the interests of the Dutch banking organisation managed and financed by its members. community. Collective bargaining on behalf of the https://www.verzekeraars.nl/en/ banking sector is also part of the NVB’s portfolio. To represent the banks’ interest on a European level, Dutch Fund and Asset Management the NVB is a member of the Banking federation of Association (DUFAS) the European Union. Virtually all banks operating in DUFAS promotes the collective interests of asset the Netherlands, including foreign bank branches, managers operating on and from the Dutch market, have a NVB membership. both Dutch and foreign parties. They promote the https://www.nvb.nl/en/ business interests of its members both on a national as an international level. On the European level this Foreign Bankers’ Association is also done through the European Fund and Asset The goal of the Foreign Bankers’ Association (FBA) Management Association (EFAMA). is to protect and promote the interests of foreign http://www.dufas.nl/en-us/ banks operating in the Netherlands. The Foreign Bankers’ Association is part of the Dutch Banking Association. www.foreignbankers.nl

Holland FinTech Holland FinTech strives to create a thriving international marketplace for FinTech in the ‘Amsterdam is a Netherlands. It brings together people and city that is always organisations who believe that creating a level playing field in the financial ecosystem will drive reshaping the status innovation, and that connecting mature players to innovative startups across borders, will accelerate quo.’ financial innovation to its full potential. www.hollandfintech.com Don Ginsel Holland FinTech Empowering the next generation of financial services worldwide Europe’s preferred airport

17 supervision and licensing Banking levy

Like some other EU member states, the Netherlands has a bank levy. In principle all entities and branches that are allowed to carry out banking activities in the Netherlands are in scope of the Dutch bank levy. The first €20 billion in tax base is exempted, which means that smaller banks are not subject to any bank levy at all. In short, the tax is based on the consolidated commercial accounts of the top group entity in the Netherlands or, in case a foreign entity has a branch in the Netherlands, the tax base depends on the part of the stand-alone commercial accounts of the head office that can be attributed to the Dutch branch office using the methods set forth in the OECD Report on the attribution of profits. The tax base is the total balance sheet minus the amount of capital, the secured deposits under a deposit insurance scheme and the liabilities connected with insurance activities of the bank. The tax rate is 0.044% for short-term debts and 0.022% for long-term debts.

18 supervision and licensing Labour force

19 supervision and licensing Vrije Universiteit, Amsterdam 19 Multilingual labour force

The high quality of both the labour force and the country’s The official language of the Netherlands is Dutch, but, educational system goes a long way toward explaining being practical people, the Dutch realised long ago that why the Netherlands is such an attractive country for success lies in learning other people’s languages. Today, international organisations to set up shop. the Netherlands is by far the most multilingual country in Europe. More to the point, the Dutch have a better The Netherlands boasts a highly educated, well-motivated, working knowledge of English (around 80%) than any and multilingual labour force, whose productivity exceeds other nationality on the European continent. Besides that in most other European countries. Furthermore, the English, many Dutch people are also fluent in German and Dutch labour force consistently gets high marks from the French. international business community for its high percentage of advanced educational degrees and familiarity with foreign working styles and business environments.

Language skills are meeting the needs of enterprises Executive Opinion Survey (2016) based on an index from 0 to 10

10 9 8 7 6 5 4 3 ‘It’s easy for us to 2 find the international 1 0 talent that we need.’ Italy Poland Ireland Spain France BelgiumPortugal Germany Netherlands Pascal van Dalen Czech Republic United Kingdom DoubleDutch Startup creating mobile event apps

