The fact can’t be denied that the immigration law is playing an active role in enhancing the Latvian property market – as the amendment introduced in immigration law in July 2011 clearly verifies the sentence – caused the increasing demand of property in the country.
The amendment witnessed an immense growth in property purchases in the country – increased by 5.3 per cent in July last year. In case of Riga, the purchasing figure went up by 7.2 % in 2011. Credit goes to Russians for playing an important role in increasing the demand of property in the Baltic region – as a majority of Russian people have shown their keen interest in securing the residence in the Republic of Latvia as they want to stay away from political uncertainty prevailed in their own country.
The new amendment in immigration law claimed a total of 192 residence permits that were issued. Besides, the law also made 128 foreigners – who have been issued a permanent residency in the country. However, the foreigners must also have to satisfy several eligibility requirements, which have been mentioned below in details.
- The candidates must be capable of demonstrating an investment amount of LVL50,000–LVL100,000 in Real Estate sector, the investment amount however depending on the size of the town
- Must have to invest LVL 100,000 in case of Riga Planning Region
- The candidates must be able to invest LVL 200,000 as a subordinated capital in a Latvian credit institution.
- The candidates must be able to invest LVL 25,000 in the form of equity capital to register a company in the country
