On 8th of May, 2014, Latvian Parliament made amendments of Immigration Law, which provides increase of the minimum value of the property where a temporary residence permit can be obtained to 250 000 euro.

The amendment states that at the time of acquisition of the property in the value of one cannot be less than 250 000 euro, but minimum cadastral value increased to 80 000 euro. Such a transaction threshold will apply to all regions. The current regulation provides that the temporary residence permit for a period of up to five years can get if one or more properties of at least 142 300 euros or 71 150 euros worth of outside Riga region and republic cities is acquired.

There was also deleted provisions which allowed the granting of a residence permit for 50 000 euro payment into the State budget. Also there is is amendments that intends to make contributions to the State budget in amount of 5% of the value of property sold by the initial residence permit.

Changes regarding the issue of residence permits for the acquisition of immovable property shall enter into force on 1 September this year.