20 labour force 30% facility: special tax regime for expats

The Netherlands has a special tax regime for Standard Young Master expatriates, the so-called ‘30% ruling’. According to Original gross salary: € 45,000 € 36,000 This example shows that an expat receives €15,600 net more with the 30% ruling this ruling, the employer may grant the employee Tax free allowance: € 8,111 € 7,959 (based on a salary of €100,000) a tax-free allowance of up to a maximum of 30% of Taxable salary: € 36,889 € 28,041 their remuneration as an (untaxed) reimbursement of Gross Income (example) € 100,000 € 100,000 the extra costs of their stay in the Netherlands. The In the examples above the taxable salary equals the remuneration includes incidental and flexible forms of applicable salary requirement. The difference between 30% tax ruling € 30,000 income such as bonus payments and stock options. the original gross salary and the salary requirement Taxable base € 70,000 Termination payments are excluded from the 30% can be paid out as a tax free allowance. ruling. Up to €19,822 - 36,5% tax & contributions € 7,235 Partial non-resident taxpayer status €19,822 to €33,589 - 42% tax & contributions € 5,782 Criteria Under the 30% ruling, an employee can opt to be In order to qualify for the 30% ruling, the following treated as a partial non-resident taxpayer. As a result, €33,589 to €57,585 - 42% € 10,078 conditions must be met: the employee will be treated as a non-resident €57,585 - 52% € 6,455 • The employee must have specific expertise that is taxpayer for box 2 and box 3. This means that, during not available on the Dutch labour market. Specific the duration of the 30% ruling, the employee will not Total taxes & contributions € 29,550 € 29,550 expertise is deemed to exist if the taxable income have to pay any tax on his savings and investments. NET INCOME (WITH 30% RULING) € 70,450 meets the following salary level: Please note that this exemption does not apply to - Minimum taxable income of €36,889 (excluding substantial shareholdings in a Dutch company and / or the 30% allowance) for regular employees real estate in the Netherlands. Gross Income € 100,000 € 100,000 - Minimum taxable income of €28,041 (excluding Taxable base € 100,000 the 30% remuneration) for qualifying masters International school (MSc) younger than 30 An employer may also pay an employee a tax free Up to €19,822 - 36,5% tax & contributions € 7,235 - No minimum income level exists for scientists allowance to cover the cost for certain international and researchers at a research institute. schools. Whether a school is considered a qualifying €19,822 to €33,589 - 42% tax & contributions € 5,782 • The employee must be recruited from abroad. school is primarily determined by the Dutch tax €33,589 to €57,585 - 42% € 10,078 • The employer must be a Dutch wage tax- authorities. withholding agent. €57,585 - 52% € 22,055 • The employee has to live more than 150 Duration Total taxes & contributions € 45,150 € 45,150 kilometers outside of the Dutch border in more The maximum duration of the 30% ruling is 8 years. than 16 of the 24 months prior to the start of the The maximum duration might be reduced in case of NET INCOME (WITHOUT 30% RULING) € 54,850 employment. any previous stay or employment in the Netherlands. Please note that the tax free allowance can also be Limited periods of stay are not taken into account Source: Dutch Tax Authorities 2016 less than 30%. Most importantly, the taxable salary (less than 30 days per year). In addition, the should always meet the minimum salary requirement. maximum reference period is 25 years preceding the employment in the Netherlands.

21 labour force Dutch act on the remuneration policies for financial undertakings

The Netherlands has implemented an Act on the There are plans to restrict this exception for these Remuneration Policies for Financial Undertakings (or: types of firms, if they are included in the prudential Wbfo) per February 2015. The Act provides for several consolidation scope of a CRD IV, Solvency II or FICO rules concerning remuneration of financial undertakings, group, in which cases, a 100-200%-cap will apply. such as a ban on guaranteed variable remuneration, Please note that the remaining rules of the Act do apply a mandatory bonus claw-back clause in some specific to these companies. cases, and a cap on the severance pay for members of the board. Under the act, a financial undertaking As mentioned above, the Act includes some exceptions cannot pay a variable remuneration that exceeds 20% to the 20% bonus cap. These are: of the fixed remuneration on an annual basis. This rule • For employees not covered by a collective labour applies to all persons working under the responsibility agreement, the variable remuneration may exceed of the financial undertaking. However, under specific 20% for a single person as long as the average circumstances, exceptions to this rule may apply. variable remuneration in the entire group of employees does not exceed 20%. The Act applies to financial undertakings having a • For employees working mainly abroad, the variable registered office in the Netherlands and to its subsidiaries remuneration may not exceed 100% of their fixed (including subsidiaries and branches abroad). The remuneration if they work in another member state. definition of ‘financial undertaking’ includes, amongst For employees working mainly outside of the EU, this others, banks, insurers, investment firms, fund managers, cap may be lifted to 200% of the fixed remuneration, payment services providers, custodians and premium provided that the shareholders agree to this higher pension institutions (PPIs). bonus cap. • For persons employed by a Dutch holding company, However, the bonus cap of 20% does not apply to from which the business of the group is mainly Dutch branches of banks and investment firms that are international, a 100% bonus cap applies. registered in other member states. For those branches, the bonus cap is governed by the laws of that other More information can be found in the Wbfo (the Act on member state. Currently, the Act also does not apply Remuneration Policies for Financial Undertakings). to managers of AIFs and UCITs and to certain types of investment firms1.

