The minimum amount for real estate transactions will remain the same.
The Saeima is continuing work on a new immigration bill - the process has reached the third (final) reading. In order for all state structures and deputies to have time to submit their proposals for this politically sensitive bill, the Saeima has extended the deadline for amendments until April 9. However, as of today, the Defense and Internal Affairs Committee has been inundated with amendments - from deputies, ministries, and non-governmental organizations. The Ministry of Economics has also submitted conceptual proposals. Since the new immigration bill initially did not provide for the issuance of temporary residence permits in exchange for investments in real estate, the Ministry of Economics decided to address this gap and made the corresponding proposals.
Thus, one of the amendments states that a foreign citizen is granted a residence permit "for a period of up to five years if he has purchased real estate in Riga, Jūrmala, the city of Ikšķile or Saulkrasti, or in the regions of Ādaži, Kekava, Mārupes, Olaine or Salaspils, or in the municipalities of Garkalne, Ropaži, Saulkrasti, Stopiņi or Tīnūži and owns one functionally related property (except in cases where the property is undeveloped land) worth at least 250,000 euros, or outside the mentioned administrative territories or within the administrative territorial units no more than two properties (except in cases where the real estate is undeveloped land) and each of them is one functionally related property, the total value of which amounts to at least 250,000 euros, provided that the following conditions exist simultaneously:
a) he has no debts on property tax payments,
b) the total value of the real estate has been paid in cashless transactions,
c) the real estate was purchased from a legal entity registered in the Republic of Latvia or a member state of the European Union, a state of the European Economic Area or the Swiss Confederation, which is a taxpayer in the Republic of Latvia according to the regulations governing the tax area of the Republic of Latvia, or from an individual who is a citizen of Latvia, a non-citizen of Latvia, a citizen of the Union or a foreign citizen residing in the Republic of Latvia on a valid residence permit issued by the Republic of Latvia,
d) the cadastral value of the real estate at the time of its acquisition is at least 80,000 euros. If a foreigner has purchased two properties outside Riga, Jūrmala, Ikšķile or the city of Saulkrasti or the regions of Ādaži, Kekava, Mārupes, Olaine or Salaspils, or the municipalities of Garkalne, Ropaži, Saulkrasti, Stopiņi or Tīnūži, the cadastral value of each property at the time of its acquisition is at least 40,000 euros. If the cadastral value is less than the value specified in this subparagraph, the value of the real estate according to the market value established by a certified real estate appraiser must not be less than 250,000 euros or, if the foreign citizen has purchased two properties, the market value of each property must not be less than 125,000 euros,
e) when requesting an initial temporary residence permit, he pays five percent of the value of the real estate to the state budget,
f) the real estate does not include agricultural land or forest land."
The Ministry of Economics explains the necessity of maintaining the residence permit program in exchange for investments in real estate by stating that "in the current geopolitical and economic conditions, it is important for the state to ensure the possibility of attracting investments and contributing to budget revenues to strengthen economic resilience and stability of public finances, while ensuring balanced and predictable legal regulation that guarantees security, protects the interests of society, and creates a reliable environment for both entrepreneurship and the population."
