Latvia’s Progressives have introduced a bill to eliminate the €150,000 “fund” option of the country’s golden‑visa program.
The draft legislation (bill 1521/Lp14) was submitted on 3 September, just 12 days before the new Immigration Law entered into force. It targets Article 27(1)(36), which currently grants temporary residence permits of up to five years to foreign investors who place at least €150,000 with a state‑created alternative investment fund manager for a minimum of five years and pay an additional €10,000 contribution to the state budget.
What the bill changes
- Removes the fund route – the only remaining investment pathway after the property‑purchase and bank‑deposit routes were closed in September.
- Leaves the company‑share‑capital route untouched – investors can still obtain residence by acquiring a minimum share capital in a Latvian company.
- No transitional provisions – the bill does not address applications already filed before it would take effect.
Lawmakers behind the proposal
- Andris Šuvajevs (Progressives faction chair) – lead sponsor
- Andris Sprūds (former defence minister)
- Liene Gātere
- Kaspars Briškens
- Jana Simanovska
Rationale presented by the sponsors
- The fund route offers “a financial, and in this case very minimal, investment” that does not align with labour‑market needs, security, or integration policy.
- It is linked to “disproportionate and heightened” risks of money laundering, sanctions evasion, and reputational damage.
- A Saeima inquiry committee report (approved 26 May, before the fund route existed) recommended closing all investment‑based residence schemes, including the company route.
- The sponsors argue the route has produced no budget revenue; payments under the fund option have not yet reached the state treasury.
Legislative progress
- The law that retained the fund route was re‑passed on 20 August.
- On 10 September the bill was referred to the Defence, Internal Affairs and Corruption Prevention Committee, chaired by Raimonds Bergmanis (United List, the governing coalition).
- Legal analyst Viktorija Tomaševiča notes that referral to committee is an early stage; the Saeima’s reading procedures can be lengthy, and the upcoming parliamentary election on 3 October may affect further action.
Potential implications
- If passed, Latvia would retain only the company‑share‑capital pathway for investment‑based residence, narrowing the golden‑visa options.
- No budget impact is expected, as the fund route has not generated payments to the state.
- Security and reputational concerns cited by the sponsors could influence broader debates on the country’s immigration policy.
Source article: www.imidaily.com