1 Investment firms that deal for their own account only with their own resources and capital and which have no external customers and are local firms.

22 labour force Work and residence permits

Inside EU/EEA Employers wishing to employ highly skilled migrants A national of the EU/EEA that is coming to are no longer required to also apply for work permits the Netherlands to work, study or stay in the for those employees. They will only have to submit Netherlands does not need a visa nor a work or an application for Admission and Residence for residence permit. the employee and his family at the Immigration and Naturalisation Service (IND). The application Outside EU/EEA procedure takes approximately three weeks. In A foreign national from outside the EU/EEA that is order to obtain residency as a highly skilled migrant, coming to the Netherlands to work for a period of an important prerequisite is that the applicant’s more than three months, can apply for a residence employer in the Netherlands must be recognised permit for one of the following reasons: as a sponsor by the Immigration and Naturalisation • working as a highly skilled migrant; Service. • working as a labour migrant; or • working as a self-employed person. A residence permit for highly skilled migrants ‘Every day, I get the will be granted for the duration of the intended Depending on the nationality, the applicant will have employment, for a maximum of five years. chance to work with to apply for an authorisation for temporary stay, prior colleagues from more to their departure for the Netherlands. Family members The spouse, or partner, and young children of than 30 different In the event that the foreign national is coming to the highly skilled migrant, can also apply for the the Netherlands to work for a period of less than Admission and Residence Procedure at the same countries.’ three months, they may have to apply for a business time as the main applicant. Upon obtaining a visa and/or work permit. residence permit, the spouse or partner of a highly Sam van der Feltz skilled migrant may work for any employer in the IBFD Highly skilled migrant permit Netherlands, without requiring a work permit. A highly skilled migrant is any foreign employee Your portal to cross-border coming to the Netherlands to work as an employee The Netherlands Foreign Investment Agency tax expertise and: provides active guidance and assistance with the • earns at least €4,240.00 (excluding holiday aforementioned procedures in cooperation with the allowances and 13th-month salary payment) gross Immigration and Naturalisation Service (IND). per month; or • earns at least€€3,108.00 (excluding holiday allowances and 13th-month salary payment) gross per month, if under thirty years of age.

23 labour force Quality of life

24 supervision and licensing

doek muur versie 2 50%.indd 1 20-10-16 15:33 Quality of life

The Netherlands has an open-minded and cosmopolitan same time, it retains an inviting, communal atmosphere, population around 19% of whom are foreign nationals. especially in its city centres, where bikes are the main It is a welcoming country to professionals and their form of transportation. Open, rural land is never far away families from across the globe. The main concentration from office buildings and cities. of expats is located in the Randstad (Amsterdam 50,000, Rotterdam 30,000 & The Hague 27,500) however, expats Combined with cultural, sporting and other spare-time also form a significant part of the population elsewhere activities, the Netherlands makes for an extremely in the Netherlands. The country boasts an affordable attractive location for both locals and expatriates. high standard of living in a multicultural society. At the

Quality of Life - Executive Opinion Survey (2016) based on an index from 0 to 10

10 9 8 7 6 5 4 3 2 1 ‘In Amsterdam, we’ve 0 found the city that Italy Ireland Spain France Poland GermanyBelgium Portugal Netherlands offers the perfect Czech Republic United Kingdom work-life balance.’ Source: IMD World Competitiveness Online, 2016 Taisuke Kurita ELM Europe The distributor of the disc repair machine

