Nationalists are pleased: the residency program in exchange for real estate purchase has almost been buried 0 9

As previously reported, the new immigration bill initially did not include a provision for the right to apply for residency through the purchase of real estate. However, during discussions, the deputies allowed for the possibility that at the third reading, such a proposal - for citizens of third countries to obtain residency in exchange for investments in real estate - might emerge. It was immediately agreed that, in any case, this right would not be available to citizens of the Russian Federation and Belarus. And now the Ministry of Economics has come forward with corresponding proposals. In fact, the Ministry of Economics repeated the conditions for obtaining residency in exchange for real estate that are outlined in the current Immigration Law. In particular, a citizen of a third country (excluding citizens of the Russian Federation and Belarus) may apply for residency if they purchase real estate worth at least 250,000 euros, for example, in Riga or Jurmala.

However, today the Saeima's Defense and Internal Affairs Committee rejected these proposals from the Ministry of Economics by a majority vote. This decision by the committee's deputies was influenced by the position of the State Security Service, which identified risks to national security in the continuation of this residency program.

Saeima deputy from the National Alliance, Janis Dombrava, has already shared his joy on social media regarding the results of the committee's vote on this matter: "Today, the Defense Committee decided to close the issuance of residency permits for foreigners purchasing property in Latvia. These 'investments' were linked to money laundering and contributed to rising real estate prices, making property less accessible for local residents. The committee will continue to consider other proposals that will change the previous immigration rules."

And although the final word on these and other amendments is yet to be spoken by all Saeima deputies - at the plenary session - we dare to assume that the majority of the Saeima will agree with the committee's opinion, and the residency program in exchange for investments in real estate, which has been in effect for 15 years, will come to an end.