Dutch citizenship

If you have a permanent Dutch Residence Permit and have been living here for last 5 years, you become eligible for Dutch citizenship.
Note: Since Jan 2014, I have transferred this blog to http://indiansinnetherlands.com due to better features. So for latest (and correct) notes, kindly click here: http://indiansinnetherlands.com.

This ofcourse is assuming no other shortcuts apply for you (marriage, asylum etc).

1. The benefits of changing from Indian citizen to a Dutch citizen are:
• You do not sacrifice your India relationship in terms of access or decision to go back for good
• It gives you (and especially your kids) free access to work anywhere in the European Union. 
• You can visit most Western countries, Australia and many other countries without needing a visa.
2. Factor to consider is that once you are a citizen, you are required to declare your world income+wealth (including property owned in India etc) and pay tax on it.
3. Becoming a Dutch citizen will not affect your 30% ruling (if any).
4. Other than being 5yrs in NL, holding permanent Residence Permit, you also need to know decent amount of Dutch (A2 level). In most cases citizenship by naturalization is what applies. For details, visit  http://www.government.nl/issues/nationality/becoming-a-dutch-national. In summary:
• Pass the "Inburgeren" or the NT2 exam (you may take the exam even before completion of 5 years in NL; getting exam time slot will take about 5 weeks)
• Take an appointment at your townhall and submit an application for change of citizenship. Townhall will send an approval letter in about 3 months asking you to attend Naturalization ceremony.
• Take an appointment and attend the Naturalization ceremony in about 6 weeks
• Receive the Netherlands passport in about a week
• Go to Indian embassy and surrender the Indian passport.
5. When surrendering your Indian citizenship, you can also apply for a OCI card at a VFS office nearby. Per people's experiences, this will take more than about 6 months to come, but will give you almost the same status as an NRI and also does not need you to apply for a visa every time you travel to India.
6. In case you decide to go back and live in India as a Dutch citizen, you can live like an Indian citizen except that you cannot vote and need to report your living address to the local police station every 6 months.
7. If you opt to become a Dutch citizen, your minor children can also automatically become Dutch citizen.
8. Children can get Dutch citizenship even if only 1 of the parents is changing the citizenship. 
9. If you parent a child abroad when your are a Dutch citizen, the new born can also get Dutch citizenship.

Disclaimer: The is my best effort and no responsibility will be taken for any inaccuracy