25 quality of life Amsterdam: the liveable city Amsterdam Metropolitan Area

2,3 million In addition to its picture-postcard views, Amsterdam is a When you zoom-out to look at the entire region, every- inhabitants favourite amongst tourists and residents alike for its huge thing you could desire, from nature reserves to castles, to variety of museums and unique locations, as well as the beaches, is just a short trip away by train or car. The city many events, festivals and other activities on offer every also benefits from a stable political environment with a day. Just as important: in this compact city with extensive focus on innovation and freedom. It is a popular city that 180 public transport (not to mention easy bike-ability) it is people all over the world want to visit and explore. different nationalities easy to get around. Essentially, in Amsterdam, you will find all the amenities of a major capital city in the intimate, accessible environment of a town. 75 museums

881,000 40 parks bicycles, 58% use a bicycle daily

80 bridges in the canal ring Expat friendly

Services Expat Center Amsterdam Operating globally means attracting talent from all over the world. The Expat Center Amsterdam, an initiative of the City of Amsterdam, is the official one-stop-shop service for international companies and their highly skilled migrant employees.

One-stop shop for expats: • Visa arrangements • 30% ruling applications • Valuable information source for expats, covering essential topics such as insurance, finding schools, childcare or housing

Simplifying processes: • Meeting the needs of international companies and their expatriate employees • The Expat Center’s website contains a wealth of useful information for expats: ‘With its strong www.expatcenter.com international focus, Amsterdam makes things easy for expats.’

Amy Hebert Celanese A leading global technology and specialty materials company

• The Dutch have an international focus • 180 nationalities in Amsterdam Metropolitan Area • 40% of Amsterdam’s inhabitants are foreign nationals or have a dual nationality

27 quality of life Education

28 supervision and licensing Location international schools

The Netherlands is renowned for having a strong, well-balanced education system. This is further bolstered by a host of options for international schooling. There are a number of international schools in-and-around Amsterdam, covering a wide spectrum of learning, languages and cultures.

29 education Public & private schooling in Amsterdam

There are two types of international schools: independent move here – many of them with families. In addition, international schools (private schools), and those partially- Amsterdam attracts other internationals, such as start-up funded by the government, or municipality (public/private entrepreneurs, creatives, researchers and students. As a schools). The latter, called community schools, place a result, demand for places at international schools has risen lot of emphasis on connecting with Dutch society. This and continues to do so. International ‘Amsterdammers’ are includes Dutch language lessons and activities to promote important to the region, and high-quality international integration. Many international schools that focus on education is the number-one priority for expats with education in English follow the standardised International children, or those planning to start a family. Baccalaureate (IB) programmes, meaning students can receive an internationally recognised education and easily For these reasons, the municipalities of the Amsterdam transfer to other international schools around the world. area have joined forces to create the Delta Plan for International Education, which will ensure a minimum of Contact the schools online, or by phone, for an 750 additional places at international schools within the explanation of their particular education options – or, next two years, and subsequent minimum of 750 places ‘Our free spirit and better yet, visit in person for a better sense of their over the following two years. facilities and offerings. Also, be sure to read their entry innovative mindset requirements carefully: entry to some schools requires that at least one parent holds a foreign passport. can be found in everything we do.’ Future expansion plans The Amsterdam Metropolitan Area continues Bergen to attract international businesses, and many European School Bergen Boris Veldhuijzen van Zanten international companies that are already The Next Web based here are extending their operations. A source for remarkable This brings with it an increase in international International School Almere British School Amsterdam DENISE progress in technology employees living in the area, or looking to IPS Letterland Amsterdam Almere ICS Amsterdam International School Amsterdam International School Hilversum Hilversum IPS Hilversum American School The Hague Elckerlyc International School Wassenaar Leiden European School The Hague Den Haag British School the Netherlands International School Utrecht International School The Hague Delft International School Delft

Source: Iamexpat.nl

30 education Relevant higher educational institutions

The area has a network of top quality universities within 1 hour of Amsterdam. Amsterdam itself is home to two universities: the University of Amsterdam (UvA), and VU University Amsterdam (VU). These universities offer a wide range of economics, business and legal courses at bachelor, master and postgraduate level. More information at www.vu.nl/en/index.aspx; www.english.uva.nl.

