Residence permit in Latvia is granted for numerous foreigners
Foreigners frequently use opportunity to apply for residence permit in Latvia. The Office of Citizenship and Migration Affairs (OCMA) statistics show that since July 2010 the opportunity to receive a temporary residence permit in return for investments in the Latvian economy has been used by 4,744 foreigners by investing a total of LVL 318.3 million.
The incentive for foreigners to obtain a temporary residence permit in Latvia was introduced two years ago – on July 1, 2010. The foreigners may apply for residence permit in Latvia if they have purchased real estate in Latvia, for example, purchasing a real estate (apartment, buildings, summer cottage), invested in the subordinated capital of banks or invested in the fixed capital of a company.
Investment types and results
Foreigners were mostly interested in the possibility to receive a residence permit by purchasing real estate in Latvia, admits OCMA. During the last year, 2,435 foreigners requested a residence permit based on the fact that they themselves or their family members had purchased real estate in Latvia for at least LVL 100,000 or 50,000. Foreigners showed the greatest interest in apartments located in the capital city Riga and tourists attracted city at seaside, with number of health resorts – Jūrmala.
In 2012, foreigners invested LVL 145.2 million by purchasing real estate. Since the amendments to the Immigration Law came into force on 1 July, 2010, overall LVL 252.9 million had been invested in real estate by 1 January of 2013. Making investment in subordinated capital of banks also grants foreigners the right to request a residence permit in Latvia. During 2011, in the subordinated capital of banks LVL 19.8 million was invested. In 2012, this opportunity was used by 208 investors and their family members. Within the time period from 2010 to 1 January 2013, LVL 53.3 million were invested in the subordinate capital of banks.
The statistics of OCMA demonstrate that the foreigners’ interest in the possibility to invest in the fixed capital of companies is relatively smaller. Within the last year, 268 people requested residence permits based on the investments amounting to LVL 9.4 million. Since the amendments to the Immigration Law came into force in the year 2010 LVL 12.1 million has been invested in the fixed capital of companies.
Results of amendments to the Immigration Law
Overall, within two and a half years since the amendments to the Immigration Law came into force, residence permits in Latvia have been requested by 5,171 investors and their family members who invested LVL 318.3 million in the Latvian economy. The incentive is admitted being successful and achieving the results. The economy is recovered, the property market is developing again and GPD growth achieves the expected number.
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The name “Latvia” originates from the ancient Latgalians which was one of the four Indo-European tribes that together with Semigallians, Couronians and Selonians was involved in the ethnogenesis of Latvians.Read more