MPs from the Latvian ‘Progressive’ Party have tabled a bill in the Saeima to abolish the possibility of obtaining a temporary residence permit in return for an investment of at least 150,000 euros in a state-run alternative investment fund.
Bill No. 1521/Lp14 was tabled on 3 September, and on 10 September the Saeima voted 65 to 17 to refer it to parliamentary committees for consideration.
The new immigration law, which comes into force on 15 September 2026, allows a foreign national to obtain a temporary residence permit for up to five years, provided they invest at least 150,000 euros for a period of at least five years via a state-established alternative investment fund manager. In addition, the investor must transfer 10,000 euros to the state budget.
The proposal put forward by the ‘progressives’ provides for the removal of this provision from the law. The authors of the initiative justify their position by citing risks relating to national security, anti-money laundering, compliance with sanctions regimes and the country’s international reputation. This is the position of the bill’s sponsors, not a decision already adopted by the Saeima.
At the same time, the bill does not abolish another investment mechanism for obtaining a residence permit – through investment in the capital of a Latvian company. Under current law, a foreign investor may apply for a temporary residence permit, in particular, by making a contribution of at least 50,000 into a company with up to 50 employees and an annual turnover or balance sheet total of up to 10 million euros, or from 100,000 euros into a larger company. A one-off payment of 10,000 euros to the state budget is also required upon initial application.
The new immigration law was passed by the Sejm on 20 August and came into force on 15 September 2026. It replaced the previous regulations on investment-based residence permits and, in particular, removed the grounds previously used relating to the purchase of property and subordinated bank deposits.
The fund mechanism was included in the new law following lengthy discussions in the Saeima. In June, the President of Latvia, Edgars Rinkēvičs, returned the law to parliament for reconsideration and specifically highlighted the provision allowing a residence permit to be issued in return for a contribution of 150,000 into an alternative investment fund and a contribution of 10,000 euros to the state budget.
At present, this is merely a legislative proposal. To abolish the investment-based route to obtaining a residence permit, the amendments must undergo further consideration and be adopted by the Saeima.