Amsterdam Institute of Finance The Amsterdam Institute of Finance (AIF) specialises in providing high-level executive education for finance professionals from around the globe. AIF selects its faculty from internationally-renowned business schools such as Berkeley, Cambridge, ESADE, INSEAD, Kellogg and NYU Stern. In addition to open enrolment and in-company programmes, AIF also provides training, in partnership with a number of Dutch and international associations, including the international CFA Institute, NYU Stern School of Business, PRMIA, the Professional Risk Managers’ International Association Hawkamah and the Netherlands Finance Development Company (FMO). www.aif.nl

Tinbergen The Tinbergen Institute (TI) is one of Europe’s leading graduate schools and research institutes in economics, econometrics and finance. TI is operated jointly by the Schools of Economics of the Erasmus University Rotterdam (EUR), University of Amsterdam (UvA) and VU University Amsterdam (VU) in the Netherlands. Tinbergen Institute offers a research master program in economics, econometrics and finance as well as PhD opportunities under expert supervision by international research fellows. www.tinbergen.nl

31 education Office locations

32 supervision and licensing Office locations

The city of Amsterdam has several business areas, all with excellent public transport connections. The financial and business services sector is strongly represented at the Zuidas (South Axis) business district with, among others, the head office of ABN AMRO Bank, numerous legal firms, foreign banks and the offices of Deloitte and EY. There is a large metro-, tram- and train station with trains going to Schiphol Airport (a 7-minute ride) and excellent high-speed train connections to Brussels, Paris and Frankfurt. The Amstel Business Park houses many foreign banks, the Amsterdam office of Rabobank and the headquarters of Philips. It is nicely located on the banks of the Amstel river with the Amstel train station nearby. The Y riverbank area is an upcoming office area adjacent to Amsterdam Central Station.

Renting practice in Amsterdam Term: Any length. 5 years is standard Breaks: Options negotiable Renewals: Most 5-10-year leases have an option to extend for 5 years Rent basis: Net Free rent: Common and negotiable Escalation: Typically indexed annually Security: Typically 3 month’s rent and 3 month’s service charges, plus VAT Right to sub-let: Negotiable Transparency: Fairly high

33 office locations General information on relevant office locations in the Amsterdam area

Zuidas (South Axis) Business District Amstel Business Park

Amsterdam South Amsterdam South East

Type of sector Type of sector present Legal, financial and business services sector Logistics, trade, finance and commercial sector

Key data Key data • Current office stock approx.: 850,673 m2 • Current office stock approx.: 259,835 m2 • Vacancy rate: 9.2% • Vacancy rate: 8%

Rental level Rental level • €280 - €350 / m2 / year • €190 - €330 / m2 / year • Incentive level: 10% - 15% • Incentive level: 20% - 25% • Average €315 • Average €200

Source: - Jones Lang LaSalle, 2015

34 office locations Y River Banks City Centre

Amsterdam City Centre Amsterdam City Centre

Type of sector Type of sector present Commercial services, fashion and media sector Administration, creative and legal sector

Key data Key data • Current office stock approx.: 339,244 m2 • Current office stock approx.: 982,679 m2 • Vacancy rate: 6.7% • Vacancy rate: 3%

Rental level Rental level • €150 - €275 / m2 / year • €175 - €335 / m2 / year • Incentive level: 15% - 20% • Incentive level: 5% - 25% • Average €220 • Average €220

35 office locations Leisure

36 supervision and licensing Cultural life in Amsterdam #5 Safest city in the world

