19,300 temporary residence permits issued in exchange for investments in Latvia in last 11 years

• Published date: 29 May 2022
• Publication title: LETA

RIGA, May 29 (LETA) - The Office of Citizenship and Migration Affairs has issued approximately 19,300 temporary residence permits in exchange for investments in Latvia from July 1, 2010 to December 31, 2021, according to the Interior Ministry's report that the government will review on Tuesday, May 31.

On December 31 last year, 6,788 investors and their family members resided in Latvia with temporary residence permits, which is 653 persons fewer than on December 31, 2020.

July 1, 2010 to December 31, 2021, the Citizenship and Migration Affairs Office refused to issue temporary residence permits to investors in 198 cases, as well as revoked 2,763 temporary residence permits.

Of the total amount of funds invested in Latvia in exchange for temporary residence permits, 83 percent or EUR 1.32 billion was invested in Latvian real estate market. Investments in credit institutions' liabilities account for 10 percent of the total amount or EUR 158.9 million, while investments in Latvian companies' share capital for 6 percent or EUR 93.4 million.

pplicants for temporary residence permits come mainly from regions with unstable geopolitical situations and high economic and political uncertainty. Investors from the territory of the former Soviet Union applied for about 86 percent of all temporary residence permits, followed by investors is from Asian countries.

ccording to the Interior Ministry, after the investment program's conditions...