The Ministry of Internal Affairs links this trend to changes in the Immigration Law adopted in 2022. After these changes, citizens of Russia and Belarus lost the opportunity to obtain temporary residence permits for investments in the Latvian economy. The investment residence permit program has been in effect in Latvia since 2010. From July 2010 to the end of 2025, the Office of Citizenship and Migration Affairs received applications from 21,525 individuals — 8,570 investors and 12,955 family members. During this time, 20,131 primary temporary residence permits were issued. As of January 1, 2026, there were 1,242 investors and 1,434 family members in Latvia with valid residence permits. The total volume of investments by non-residents related to obtaining residence permits reached €1.67 billion. The overwhelming majority — 83%, or €1.39 billion — was invested in real estate. About 83% of all investment residence permits were requested by investors from former Soviet countries. Among applicants from other regions, citizens of Asian countries were the most active. **Interest in the Program Has Sharply Declined** After the tightening of program conditions in September 2014, the number of applications and the volume of investments significantly decreased. If in 2014 investment residence permits accounted for 53% of all primary temporary residence permits issued to third-country nationals, by 2025 their share had dropped to 1.44%. The decline in interest was influenced by the Covid-19 pandemic, Russia's war against Ukraine, inflation, and rising Euribor rates. A separate factor was the restrictions imposed in 2022 for citizens of Russia and Belarus. It was precisely after the cessation of issuing them investment residence permits, as noted by the Ministry of Internal Affairs, that more properties owned by them began to appear on the market for sale or rent. **In 2025, Investments Unexpectedly Increased** Despite the overall decline in the program's popularity, investments increased last year. In 2025, 192 applications were received, and the volume of investments reached €30.3 million — 75% more than the previous year. Real estate once again became the main focus of investments: it accounted for 73% of all funds raised under the program in 2025. Buyers still preferred Riga and the suburbs of the capital. The Ministry of Economics believes that although investment residence permits have lost their former significance, they can still be useful. The department proposes to retain this tool by changing the conditions so that investments contribute to job creation, productivity growth, and exports. However, a parliamentary committee previously came to the opposite conclusion. Its final report suggested closing programs that allow foreigners to obtain residence rights through the purchase of real estate, investments in companies, banks, or special government securities. It is worth noting that the opportunity to obtain residence rights through real estate purchases still exists, particularly in Cyprus, Greece, and Malta, where the minimum investment amount ranges from €300,000 to €800,000, depending on the conditions.
