The Parliament of Latvia wished to amend the Immigration Law by fixing quotas of real estate transactions, after which the investors may obtain temporary residence permits. The state president Andris Berzins regarded this as well as several of the intended amendments as contradictory and unprofitable therefore he did not approve of the amendments and returned the law to the parliament for reconsideration.

Thus all the previous conditions of getting a TPR are still effective. In the event that the law is amended, the new conditions will not extend to those investors who have purchased real estate and have obtained TPR or submitted the documents for TPR processing before the effective date of the new regulations.

To avoid the possible impact of the quotas, those investors who have found a suitable property in Latvia or have decided to do so definitely, are encouraged to take advantage of Latio LLC expert advice on real estate purchase and TPR processing procedure by writing an e-mail to latio@latio.lv or making a call to + 371 67032300.

Currently, the effective Immigration Law provisions state that a foreign national may get a temporary residence permit if a real estate is bought at a price of 143,00 EUR in the least in Riga, Jurmala or other major cities while the price cannot be less than 71,500 EUR throughout the rest of the country. Temporary residence permit can be applied for also by the buyer’s family members. TPR is issued for five years and allows travelling freely across the entire Schengen Area.