The Saeima has a proposal to maintain the issuance of residence permits in exchange for real estate purchases 0 25

Today, the commission continued its work on the immigration bill, which is being prepared for its second reading. The commission received 179 proposals regarding the bill, but during today's meeting, it did not manage to review all the proposals.

The proposal from the Latvian Association of Real Estate Transactions, which was also supported by the Ministry of Economics (ME), was to include a provision that allows a foreign citizen to apply for a residence permit for a period of up to five years if they have purchased and own one property in Riga, Jurmala, Ikshkile, or Saulkrasti, or in the Adazi, Kekava, Marupe, Olaine, or Salaspils districts, or in the Garkalne, Ropazi, Saulkrasti, Stopini, or Tinuzi areas, having purchased and owning one property (excluding cases where the property is an undeveloped land plot) with a value of at least 250,000 euros, or outside the specified administrative territories - no more than two properties, with a total value of at least 250,000 euros.

According to this proposal, the application for a residence permit can be submitted if several conditions are met simultaneously. For example, the foreigner has no outstanding property tax debts, the property was purchased in Latvia or in a member state of the European Union (EU), a state of the European Economic Area, or Switzerland, from a registered legal entity that is a taxpayer in Latvia, or from an individual who is a citizen of Latvia, a non-citizen of Latvia, an EU citizen, or a foreigner residing in Latvia with a valid residence permit.

Additionally, it was proposed to include a condition that the cadastral value of the property at the time of purchase cannot be less than 80,000 euros. When applying for the first residence permit, the foreigner would have to pay 5% of the property value to the state budget.

The Latvian Association of Real Estate Transactions argued in the commission that currently, citizens of Russia and Belarus are excluded from the issuance of residence permits in exchange for real estate purchases; however, there are investors from other countries who have passed security checks.

Representatives of the ME in the commission pointed out that real estate developers have also approached the ministry, and there is significant interest in this type of residence permit from the USA and Israel. In this regard, the ME believes there are no grounds to close this opportunity, hindering market and economic development.

The deputies did not want to formulate a proposal from the commission yet but agreed that if the ME can reach an agreement with the government, it will present a proposal for the third reading.

As previously reported, the bill was introduced in the Saeima back in 2022. Vilnis Vitolins, Deputy State Secretary of the Ministry of the Interior, previously reassured that not adopting it immediately would not create a critical situation, as the existing law is functioning and generally addresses everyday issues.

Vitolins previously pointed out to the commission that this bill does not address issues concerning citizens of Russia and Belarus. The ministry proposes to develop a separate bill specifically for citizens of these countries. He stated that such a bill has already been prepared but still needs to be refined, and for its advancement, a conceptual decision is necessary, namely, it can be promoted through the government, or the Saeima commission can promote it as its own proposal.

The bill is designed to create a balanced system of entry and residence for foreigners that meets the interests of Latvia, the Ministry of the Interior reported.

The bill combines the existing Immigration Law and the Law on the Status of Permanent Residents of the European Union in the Republic of Latvia, and provisions concerning the entry and residence in Latvia of citizens of EU member states, countries of the European Economic Area, and the Swiss Confederation and their family members have been excluded, including these provisions in a separate bill.

The bill proposes several amendments, for example, it adds expedited processing of applications for long-term visas.

In the area of residence permits, several significant differences from the currently applicable regulations are provided. For example, it is proposed to issue only one type of permanent residence permit, granting the status of a permanent EU resident in accordance with the directive of the Council of Europe.

In addition to the rights established by the existing Immigration Law, data processing is provided in accordance with the purposes of the law to ensure the protection of state interests, public order, health, and the economic interests of the state.