Foreign investors will be able to receive temporary residence permits in Latvia
On Thursday, March 4th, the Saeima approved amendments of the Immigration Law that establish the possibility of granting temporary residence permits to foreign citizens who have invested significant financial resources in Latvia.
The amendment was passed in the third reading, with 48 members of the parliament voting “for” and 42 “against”.
A foreign citizen will be able to request a temporary residence permit for a period not exceeding five years if he or she has invested at least 25 thousand lats in a company’s equity capital, has at least five employees in Latvia, and has paid tax in the amount of at least 10 thousand lats within a year.
It will also be possible to request a temporary residence permit if the foreign citizen has purchased and owns one or several pieces of real estate. In Riga, Riga area and cities of the republic, their total cadastral value must be at least 100 thousand lats;elsewhere in Latvia – at least 50 thousand lats. The investor must not have had any real estate tax debts.
In addition, foreign citizens will be able to request the residence permit if they have made investments of at least 200 thousand lats in a credit institution of Latvia in the form of subordinated capital.
All aforementioned conditions shall apply only to investments made in Latvian companies, credit institutions or real estate only after the coming into force of the new law on July 1st, 2010.
Saeima Press Service
