Latvian residency by investment program may change from autumn 2024

Published at: 10/06/2024 12:09 pm

Latvian residency by investment program may change from autumn 2024

An amendment to the immigration law, driven by the government's aim to attract a more diverse pool of investors and enhance the program's economic benefits, allows for changes in the residency by investment program regulations.

Under the new regulations, the real estate option, which previously allowed individuals to become Latvian EU residents through investment, will no longer be available. Interestingly, despite requiring a minimum investment of only 250,000 euros
, this option was not the most popular last year. 

Moreover, the popular option for business investment is to grant residency for only two years instead of the previous five years. This change is accompanied by an increase in government fees. 

The time to apply for a Latvian residency permit is now, before the legislators can accept the new amendment. Don't delay, ask for a consultation here, and our experts at Discus Holdings Ltd. will help you choose the best solution!

What happened to the residency by investment program of Latvia?

Meanwhile, the world looked at the Portuguese and Greek Golden Visa Programs, while the Latvian immigration scheme became the most popular in the European Union in 2010. 

The best years were 2013 and 2014. In 2014, the number of successful investors was 2395, and their 3208 dependents also qualified for the EU residency permit. Most of the applicants arrived then from Russia, as the residency permit ex-Soviet Latvia (now an EU Member State) was a perfect choice for them. 

Then Russia attacked Ukraine, and the Latvian authorities banned the applications from Russia in 2022. Half of the market disappeared, but the number of other applicants remained the same.

To see the difference in 2023, only 47 investors and their 119 dependents obtained European residency from Latvia. 

Despite the changes, the Latvian investors' immigration program remains one of the most reliable options in Europe. You still have time to double-check all the details and apply for your EU residency with our help!


Share this post

Twitter   Facebook   LinkedIn