According to the recent statement of the Prime Minister of Latvia Krisjanis Karins, this program has exhausted itself. It also reflects the policy pursued earlier in the country.
The prepared report of the Ministry of Internal Affairs shows that in 2010-2020, 19,000 residence permits were issued under this program. In 186 cases, investors were denied a residence permit, and 1672 were canceled.
“On December 31, 2020, there were 7441 investors and family members of investors with valid residence permits in Latvia. Compared to December 31, 2019, this number has decreased by 550 people “- write rus.delfi
Basically, applicants for Latvian residency come from regions with an unstable geopolitical situation and high risks of raising capital.
Over the entire period of the program (2010-2020), investments related to obtaining a residence permit amounted to 1.55 billion euros. “83% of this amount, or 1.29 billion euros, is associated with transactions in the Latvian real estate market, investments in subordinated liabilities of credit institutions amounted to 10% or 158 million euros, and investments in fixed assets of capital companies – 6%,” says rus.delfi.
“I think that investments are needed, but it is necessary to attract investors who do not pose a threat to national security. This means that it is necessary to balance economic and national security,” emphasized Sandis Girgens, Minister of the Interior.
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