We present to your attention statistical data regarding residence permits in Latvia.
According to the Immigration Law, a Latvian residence permit can be obtained by an investor who has purchased real estate for at least 250,000 euros. It is also necessary to pay a state fee of 5% and meet other requirements.
In 2019, under all articles of the Immigration Law, 146 residence permit applications were received from non-resident investors (i.e., real estate investors and investors in the equity capital of Latvian enterprises), and in 2020 - 107 applications.
In most cases, residence permit requests were based on purchased real estate in Riga, Riga District, and Jurmala.
As is known, the Cabinet of Ministers of Latvia supported a new version of the Immigration Law, which excludes the provision for granting residence permits in exchange for real estate purchase. Will this happen?
The answer to this question depends on the deputies of the Latvian Parliament (who must consider the draft law in three readings).
For investors, there remains the option of obtaining a residence permit through contributions to the equity capital of Latvian companies, or as director of a Latvian company.
There will also remain the option of obtaining a residence permit for retirees from visa-free countries (more details - here)
An important note - foreign nationals who have a residence permit under the "old rules" (for example, property owners) will be able to continue renewing their residence permits.
As for statistics, in the period from July 1, 2010 to December 31, 2020, 19,000 foreigners obtained residence permits in Latvia through investment articles of the Immigration Law - both investors and their family members. They brought 1.55 billion euros of direct investments into Latvia's economy.
Of these, 83% or 1.29 billion euros went directly to the acquisition of Latvian real estate (not counting additional investments in repair and development of the property). Almost 10% of investment inflows (158 million euros) were directed to subordinated capital of Latvian banks, 6% - to the equity capital of Latvian companies, and another 11.5 million euros - to the purchase of interest-free government bonds.
Our company hopes that the Latvian Saeima will nevertheless leave the opportunity to obtain residence permits for real estate buyers.
We will cover all updates on this topic.
If you wish to purchase any good real estate property, if individual approach is important to you, if you want to communicate with a real estate agent and lawyer in your native language, then contact our company KOM-INVEST! We will be happy to select a suitable property, answer all your questions, draw attention to significant details, complete the transaction, arrange your residence permit while this program is still active, and manage your real estate.
For more detailed information about obtaining a residence permit in Latvia, see here in different sections.
Have questions? We are waiting for your email or call!
Phone number: +371 29774775 (Viber, WhatsApp)
Email: info@kominvest.com