Changes in issuing residence permits to foreigners come into force on September 1, 2014
Saeima adopted amendments to change the transaction threshold from which foreigners may be granted a residence permit. It would be issued for a period up to five years if a foreigner has bought and owns one immovable property that is functionally bounded with the buildings and its value is no less than EUR 250 000. Previously amendments to the law stated that the value of immovable property should be no less than EUR 150 000. It is also foreseen to increase the cadastral value of the immovable property from EUR 50 000 to EUR 80 000.
/ Saeima Press Service/