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Friday 20.10.2017 | Name days: Leonīda, Leonīds
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Foreigners invest 154 million in Latvia in exchange for residence permits

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During the time period from July 1, 2010 and July 30, 2012, foreigners invested 154 million LVL in Latvia in exchange for temporary residence permits, according to the data from the Office of Citizenship and Migration Affairs.

Investments in which foreigners expressed interest in receiving residence permits increased by 88.3 million LVL or 2.3 times in the period between 2011 and 2012, compared with previous report period.

Amendments to the Immigration Law made in 2010 have activated foreign investment flow to Latvia. Mainly, however, it is related to transactions made on the real estate market of specific territories – Riga and Jurmala.

The proportion of real estate deal prices grew from 68.2% to 81.5% during the 2011-2012 period in relation to the total investment amount for such cases stated in the Immigration Law.

The second largest investment amounts that were transferred in exchange for temporary residence permits have been that of deposits to banks’ subordinate capitals – 14.9%. Compared to the previous report period, this proportion has decreased two times. However, investment amounts increased by nearly 2.9 million LVL.

«These transactions improve the balance of Latvian banks, but do not always serve as resources for investments as a foundation for the process of modernization and restructuring of the country’s national economy,»- said in the September 4 government’s informative statement.

When analyzing information from Lursoft regarding specific capital associations, authors of the informative statement concluded that foreigners choose to invest money in such Latvian companies that operate in monetary mediation, financial services, real estate purchase and sale, renting and management, but not product manufacturing or product processing.

Authors of the statement also concluded that investments made by foreigners for the support of capital associations to support their base capitals in exchange for residence permits have been as insignificant as they were with the rest of the available investment types stated in the Immigration Law.

AS it is known, amendments to the Immigration Law became in force on July 1, 2010. Among other things, these amendments provide for opportunities for foreigners to receive temporary permits if they purchase real estate in Latvia for a definite price, perform investments to a bank’s subordinate capital or invest money to increase a capital association’s base capital.

Ref: 102.109.109.3410


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