Latvia’s investment residence permit program issued 20,131 primary temporary residence permits between July 2010 and the end of 2025, according to the Office of Citizenship and Migration Affairs. Total investments reached €1.67 billion, with 83% directed into real estate, though regulatory tightening, geopolitical shifts, and strict 2022 restrictions on Russian and Belarusian citizens have dramatically altered the program’s landscape.
Historical Volume and Real Estate Dominance
The investment residence permit program has operated in Latvia since 2010. Data from the Office of Citizenship and Migration Affairs shows that the agency received applications from 21,525 individuals through the end of 2025, comprising 8,570 investors and 12,955 family members.
During this time, non-residents invested a total of €1.67 billion to secure residence permits. Real estate captured the overwhelming majority of these funds, drawing 83%, or €1.39 billion, of the total capital. Approximately 83% of all investment residence permits were requested by investors from former Soviet countries, while citizens of Asian countries led applications from other regions.
Did You Know?
As of January 1, 2026, there were 1,242 investors and 1,434 family members in Latvia holding valid residence permits issued through the program.
Sharp Decline Caused by Restrictions and Crises
Interest in the program dropped significantly following the tightening of program conditions in September 2014. In 2014, investment residence permits accounted for 53% of all primary temporary residence permits issued to third-country nationals, but that share plummeted to just 1.44% by 2025.
The Ministry of Internal Affairs points to multiple pressures behind this downward trend, including the Covid-19 pandemic, Russia’s war against Ukraine, inflation, and rising Euribor rates. A critical turning point occurred with amendments to the Immigration Law adopted in 2022. These changes stripped citizens of Russia and Belarus of their ability to obtain temporary residence permits through investments in the Latvian economy.
According to the Ministry of Internal Affairs, the sudden cessation of issuing permits to those citizens is precisely why a higher volume of properties owned by them subsequently emerged on the market for sale or rent.
Unexpected 2025 Investment Growth
Despite the steep decline in the program’s popularity, investments actually increased last year. Figures for 2025 show that the program received 192 applications, driving the total volume of investments to €30.3 million—representing a 75% increase compared to the previous year.
Real estate remained the primary focus, accounting for 73% of all funds raised through the program in 2025. Buyers consistently favored Riga and the suburbs of the capital.
Future Policy Proposals and Regional Alternatives
Government agencies remain divided on the future of the program. The Ministry of Economics argues that while investment residence permits have lost their former significance, the tool still offers utility. The department proposes retaining the mechanism by updating conditions so that incoming investments directly support job creation, productivity growth, and exports.
Conversely, a parliamentary committee previously reached the opposite conclusion. Its final report recommended closing programs that allow foreigners to secure residence rights via real estate purchases, investments in companies or banks, or special government securities.
Meanwhile, similar pathways remain available elsewhere in Europe. Foreign nationals can still pursue residence rights through real estate purchases in countries such as Cyprus, Greece, and Malta, where minimum investment thresholds range from €300,000 to €800,000 depending on local rules.
Frequently Asked Questions
When did Latvia’s investment residence permit program begin?
The program has been in effect since July 2010.
Which sector attracted the most investment capital?
Real estate captured the vast majority of funds, accounting for 83% of the total €1.67 billion invested through the program.
Why did Russian and Belarusian citizens stop participating?
Changes to the Immigration Law adopted in 2022 removed the opportunity for citizens of Russia and Belarus to obtain temporary residence permits through investments in the Latvian economy.
How will future policy adjustments impact foreign investors seeking residency in European markets?
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