Latvia’s Progressives party has introduced a bill seeking to remove the €150,000 fund investment route from the country’s Golden Visa framework. The proposal was submitted on September 3, shortly before recent amendments to Latvia’s Immigration Law took effect.

Proposed Removal of the Fund Route

The targeted provision, Article 27(1)(36), provides temporary residence permits of up to five years for applicants making the required fund investment. The Progressives argue that the route provides residence primarily on the basis of financial capacity rather than labour-market needs, security considerations, or integration.

Security and Economic Concerns

The bill’s explanatory note cites concerns over security, money laundering, sanctions evasion, and reputational risks. Its sponsors also question whether the fund route provides sufficient economic benefits to justify granting residence through investment.

Legislative Status

The bill was referred to the Defence, Internal Affairs and Corruption Prevention Committee on September 10. However, the proposal remains at an early stage of the legislative process and would need to pass the required parliamentary readings before becoming law.

With Latvia’s parliamentary elections scheduled for October 3, the timing and future progress of the bill remain uncertain.

Summary

The bill would eliminate the option allowing foreign nationals to obtain temporary residence by investing at least €150,000 in a state-created alternative investment fund for five years, alongside a €10,000 contribution to the state budget. If approved, the company share-capital route would remain the only investment-based pathway, following the closure of Latvia’s property and bank deposit routes.