Latvia’s president promulgates immigration law retaining investment-based temporary residence permits

Latvia has retained a route to temporary residence for foreign investors after President Edgars Rinkēvičs signed the revised Immigration Law.

The law, published in the official journal Latvijas Vēstnesis, allows foreigners to receive a permit valid for up to five years. Applicants must sign an agreement and transfer at least €150,000 for an investment lasting no less than five years through the manager of a state-created alternative investment fund. They must also pay €10,000 into the state budget.

The permit remains valid only if the fund manager confirms that the investment agreement has not ended and that the remaining investment is still at least €150,000.

Parliament reconsidered the law on Aug. 20 after the president sent it back for a second review in June. The parliamentary Legal Bureau ruled that 11 proposed amendments could not be considered because they introduced new permit categories unrelated to the president’s objections. A proposal to restore residence permits for property investments was considered but rejected. That proposal included a €300,000 threshold for real estate or €100,000 for apartment-building projects in Latgale and Alūksne municipality.

The National Alliance, New Unity and Progressives had opposed the investment-based arrangements, citing security, geopolitical and money-laundering concerns linked to “golden visas.” Andris Šuvajevs, leader of the Progressives’ parliamentary faction, said his party would again seek to suspend the program completely in September, arguing that Latvian young people and families would suffer from it.

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