Data released by the Latvian Office of Citizenship and Migration indicates a slump in demand for Latvia’s investment immigration program. Investments made by wealthy foreigners seeking temporary residence permits has fallen from EUR 198.9 million in the first half of 2014 to just EUR 34.3 million in the corresponding period of 2015.
Since its introduction in July 2010, the program has attracted investments worth EUR 1.313 billion till 30th June, 2015. Latvia’s Investment Immigration program offers residency and unrestricted travel within the EU to applicants and family members. A representative of the Interior Ministry stated that real estate was the preferred asset class for investment immigrants seeking residence in the country.
The slump in inflow of investment is attributed primarily to the increase in minimum investment requirements from EUR 150,000 to EUR 250,000. Russia’s economic woes too may have contributed to the fall in demand as Russians constitute a significant part of investors applying for the Latvian residence permit.
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Source: Shanghaidaily.com