During a tense plenary session that reviewed 158 proposals in its third reading, the Saeima approved two highly controversial amendments (No. 61 and No. 62). The new clauses allow foreign nationals to apply for a temporary residence permit (TUA) for up to five years, provided they transfer €150,000 to a state-established investment fund and pay a €10,000 fee into the national budget.
The Progressives argue that this mechanism directly reinstates the commercial trading of residence permits. Initiated by MP Andris Kulbergs (“United List”), the amendments secured majority support from a broad coalition of factions, including the “United List”, “Latvia First”, the “Green and Farmers Union”, and “New Unity”.
Security and Geopolitical Risks Exposed
The Progressives firmly believe that the newly adopted norm revives a dangerous system that was previously abolished under intense domestic and international scrutiny. In the current volatile geopolitical climate, the party emphasizes that “golden visas” introduce critical vulnerabilities to the region.
According to the party, the risks of reinstating this system include:
- The entry of unwanted or high-risk individuals into the country.
- Serious difficulties in verifying the legitimate origin of foreign capital.
- Exploitation of the system to circumvent international sanctions.
- Adverse distortions and inflation within the local real estate market.
“This kind of decision is fundamentally contrary to current state policy and broader trends across the European Union,” the Progressives stated. They are demanding a comprehensive assessment of the economic consequences and the potential damage to Latvia’s international reputation within the Schengen area before the law can be signed.
Reversing Years of Financial Reforms
The move represents a significant U-turn for Latvia, which spent years cleaning up its financial sector. Following a highly critical Moneyval report in 2018 and subsequent international pressure, Latvia overhauled its Immigration Law. This brought an end to the original 2010 “golden visa” practice introduced by Ainārs Šlesers, which granted residency for real estate purchases and direct investments.
Subsequent audits by the Financial Intelligence Service (FID) confirmed that the investment-for-residency model carried profound structural risks. The Progressives warn that backtracking on these hard-won reforms endangers Latvia’s financial security and alignment with EU standards.
