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Monday 19.03.2018 | Name days: Jāzeps

Chinese leave the ranks of residence permit applicants in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAfter amendments to the Immigration Law this September, when the investment threshold for receiving residence permit in Latvia in exchange for real estate procurement was increased to EUR 250,000, the Chinese left this segment of the Latvian market. This is because it is now too expensive for them, notes Padva, Parinov and Partners legal services company manager Mikhail Parinov.

The majority of Chinese investors bought properties for EUR 70,000, which was the lowest threshold for receiving residence permits. 80% of deals performed by Chinese investors fall under this category, said Parinov, adding that the Chinese will not buy properties in Latvia for EUR 250,000, because it is possible to buy cheaper on Cyprus, and the Chinese will go away to Cyprus.

«They formed an important layer, because they managed to rise to second place after Russian citizens. The Chinese bought properties in Latvia for rent; only a very small number have decided to stay in Latvia for good. It is possible that we have lost Chinese investors forever,» – said Parinov.

When asked what other aspects of the law have been impacted by amendments, Parinov said this is a catastrophe for many real estate project developers.

«Those who developed projects with apartment prices in the category of EUR 145,000 – EUR 170,000 now do not know what to do with them. These projects are too expensive for Latvians and foreigners are no longer interested in them,» – added Parinov.

As it is known, the proposal to restrict the issue of residence permits to Russian citizens submitted by the National Alliance was conceptually approved by the Saeima October 30th. The draft submitted by the National Alliance provides for temporarily denying the issue of residence permits to Russian citizens in exchange for purchases of real estate properties. In accordance with the proposal of the National Alliance, the Saeima will be able to cancel this restriction.

With September 1st, amendments came into force that increased the threshold of value of real estate properties to become eligible for the issue of residence permits to EUR 250,000.


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