COBALT Immigration practice group has issued the latest newsletter on a recent development.
On 1 January 2018 amendments to the Immigration Law of the Republic of Latvia entered into force providing that from now on all investors, who have received Latvian temporary residence permit (hereinafter – TRP) on the basis of
- acquisition of real estate in Latvia (regardless time period when ownership on the real estate were registered with the Land Register); or
- subordinated obligations with any of credit institution of Latvia (regardless time period when these obligations became effective); or
- investments into the share capital of the capital company registered in Latvia;
and who request repeated TRP after initial TRP has expired, shall pay 5000 EUR into the state budget of the Republic of Latvia upon receipt of TRP.
This sum can be paid in a single payment or in five instalments – by making first partial payment in amount of 1000 EUR at the moment of receipt of repeated TRP and all further instalments – in amount of 1000 EUR each – when TRP is registered annually.