Art collaborates with leading international companies. In Art is deeply embedded in the Dutch culture – from addition, there is an abundance of smaller venues and Rembrandt and the Old Masters, through Van Gogh, churches regularly hosting classical concerts. The annual and all the way to an exciting contemporary art scene. Grachtenfestival is another fantastic opportunity to enjoy Amsterdam is home to a large variety of world-famous classical music, with its programme of concerts by, and museums. Dive into the artistic wealth of the on, the canals. 17th-century Golden Age at the Rijksmuseum and the Rembrandt House Museum. The Van Gogh Museum Theatre & Dance houses a beautiful and touching 19th-century collection Amsterdam is packed with options for theatre lovers of the works of one of the Netherlands’ most famous – even those who don’t speak Dutch. The first port of painters, whilst at the Stedelijk Museum you can explore call should be the Stadsschouwburg, home to Holland’s the past 150 years of modern and contemporary art, most revered theatre productions, often shown with design and architecture. English subtitles. Amsterdam’s main theatre also hosts international productions and festivals, such as Next to that, the up-and-coming art scene is bustling. the annual Holland Festival, which (despite its name) Beyond Amsterdam’s many art galleries, art fairs such as draws international artists. The city is also a playground the Amsterdam Art Fair, the Affordable Art Fair, ‘Realisme’ for experts in the field of contemporary dance – see and ‘Art in Redlight’ offer the opportunity to discover the especially the productions of the Nederlands Dans newest names in the Dutch and international art scenes. Theater and the Rosa Ensemble. In addition, Amsterdam’s opera and ballet talents are renowned across Europe. Classical & Contemporary Music With outstanding performances, Amsterdam strikes all Pop, Rock & Jazz the right notes with classical music lovers, who will find Legendary venues such as Paradiso and Melkweg make everything from symphony orchestras, choral music and Amsterdam a popular stop for almost all major touring ensembles to chamber music and opera in inspiring pop and rock groups and musicians, but the city actually venues of all sizes. offers a wide variety of venues, from intimate clubs to big arenas such as Heineken Music Hall and Ziggo Dome. The Royal Concertgebouw is renowned for its acoustics The Dutch also have a clear passion for jazz, world and and grand halls hosting world-class orchestras and blues music, as evidenced by the world-class international performers, as well as its very own Royal Concertgebouw players who repeatedly return to Amsterdam and its Orchestra. The Muziekgebouw aan ’t IJ, with its variety of jazz venues, from the huge Bimhuis to the more spectacular jazz-focused Bimhuis wing, is a striking intimate North Sea Jazz Club. waterside building with an innovative and diverse contemporary programme. Film Amsterdam has a thriving film festival scene, hosting Opera lovers will want to secure a ticket to one of the a huge variety of events, including the Imagine Film productions of the , which also Festival, Cinekid, the KLIK! Amsterdam Animation

37 leisure Festival, the Roze Filmdagen, the World Cinema comedy, while Amsterdam has also gained recognition as Amsterdam festival and the acclaimed International an essential stop on major stand-up tours. Documentary Film Festival Amsterdam (IDFA). The city also offers a wealth of both mainstream and independent Festivals cinemas – the most architecturally-spectacular are the Amsterdam’s festival agenda spans all tastes and genres, historic Pathé Tuschinski and the strikingly modern EYE with more than 300 festivals every year. The festival Film Museum. With an extensive summer programme of calendar is packed with everything from outdoor film open-air screenings as well, Amsterdam is truly a city of events to (multi-day) dance parties, from kids’ festivals film all year round. to art and fashion events, and from culinary fêtes to chamber music in Golden Age canal houses. Photography The city is home to several premier photography museums Cultural policy and galleries, including FOAM and Huis Marseille, both of The City of Amsterdam values the arts as a way to bind which exhibit all genres of photography in beautiful canal- communities together, and thus contributes to stimulating ‘Amsterdam is side settings. Photography lovers should also watch out for cultural development. The city’s cultural policy not only the city’s regular fairs and exhibitions, such as the Unseen preserves and presents the city’s rich past, but also exceptionally rich in Photo Fair and World Press Photo. supports current cultural developments, and the city grants subsidies and funding to museums, theatres, culture.’ Comedy concert halls and other cultural establishments. The From its intimate comedy theatres dedicated to the arts sector provides employment for more than 12,000 Axel Rüger art of improvisation and stand-up, to the grand arena people in Amsterdam; at least 2,000 artists live in the city, Van Gogh Museum productions of touring comics, you are never far from a and more than 3,000 students come here to study at the The largest collection of Van good laugh in Amsterdam. A number of the city’s clubs art and music academies. Gogh’s works in the world and performance groups specialise in English-language

