The President of Latvia, Edgars Rinkēvičs, has proclaimed the Immigration Law, which he had previously returned for reconsideration. The law retains the possibility for foreigners to obtain a temporary residence permit (TRP) in Latvia in exchange for investments, as stated in a publication in the official publication Latvijas Vēstnesis.
At an extraordinary meeting on August 20, the Saeima re-adopted the law after its reconsideration, maintaining the version supported by the parliamentary committee. Thus, foreigners will still be able to obtain a temporary residence permit in exchange for investments.
### €150,000 Investment and an Additional €10,000 to the State
The Immigration Law preserves the opportunity to obtain a temporary residence permit for up to five years under several conditions.
A foreigner must enter into a contract and transfer at least €150,000 as an investment for a minimum of five years to a state-created alternative investment fund.
Additionally, the foreigner must transfer €10,000 to the state budget.
The temporary residence permit issued to the foreigner will remain valid provided that during its validity period, the manager of the state-created alternative investment fund confirms that the investment contract has not been terminated and that the remaining investment amounts to at least €150,000.
### The Saeima Did Not Even Consider Some Proposals
During the reconsideration of the bill, several different proposals were submitted.
The Legal Bureau of the Saeima indicated that, according to the Parliament’s Regulations, only those proposals related to the objections of the President of Latvia may be considered. As a result, 11 proposals were deemed inadmissible for consideration.
The deputies agreed to request an opinion from the Legal Bureau on whether each proposal complies with the procedure for reconsidering the law before discussing it.
Among the proposals that were not considered were initiatives by Prime Minister Andris Kulberģs (AS) to maintain the possibility for foreign investors to obtain a temporary residence permit in exchange for investments in alternative investment funds.
The Legal Bureau concluded that these proposals provide for new ways to issue temporary residence permits and are not related to the objections raised by the President.
### The Proposal to Restore Residence Permits for Real Estate Was Rejected by the Saeima
At the same time, the proposal by Minister of Economics Viktors Valainis (ZZS) to restore the issuance of temporary residence permits for investments in real estate was deemed admissible for consideration.
However, it was previously rejected by the parliamentary Committee on Defense, Internal Affairs, and Corruption Prevention.
The majority of deputies did not support the possibility of issuing temporary residence permits for investments in real estate of at least €300,000.
The idea of providing residence permits for investments of at least €100,000 in multi-apartment building construction projects in the Latgale planning region and Alūksne municipality also did not receive support.
### Opponents Reminded of the Risks of ‘Golden Visas’
Previously, the National Alliance, ‘New Unity,’ and ‘Progressives’ opposed such a proposal.
Representatives of these political forces pointed to the risks associated with security, the geopolitical situation, and money laundering, as well as reminded of the negative experiences with the so-called ‘golden visas.’
The chairman of the parliamentary faction of ‘Progressives,’ Andris Šuvajevs, stated to the LETA agency after the reconsideration of the law in the Saeima that his political force intends to again propose the complete termination of the ‘golden visa’ program in September.
‘Progressives’ believe that the existence of such a program will harm young people and families in Latvia.
### Why the President Returned the Law to the Saeima
In June, Edgars Rinkēvičs returned the Immigration Law for reconsideration.
The President believed that the Saeima needed to reassess the regulation allowing the issuance of temporary residence permits in exchange for investments.
Particular attention, in Rinkēvičs’ opinion, should be paid to how such a system aligns with Latvia’s security interests, how the origin of the invested funds is monitored, and other conditions for granting residence permits.
As a result, after reconsideration, the parliament retained the possibility of obtaining a temporary residence permit for investments, and the president proclaimed the law. A foreigner will need to invest at least €150,000 for a period of at least five years and additionally pay €10,000 to the state to obtain a residence permit for up to five years. At the same time, the previous scheme for obtaining a residence permit through the purchase of real estate has not yet been restored.