Latvia has the biggest and oldest golden visa schemes in Europe
Latvia introduced its golden visa program in 2010. Investors can gain a five year residency permit by investing €250,000 in property. The new limit introduced in 2014 applied to the first 800 applicants.
Latvia is quietly emerging as one of the biggest golden visa schemes in Europe issuing over 10,000 golden visas every year and the scheme is contributing € 180 million euros every year according to the newly released Transparency international report.
The Latvian scheme competes with Portugal and Spain for issuing over 10,000 golden visas every year, the report said. Latvia issues schengen residence permits.
According to Migration office of Latvia, The Latvian golden visa scheme requires
- €250,000 real estate investment or
- €250,000 in Government bonds
According to the report, 17,342 foreign investors have bought residency through golden visa scheme in Latvia from 2010 to 2017 with over 70% of the investors are Russians.
- Russia – 12,097
- China – 1,428
- Ukraine – 1,376
- Uzbekistan – 723
- Kazakhstan – 665
According to Eurostat, The property prices in Latvia have recorded the highest growth in 2018 compared to last year for Latvia (+3.1%) especially in the capital Riga.