Residency plan attacked

  • 2013-10-02
  • From wire report
RIGA - Latvia’s controversial cash-for-residency scheme is drawing fire as the country gears up to join the eurozone in January, reports AFP. While bankers and property agents claim the law is attracting valuable foreign investment, critics argue it is being used by shady businessmen from the former Soviet Union to enter the EU. They want it scrapped.Since it took effect in July 2010, nearly 7,000 foreign nationals have received five-year EU residence permits after having shelled out at least 50,000 lats (71,000 euros) on property outside Riga, or 100,000 lats in and around the ...
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