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Latvia receives $1.52 billion in exchange for residence permits

Staff Writer |
Investments made by foreign nationals in the Latvian economy in exchange for residence permits have added up to 1.39 billion euros ($1.52 billion) in the past six years.




Between July 1, 2010, when the investment program was launched, and June 30, 2016, the Latvian migration authority granted 16,737 temporary residence permits in return for foreigners' investments.

Residence permits were denied in 323 cases and 2,695 temporary residence permits were revoked, the ministry said in the report.

Real estate transactions account for 1.15 billion euros of the financing that has flown into Latvia under the investment program, and investments in Latvia's credit institutions have reached 152.8 million euros in the six years.

Meanwhile, foreigners' investments made in Latvian companies' capital make up 75.4 million euros during the period and another 5.5 million euros have been invested in government securities.

Foreign investors' activity has been plummeting since September 2014, after the rules of the investment program were tightened.

While in 2014 residence permits issued against investments made up 53 percent of all residence permits issued in Latvia, the share was down to 26 percent in 2015 and fell to 10 percent in the first half of this year.


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