According to a report prepared by the Latvian Interior Ministry, there has a been a significant increase in demand for Latvian temporary residence permits from Chinese investors from 2013 till date.
Chinese investors had filed 136 requests for temporary residence permits in Latvia during the three-year period from 2010 to 2012. Demand has surged in 2013 and the first half of 2014 with a total of 789 requests from Chinese investors in this period.
The Latvian Office of Citizenship and Migration is the nodal authority for receiving applications forms seeking residence permits from applicants from all over the world. The amendments to the Immigration Law of Latvia, brought in force from September 1, 2014, increased the minimum investment requirement from EUR 150,000 to EUR 250,000. Further, the amended law requires the investor to make an additional contribution of 5% of the value of the real estate property purchased by the investor. The payment is to be made into the Latvian budget.