Immigration law - analysis of the amendments

   New amendments provide that a third-country national is entitled to obtain a temporary residence permit for a period of 5 years, if he or she has contributed not less than LVL 25 000 to the equity capital of a company and throughout the economic year the company has paid not less than LVL 20 000 in taxes to State or local government budgets.
   Third-country nationals who invest not less than LVL 200 000 into Latvian credit institutions’ subordinated capital for a term of 5 years will also have the right to receive temporary residence permit under the condition that he or she won’t be entitled to terminate such agreement prior to the term mentioned above.
   Third, and the most interesting field for investors – acquisition of real estate in Latvia. A third-country national is entitled to receive temporary residence permit for a period of 5 years in case of purchasing one or more immovable properties for the sum of not less than LVL 100 000 in Riga, Riga planning region or cities of the Republic or for the sum of not less than LVL 50 000 outside Riga, Riga planning region or cities of the Republic, under the condition that non-cash funds are used for purchasing immovable property and there are no immovable property tax debts. Riga planning region consist of Riga, Jurmala, Riga district, as well as the districts of Tukums, Ogre and Limbazi.

   Law office Inlat Plus would like to inform its clients about false statements that purchase of real estate will ensure its owner a temporary residence permit or that presently owned property might help in receiving residence permit. The new amendments to Immigration law doesn’t ensure receipt of the residence permit, but only provide new possibilities to those foreign investors, who will invest funds in Latvia after the 1st of July 2010.
   It stands to mention that the amendments are much broader and new Cabinet regulations for residence permits are awaited as well. Cabinet regulation will provide explanation to such new terms in the law as “economical benefit of Latvia”. After taking a look at the project of the regulations, economical benefit might be described as employment of Latvian residents at the company of a third-country national and, of course, tax payments.
   Considering many years of experience in receiving residence permits as well as the number of phone calls we receive from misinformed foreigners, law office Inlat Plus recommends all readers and partners to consult experts and carefully examine new amendments before investing funds.
   Despite regular legislation changes, law office Inlat Plus continue providing help to clients interested in receiving residence permits on the basis of current reasons.