Issuing temporary residence permits to third-country nationals who invest in Latvian economy an important instrument for attracting foreign capital - ministry

RIGA - Issuing temporary residence permits to third-country nationals who invest in the Latvian economy is an important instrument for attracting foreign capital and investment, the Economics Ministry informed LETA.

Latvian Television previously reported that the Financial Intelligence Unit had identified more than 20 companies registered in Latvia that were used in fictitious investment schemes aimed at obtaining Latvia's temporary residence permits.

The Economics Ministry points out that total non-resident investments for which temporary residence permits were issued from July 1, 2010 to December 31, 2024 amounted to EUR 1.64 billion, while non-resident investments in companies' share capital accounted for 6 percent, or EUR 100.7 million, of total investment in companies' share capital during the period.

During this period, a number of companies were established in Latvia that became successful employers and operate in compliance with laws and regulations. When fraudulent activities are identified, issued temporary residence permits may be revoked in accordance with the Cabinet regulations on residence permits, said the Economics Ministry.

The ministry also explains that there are several institutions overseeing investments in Latvia, which can identify such fraudulent activities and hold perpetrators accountable in accordance with the law.

According to the Economics Ministry, during the program from July 1, 2010 to December 31, 2024, the Office of Citizenship and Migration Affairs issued 19,900 temporary residence permits. During this period, 289 investors' applications for temporary residence permits were turned down, and 3,322 temporary residence permits were cancelled.