Latvian Immigrant Investor Program Could Be Abandoned

In the wake of one of the parties in Latvia’s Coalition in power favoring the Latvian Immigrant Investor Program to be ended, widespread fears exist that the scheme could be closed down. Even as there could be some type of concession, the danger surely exists that the policy could be discarded. Even in case the same does not occur, it is more or less definite that there will be a hike in the bare minimum qualifying investment. Given this–those who have ever mulled over filing a petition via the program–ought to do the same sooner than later. The break could not be up for grabs for long.

Allegedly, an involved spokesperson has said that his party opines that the visa scheme is propelling-up the costs of property even while making the same too exorbitant for the common nationals. Reportedly, doors were thrown wide open for the scheme in July 2010. The program permits the overseas people from outside the territorial limits of the European Union (EU), who make an investment in Latvia, to obtain a temporary resident permit.

When in 2010, the Latvian Immigrant Investor Program was introduced; many in the country claimed it breathed life into the weak national property market wherein the prices had been slowed down since the world financial meltdown.

Nationalists against the program

But some nationalists expressed their views against the scheme, claiming the same would boost property costs across the nation –more so in the national capital, Riga, and make it rather tough for the nationals to acquire property. As per reports, the property costs in Latvia began to swell in 2004 post Latvia became a part of the EU. Though there was a drop in the prices, in the wake of the 2008 financial meltdown, the same began to improve once more in 2010.

In this connection, a concerned person reportedly said that the prices are still rather lower, vis-à-vis they were during the peak years, and just a marginal increase been seen in the national property prices since the said policy—which has drawn the much required overseas investment to the country–was brought-in.

Doubt of Russian Presence

Some people are not very happy with the idea of Russians obtaining temporary resident standing by buying property in Riga, only two decades post Latvia broke free away Russia, and just 12 years post the Russian troops at last left the nation in 1998.

For those who came in late, Russia has exercised control over Latvia for a significant section of the previous three centuries even as the former has invaded the latter many times. Even today several nationals of Latvia do not much trust the Russians.

In the aftermath of one of the political parties in Latvia’s Coalition in power favoring the closure of the Latvian Immigrant Investor Program, general fears exist that curtains could be brought down on the visa scheme. Allegedly, the program is boosting the costs of property in the country even while taking the same beyond the common nationals’ reach.

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