Latvia: end of residence visas through real estate and bank deposits

According to the source, Latvia offered three investment routes leading to a temporary residence permit. Real estate purchase and bank deposit are abolished. Permits already issued remain valid until they expire and can be extended only once, for 5 ans.

The route through investment in a company remains, but the permit's duration changes from 5 ans to 2 ans. A new route is created: a public investment fund, with 150 000 € locked in for at least 5 ans, for a permit of 5 ans. The source notes that this entry threshold is higher than that of the bank deposit and that the money is blocked for the whole period.

The categories of self-employed person and individual merchant are abolished. Existing permits cannot be extended: their holders must find another basis for residence, with setting up a start-up cited as the most obvious option, or leave the country. No grandfathering clause is provided beyond the expiry of the current permit.

The temporary permit is now granted for the validity period of the residence card, rather than for a flat 5 ans. The annual registration of the card is abolished. In return, a person whose permit has to be extended will file new applications more often.

The two permanent resident statuses are merged, and every new permit will carry the status of EU long-term resident. Subject to conditions, this status allows the holder to settle in another Member State to work or study. Financial standing is now proved by savings, rather than by regular income.

For certain low-skilled occupations, an employer or agency may have its sponsorship application refused if it has existed for less than 6 mois, if it is an inactive taxpayer or if it has breached Latvian tax rules. The total processing time, extensions included, may not exceed 4 mois; previously it could reach one year.

From 31 December 2027, foreign nationals whose successive temporary permits add up to at least 18 mois of validity will have to meet the integration requirements: proficiency in Latvian and knowledge of the country's history and culture. Today, these apply only to permanent residents.

The source specifies neither the level expected, nor how the tests will be conducted, nor the consequences of failing them. Nor does it detail how the public investment fund operates. These points should be checked with the Latvian immigration authority before any decision is made.