38 leisure Amsterdam & sports

The people in Amsterdam (‘Amsterdammers’) lands, and visitors can experience the excite- love to be active. Gyms are always packed, and ment at Wagenerstadion in Amstelveen. One even in the rain and occasional snow, you will can also get swept up in the speed and fury of see joggers running around in the Vondelpark, track cycling at the Velodrome Amsterdam. Ice Amsterdam’s most popular park. hockey fans can satisfy their craving at the Jaap Likewise, most locals prefer to persevere on Eden Ice Rink, and swimming or water polo their bikes in poor weather rather than resort to aficionados will find regular competitions at the public transport (however convenient that is). Sloterparkbad. The Dutch are also huge sports fans. When it is match-time, thousands of football fanatics can Get in the Game be found packed into pubs, watching the game Attend an event, then keep the ball rolling at home on TV or, of course, at the Amsterdam by getting active in Amsterdam’s many parks, ArenA watching the game live. or during a public event. The Vondelpark is a favourite space to explore by rollerblading, jog- Ajax Amsterdam ging or cycling. Rollerbladers can also join the Amsterdam Football Club (AFC) Ajax was Friday Night Skate, a roller-skating procession founded in March 1900 and is one of the most departing from the park every Friday evening. successful clubs in the world – it is one of just Cruising Amsterdam on a bicycle will help you five clubs which have earned the right to keep feel like a local, but you can also kick it up a the European Cup after winning it multiple gear and head to the city’s forested park, the times. True fans can take the World of Ajax tour Amsterdamse Bos, for a more sporty cycling and visit the Ajax Museum at the stadium to experience. Runners are also spoilt for choice in see this ‘holy grail’. Amsterdam, with regular events of various sizes being held throughout the year. Other options Sports lovers looking for a different spectator experience will find other popular sports, such as field hockey, cycling, ice hockey and swim- ming. Field hockey is popular in the Nether-

39 leisure Cycling in Amsterdam

Amsterdam is known for its street scenes of countless cyclists heading to- or from work, transporting young children to school, or carrying anything from groceries, or house pets, to impressively tricky artefacts like ladders, or even bulky furniture. Most visitors are shocked by the vast numbers of bicycles and the wide variety of cyclists: from students to police officers, and from bank staffers to couriers, cycling is the most egalitarian mode of transport. The Mayor of Amsterdam and the city’s alderpersons also cycle. Even King Willem-Alexander cycles regularly with his family.

Bicycle Facts & Figures Number of bikes 881,000 Number of kilometres cycled by Amsterdammers each day 2 million km Percentage of Amsterdammers that cycle daily 58% over age 12 Number of pedal boats/canal bikes 120 Total lenght of cycle paths and bike lanes (Amsterdam Bicycle Network) 767 km Dedicated cycle paths 513 km Two-way cycle paths 275 km One-way cycle paths 236 km Bicycle shops 140 Bicycle parking spots around Amsterdam Central Station 10,000 Secured bicycle parking garages 25 (including 8 free bicycle garages) Number of bicycle racks 200,000-225,000 ‘My office, my home Number of bicycle-hire businesses 29 and my children’s school are all a five- minute bike ride apart.’

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40 leisure Service amsterdam inbusiness

amsterdam inbusiness assists foreign companies Contact our team with establishing and expanding their operations in Are you considering setting up your business in the Amsterdam and beyond. We can help you create a Amsterdam Area? Don’t hesitate to contact one of our convincing business case for setting up offices in the team members if you have a specific question related to Amsterdam Metropolitan Area – and it’s all free, strictly your industry or country. confidential and without a hidden agenda. amsterdam inbusiness How can amsterdam inbusiness help? Mrs. Reiniera van Pallandt amsterdam inbusiness is the official foreign investment Senior manager financial and business services agency of the Amsterdam Metropolitan Area. By E: [email protected] ‘The city is always combining your data with ours, we can provide relevant M: +31 6 2323 2794 information for your organisation. And our commitment there to help us get does not end once you have set up a business in Netherlands Foreign Investment Agency the Amsterdam Area: we strive to build a long-term Mr. Ronald Gertsen to the next level.’ relationship and are supportive in any phase of the Senior Coordinator Financial sector development of your company. E: [email protected] Johan Lofstrom M: + 31 6 525 24 374 Chartboost The world’s largest technology platform for mobile games

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