Mass media has been circulating information that the Latvian Parliament is considering terminating residence permits in exchange for real estate purchases.
Indeed, on October 14th, the Cabinet of Ministers approved a new version of the Immigration Law, which excludes the provision for obtaining residence permits for real estate investors.
Please note that the bill must still be reviewed by the Latvian Parliament and approved by the President.
It is important to note - if you already have a residence permit, you will still be able to renew it. The changes only affect new investors.
According to our forecasts, the changes will be approved within 6-8 months, and there will also be a certain transition period during which it will still be possible to obtain a residence permit.
At the moment, while the program is still operating, we recommend acquiring real estate and obtaining a residence permit!
It should be noted that according to the rating presented by Henley & Partners (which specializes in immigration programs in various countries), Riga is among the top twenty most attractive cities for residence permit programs through investment for relocation.
The study notes that Riga, which ranked 17th in the rating, is attractive to investors because tax benefits are available there, and the overall business atmosphere can be characterized as favorable.
The study examined a total of 25 cities from 24 countries. The rating was compiled taking into account ten of the most important criteria: ranking among investment migration programs, coronavirus safety measures, prosperity, taxation, education, real estate, healthcare, security, infrastructure, and political and economic stability.
We will definitely cover this topic and inform you of all changes to residence permit regulations!
If you wish to purchase any quality real estate property and individual approach is important to you, if you want to communicate with a real estate agent and lawyer in your native language, contact our company KOM-INVEST! We will be happy to select a suitable property for you, answer all your questions, draw your attention to important details, complete the transaction, obtain your residence permit, and manage your real estate.
For more detailed information about obtaining a residence permit in Latvia, see here in various sections.
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Phone number: +371 29774775 (Viber, WhatsApp)
Email: info@kominvest.com