Latvia scraps property-based residency for a €150,000 state fund route

Latvia is overhauling how foreign investors can qualify for residency. Under an updated Immigration Law, the country will stop granting residence permits based on real estate purchases and subordinated bank deposits, replacing them with a state-managed investment fund option.

What changed

September 14 is the final day to apply for a Latvian residence permit through the old capital routes. Previously, applicants could qualify by buying property worth at least €250,000 or placing a subordinated bank deposit of around €280,000. Those categories disappear the next day.

From September 15, the main capital-based path is a state-run investment vehicle. Applicants must transfer at least €150,000 into a state-established alternative investment fund manager and keep that minimum balance for the full five-year temporary residence permit period. There's also a one-time €10,000 contribution to the state budget.

The company equity route remains available. Investing €50,000 or €100,000 into a Latvian company's share capital — the threshold depends on the business's size, employee count and annual turnover — can secure a permit renewable in two-year increments. However, authorities say they will apply stricter scrutiny to whether businesses show genuine economic activity and tax compliance.

Citizens of Russia and Belarus are barred from renewing investment-based residence permits under the revised rules.

What it means for nomads

If you were considering Latvia as a European base through property or a bank deposit, the window is closing fast. Applications for the outgoing categories must reach the Office of Citizenship and Migration Affairs on or before September 14; anything filed later won't be processed under the old rules.

Existing permit holders aren't immediately affected. You can stay until your current residence card expires, and those already holding property or deposit-based permits may request a new five-year permit on the same grounds before their card lapses — again, provided you aren't a Russian or Belarusian citizen.

For most remote workers, an investment-based residency is a bigger commitment than a straightforward digital nomad visa. The new fund route ties up €150,000 for five years plus the €10,000 fee, so it suits those with capital to park rather than people simply looking to live and work remotely. If your goal is EU access with a smaller footprint, the company investment path or other countries' nomad visas may be more practical.

Anyone weighing the older routes should confirm the exact requirements and deadlines directly with Latvian immigration authorities before committing, as procedures and processing rules are shifting alongside these changes.

Originally reported by Stamped Nomad.