Why is the residence permit program for investments in Latvia planned to be shut down?
December 23, 2021
The Latvian government has already announced that it is preparing to amend the immigration law that concerns the granting of a residence permit for investment in real estate. In December, a meeting dedicated to this issue was supposed to be held, but the quorum was not reached.
Reasons for closure of the program
The opportunity to obtain a residence permit for investment in Latvia has been in effect since 2010. During this period, about 19 thousand such documents were issued, which made it possible to significantly increase the country's budget. However, the government is now ready to abandon the program. In particular, it will not be possible to obtain a residence permit for:
- purchase of real estate;
- purchase of government securities;
- investments in the subordinated capital of a credit institution.
The main reason for abandoning the program is that it has ceased to benefit the country. The results of its implementation have ceased to be as significant and important for the state as it was before.
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