Baltic States – CIS, EU – Baltic States, Investments, Latvia, Legislation, Real Estate

Usakovs said in an interview with "Latvijas Avize" that this sum could even be increased. However, he is completely against the idea to deny Russian citizens the opportunity to receive temporary residence permits in Latvia. "If people want to invest in Latvia's economy, why not? They are thoroughly checked by security institutions," the Riga mayor reminded.

Another question is how high the threshold should be in order for the investors to receive a "ticket" to Europe for home or apartment purchased in Latvia. "I am not sure whether the current threshold of EUR 250,000 should be lowered. Perhaps it should be raised," Usakovs speculated.

He said that the current regulations on temporary residence permits in Latvia are not an obstacle for local residents to purchase decent homes. "Foreign demand will not cause any price hikes for housing in Purvciems or Imanta," Usakovs said.

As reported, amendments to the Immigration Law came into force on September 1, stipulating an increase in the minimal cost of real estate to EUR 250,000 for third-country citizens who buy property in Latvia so they could apply for Latvia's temporary residence permits.