Latvia launched golden visa scheme in 2010, since the start of the scheme foreigners invested some €1.5 billion euros in Latvia, according to the new official figures released by PMLV migration office of latvia
The Latvian scheme is also the oldest golden visa scheme in Europe opened well before Portugal launched in 2012. As of 2019, Portugal has received some €4.25 billion, approx three times more investment received by Latvia in nine years. The latvian scheme lost its shine, because less attractive for investors, when the scheme was tightened after 2014. This despite Latvia has the cheapest golden visa scheme in Europe.
As of September 2014, the number of applications related to the Latvia golden visa investment program decreased significantly. Only 160 applications received in 2017 and and 82 applications received until mid-2018
From January 1, 2015, Latvia introduced government bonds option under Section 23, Paragraph one, Clause 31 of the Immigration Law has come into force – the possibility to request TUA for a period of up to five years, if a foreigner acquires specific interest-free government securities for a nominal value of EUR 250,000 . Upon receipt of TRP, the alien must contribute to the national budget of 38,000 euros.
In July 2010 and June 2011, new amendments to the Latvian Immigration Law came into effect, expanding the right of foreigners to obtain temporary residence permits for up to five years in exchange for their investment in the development of the Latvian economy.
Under the new rules, Latvia requires foreign investors to invest in any of the following options to qualify for 5 year temporary residence permit.
- €250,000 in Government bonds + €38,000 state fee
- €250,000 in Real estate + 5% state fee
- €100,000 company investment + €10,000 state fee
- €280,000 Bank deposit or in a credit institution + €25,000 state fee
From July 1, 2010 to June 30, 2018, under the golden visa program
- The total investment received was €1.5 billion euros during the period 82% invested in real estate.
- The average property investment per investor is €195,000 close to 200K euros.
- Riga and Jurmala are the most popular locations for property investment in Latvia
- Total 7,545 golden visa applications were received of which 17,900 TUA (temporary residence permits) were issued
- 90% of the golden visa investors came from Russia and followed by chinese
- Only 43 applications received for government securities/bonds option
- A total of 165 applications refused and 3,278 permits canceled/revoked
Golden visa applications received
|Applications||TUA Investor + Family||Refused|
Golden visa investment in millions of Euros
|Real Estate||Banks/Credit institutions||Capital companies||Government bonds|
|EUR||€1.47 billion|| |
TUA – Temporary Residence Permit
PUA – Permanent residence permit
Mr. Balakrishnan is a World’s leading expert in citizenship and residence by investment schemes assisting wealthy individuals and families since 2010. He is the founder Best Citizenships (BC), CIP Journal and World Citizenship Council (WCC) .
His other interests include Linux servers, Machine learning, Blockchain/Cryptocurrencies, etc. He has a degree in Computer science engineering.