Coalition decides to scrap Latvia's 'golden visa' scheme

RIGA - The government coalition on Monday decided to scrap the scheme in which temporary residence permits were issued to foreigner citizens in exchange for an investment in real estate, Prime Minister Krisjanis Karins (New Unity) told journalists following the weekly coalition meeting.

The prime minister indicated that the coalition has agreed to end this 'golden visa' program that allowed foreigners to obtain residency permits by buying expensive apartments.

Karins said that the Ministry of the Interior is drafting necessary legislative amendments.

Juris Puce, chairman of Development/For political group in the Saeima, said that the ban on buying temporary residence permits in this way would apply to citizens of Russia and Belarus.

Puce indicated that a precise legal regulation on this matter will be prepared in the next coming days and put before the relevant Saeima committee whose members will likely decide on it already on Wednesday. After that, lawmakers will review the matter at a Saeima plenary.