Latvia, Legislation, Real Estate, Transport

As reported, Saeima on March 4 passed amendments to the Law on Immigration to grant temporary residence permits to large-scale investors in Latvia.

After a long debate, the bill was passed with 48 votes in favor; 42 Saeima members voted against the bill, writes LETA.

The residence permits for a period of up to five years will be available to persons who hold an investment capital of no less than LVL 25,000 and have created five new jobs which provide full-time employment to a workforce of at least 50% Latvian citizens, Latvian non-citizens, citizens of European Union member states or European Economic Area states; and also who pay taxes of at least LVL 10,000 a year into the state or local government budgets.

It will also be possible to grant residence permits of up to five years to persons who have acquired and are the owners of one or more pieces of real estate in Riga, the Riga Planning Region or other republic cities, where the total sum of the transaction was no less than LVL 100,000, or where the total transaction sum for one or several pieces of real estate located outside these areas was no less than LVL 50,000, and where this person has never been in debt with real estate tax payments.

Residence permits will also be available to persons who will have invested up to LVL 200,000 into subordinated capital of Latvian credit institutions for a period of no less than five years.

The new residence permits will become available from July 1 this year, and all the said conditions apply to investments made into Latvian enterprises, credit institutions or real estate after the amendments take effect on July 1.

The originators of the amendment predict that it will encourage investment in Latvia and the creation of new jobs, as well as stimulate real estate markets.