Latvia: The Parliament made amendments to the Immigration Law which now state that the minimal value of the real estate must be EUR 250 000 for what it is possible to get a temporary residence permit.
The new amendments to the Immigration Law state that at the moment of purchase the value of a real estate could not be lower than EUR 250 000, but the minimal cadastral value of a real estate is increased till EUR 80 000. Before the minimal cadastral value of a real estate was EUR 50 000. This threshold of a deal applies to all regions of Latvia, not only to Riga or biggest cities of Latvia.At the moment the law stipulates that the temporary residence permit for a period of five years can be received by purchasing one of several real estate with total value at least EUR 142 300 in the region of Riga or in biggest cities, or at least EUR 71 150 outside of the Riga and the biggest cities.The Parliament also voted for a suggestion to resign from the rule incorporated before in the law, which stipulated that the temporary residence permit can be received if person pays EUR 50 000 into state budget.The Parliament supported also a suggestion, which provides to pay 5% of the value of a real estate to the state budget, when the first temporary residence permit is requested.The Parliament rejected the proposal whereby the mentioned payment would amount to a lump sum of EUR 25 000. The amendment to the Immigration Law with regard to temporary residence permits will come into force on 1 September 2014.
Source: Amendments to the Immigration Law of 8 May 2014.
Author: Indra Simsone
Phone: +371 67 77 05 04