Latvia’s 2026 immigration reforms illustrate a broader shift in European “golden visa” programs from passive real‑estate investments toward capital that can be monitored and tied to economic priorities.
Latvia’s 2026 Reset
- Effective September 2026, the new Immigration Law eliminates direct real‑estate purchases and subordinated bank liabilities for new applicants. The earlier‑removed state‑securities option is also unavailable.
- Capital‑company route:
- Investment of €50,000 or €100,000 plus a €10,000 state fee.
- Annual company tax obligations of €40,000 or €100,000.
- Residence permits issued for up to two years.
- Alternative Investment Fund route (legislated but not yet operational):
- Minimum €150,000 investment for five years through a state‑established fund manager.
- Additional €10,000 state fee.
- Permit duration up to five years.
- Existing holders who entered via the property or bank‑liability routes can apply for renewed permits of up to five years, paying €1,000 per year covered, less any previously paid qualifying amounts.
How Other Countries Have Responded
- Portugal (Law 56/2023, effective 7 Oct 2023):
- Property purchases no longer qualify.
- Focus on regulated investment funds of at least €500,000, with a minimum five‑year maturity and at least 60 % of the fund’s assets invested in Portugal.
- Additional routes for scientific research, cultural heritage donation, and company capitalization.
- Spain:
- Ended its Golden Visa on 3 Apr 2025 (Organic Law 1/2025), citing housing‑affordability concerns, while preserving rights of existing participants.
- Greece (Law 5100/2024):
- Introduced tiered property thresholds: €800,000 in high‑demand areas, €400,000 elsewhere, and €250,000 for commercial‑to‑residential conversions or restoration projects.
- Prohibited short‑term rentals of Golden Visa properties, steering investment toward regeneration rather than the most pressured housing markets.
- Malta:
- Permanent Residence Programme combines a government contribution, a charitable donation, and a property purchase of at least €375,000 or a lease of €14,000 per year.
- Thresholds and fees increased from 1 Jan 2025.
- After the EU Court of Justice ruled on 29 Apr 2025 that Malta’s investor‑citizenship scheme breached EU law, the residence programme remained, but with stricter requirements.
What the New Model Asks of Investors
- The shift moves from a simple asset purchase to a longer‑term relationship with the host state. Investors must place capital in a government‑designed vehicle (e.g., an investment fund) or an operating business, retain it for a defined period, and undergo periodic verification.
- Permit length now influences the value proposition: Latvia’s €150,000 fund route offers up to five years of residence, while its company‑route permits are limited to two years.
- Investors are increasingly focused on the management of the investment vehicle, end‑of‑holding procedures, and renewal costs rather than just the headline investment amount.
Reading the New Playbook
- Transitional protection has become a common feature; both Spain and Latvia preserved rights for existing investors, suggesting that future reforms may also include safeguards for current participants.
- Comparing investment vehicles rather than merely thresholds is essential. A €150,000 five‑year fund commitment differs fundamentally from a €50,000 company investment with shorter permit terms.
- The European golden‑visa market is evolving toward more deliberate, state‑controlled arrangements, where the terms of the investment—including duration, oversight, and renewal conditions—are as important as the amount invested.
Source article: www.globalcitizensolutions.com
