Amended Latvian Immigration Law Attracts Foreign Investment

On 1st July 2010 the Immigration Law in Latvia was amended. These amendments allow foreigners outside the European Union to get a temporary residence permit in Latvia, which would by default, guarantee free movement within the Schengen area. There are three ways for obtaining a temporal residence permit for the period of up to 5 years, which after this time has the option of being extend; by opening a subordinated deposit account in a Latvian bank for LVL 200,000 for a period of 5 years, acquisition of LVL 50,000 real estate in Latvia or investing LVL 25,000 in the equity of a Latvian company.

Since July 2010 Foreign Investment in Latvia for the up take of these transactions has totalled LVL 39.9 million, LVL 25.9 million of which is made up of real estate purchases, LVL 13.5 million banking investment and LVL 0.5 million company share capital investment.

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