Foreign investors will be able to receive temporary residence permits in Latvia
18 May 2010
Riga
President Valdis Zatlers has officially promulgated amendments to the Immigration Law that establish the possibility of granting temporary residence permits to foreign citizens who have invested significant financial resources in Latvia.
Temporary residence permits could be issued for up to five years to persons having invested no less than 25 thousand lats in the fixed capital of a Latvian company, and provided that the said company has paid no less than 20 thousand lats into state and municipal budgets.
Five-year temporary residence permits will also be available to persons who buy property in Riga, Riga Area and cities of the republic with a total transaction value of no less than 100 thousand lats, or a property elsewhere in Latvia with a total transaction value of no less than 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 the aforementioned conditions shall apply only to investments made in Latvian companies, credit institutions or real estate, only after the new law comes into force on July 1st, 2010.
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