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Residence permit program brings investments of LVL 419 mln in 3 years
BC, Riga, 17.09.2013.
Print version
Print versionThe government program for foreigners to invest in Latvia in exchange for residence permits has been quite lucrative the past three years, with LVL 419 million the grand total, informs LETA.
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This according to data from the Citizenship and Migration Affairs Office (CMAO).
In the program thus far, CMAO has received applications from 2,893 investors and 3,990 from their family members. 97.9% have received authorization, and a total 6,749 permits have been issued.
Since July 1, 2010, 201 permits have been revoked.
The Immigration Law amendments of mid-2010 were a booster to the flow of foreign investment, and this concerns primarily the real estate market.
80% of all investments for a residence permit (LVL 335 million) are in the real estate market, with homes on sale in Riga and Jurmala of particular interest.
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