Baltic States – CIS, Investments, Latvia, Legislation, Real Estate

"70% of temporary residence permits are issued to citizens of Russia. Therefore, the new amendments to the law will contribute to the destruction of the investment attraction program, bankruptcy of numerous companies, and a wave of new unemployment and insolvency cases. If the said amendments come into force, I will be forced to lay off 200 of my 300 employees," Bojars said.

"For example, there are about 80 new projects currently realized in Jurmala. If the said amendments come into force, the majority of potential buyers of these properties will be lost. As a result, these projects will remain unfinished, and Jurmala will have a large number of vacant "ghost houses". Furthermore, the majority of these projects are funded using bank loans. If these projects are not finished and sold, it will be impossible to pay back these loans – numerous bankruptcies and insolvency processes will follow, not to mention the increase in unemployment," Bojars said.

As reported, Saeima decided to continue reviewing All for Latvia!-For Fatherland and Freedom/LNNK's (VL-TB/LNNK) proposal to suspend issuing of temporary residence permits to Russian citizens for the purchase of real estate in Latvia.

VL-TB/LNNK believes that a person who, according to the Immigration Law, acquires a residence permit in Latvia, at the same time obtains a certain economic influence over the country, and a chance to affect the current political and social processes in Latvia, as well as the opportunity to influence the circulation of public information.