More than 300 people received residence permits in Latvia in exchange for money – security services have doubts 0 17

Around 200 foreigners invested more than ten million euros in the authorized capital of these companies.

It is noted that foreigners can apply for a residence permit in Latvia by investing 50,000 or 100,000 euros in the company's equity capital. Last year, this program attracted just under six million euros. More than 50 investors have already received temporary residence permits, which have also been issued to more than 25 family members, and the total number of family members who have already received or submitted applications exceeds 100.

In total, 341 people – investors and their family members – have received residence permits in Latvia in this way.

Data from the Office of Citizenship and Migration Affairs shows that interest in the program is growing. Last year, 109 applications were submitted – a more than fivefold increase compared to 2021. A positive decision was made in about a third of the cases.

The head of the Financial Intelligence Service, Tomš Platičs, told LTV that in some cases, the legally established amount of 50,000 euros was contributed by the same funds, for example, "ten thousand, circulated five times."

The service identified cases where foreigners made formal investments, but the money did not remain in real businesses – it was directed to the scheme organizers, for example, in the form of loans, rewards, or fictitious transactions, used to purchase property or vehicles, or transferred to other individuals without a real economic basis.

An example is given of the company "L Hotels," established a year and a half ago, for which residence permits were requested last year for nine investors. The shareholder list includes 30 people from India, Afghanistan, Pakistan, Turkey, Chile, Malawi, Syria, the Republic of Vanuatu, and other countries. In most cases, each invested 100,000 euros; however, they were issued class "B" shares, which according to the charter do not provide voting rights.

The Ministry of Economics informed the program that investors from third countries are thoroughly checked, and security risks are filtered out. Moreover, residence permits have not been issued to citizens of Russia and Belarus since 2022.

However, the State Security Service warns that even checks do not guarantee the absence of threats. Since 2012, more than 30 individuals with residence permits have been included in the "black list" based on the service's recommendations.