Latvian Prime Minister Dombrovskis stated after attending an emergency meeting of the ruling coalition that the parties have reached an agreement to support the 2014 budget bill. This decision follows a compromise reached by the coalition regarding the recently controversial amendments to the investment-for-residence permit program, although the Prime Minister himself expressed dissatisfaction with the outcome.
According to the agreement, the proposed amendments to the Latvian Immigration Law are as follows: foreign citizens must invest 150,000 euros in Latvia to apply for a temporary residence permit, with annual quotas set at 700, 525, and 350 for the years 2014-2016, respectively. For foreign residents investing 500,000 euros, there will be an additional 100 slots per year for temporary residence applications. The bill will also incorporate recommendations from government departments such as the Ministry of Justice, the Ministry of the Interior, and the Ministry of Economics regarding whether to reduce or cease the issuance of temporary residence permits in 2017. Additionally, foreign residents applying for temporary residence through property purchase will be required to contribute 25,000 euros to a newly established "Special Investment Fund" in Latvia. These funds will be used to support first-time home purchases for young Latvian families and the implementation of re-immigration programs. It is also reported that the purchase of undeveloped land will no longer qualify applicants for temporary residence permits.
Source: Economic and Commercial Counselor's Office in Latvia