Investments, Latvia, Legislation, Real Estate

Previously Saeima Economic, Agricultural, Environmental and Regional Policy Committee decided that the amendments, submitted by President Andris Berzins, should come into force on January 1, 2015.

However, the ruling coalition parties were unable to reach agreement on when the amendments should take effect, proposing various dates – July 1 and August 1 this year, or January 1 next year.

Now that the bill returns to the Economic, Agricultural, Environmental and Regional Policy Committee, MPs are likely to agree that the amendments should come into force on August 1 this year.

Also, Saeima members have agreed that quotas on residence permits issued for real estate purchases by third-country citizens will be abolished, and that the minimum value of real estate will be increased for third-country citizens who buy property in Latvia in order to apply for residence permits.