Latvia’s new Immigration Law took effect on September 15, 2026, significantly reshaping the country’s residence-by-investment framework.
Under the new rules, the €250,000 real estate investment route and the €280,000 bank deposit route are no longer available for new residence permit applications. Investment in the share capital of Latvian companies remains an option, while a new route based on a minimum €150,000 investment through a state-established alternative investment fund manager has been introduced.
There is, however, an important distinction: the new fund route is not yet operational. Latvia’s Office of Citizenship and Migration Affairs (OCMA) has confirmed that the state-established alternative investment fund required for the route has not yet been created, meaning the provision cannot currently be used in practice.
The changes mark a broader shift in Latvia Golden Visa framework, moving away from property and bank-based options toward company equity and fund investments.
From June to September: How the New Law Evolved
The Saeima, Latvia’s parliament, initially adopted the new Immigration Law on June 11, 2026. President Edgars Rinkēvičs returned the law to parliament for reconsideration on June 19.
Among the issues raised by the President was the proposed €150,000 alternative investment fund route. He called for further consideration of issues including verification of the source of investment funds and the purposes for which invested capital could be used.
The President also asked lawmakers to reconsider whether a tightly regulated real estate route could remain available to citizens of NATO, OECD and European Economic Area countries, as well as potentially other countries considered friendly to Latvia.
Parliament adopted the law again on August 20. The real estate investment route was not retained, and the new legislation entered into force on September 15.
What Investment Routes Remain?
The new framework provides two main investment routes for temporary residence.
1. Company Investment: €50,000 or €100,000
Investors can continue to qualify by investing in the share capital of a Latvian company.
A minimum investment of €50,000 applies where the company employs no more than 50 people and its annual turnover or balance sheet total does not exceed €10 million. A further €10,000 payment to the state budget is required when applying for the first temporary residence permit.
The company must also make at least €40,000 in annual tax payments to state and municipal budgets for the residence permit to remain valid.
For companies employing more than 50 people and exceeding €10 million in annual turnover or balance sheet total, the minimum investment rises to €100,000. The required annual tax contribution is at least €100,000, with qualifying tax payments by Latvian-registered subsidiaries also included in the calculation.
Temporary residence permits under the company investment route can be issued for up to two years.
This means the headline €50,000 investment threshold does not tell the full story. The size and tax performance of the underlying company are integral to maintaining the residence permit.
2. The New €150,000 Alternative Investment Fund Route
One of the most significant additions to the new law is an investment route through an alternative investment fund manager established by the state.
Under the new framework, an investor must:
- Invest at least €150,000;
- Maintain the investment for at least five years; and
- Make an additional €10,000 payment to the state budget.
Provided the requirements continue to be met, the investment can support a temporary residence permit for up to 5 years.
However, the legal availability of the route should not be confused with its practical availability.
OCMA has confirmed that the state-established alternative investment fund required by the legislation has not yet been created. The €150,000 route should therefore not yet be viewed as an immediately accessible investment product. Further implementation details and practical procedures remain to be established.
The Bigger Change Is the Investment Structure
At Get Golden Visa, we believe the significance of Latvia’s reform goes beyond a change in minimum investment thresholds. The more fundamental change is in the type of investment position an applicant holds in exchange for residence.
Under the previous framework, the €250,000 real estate route combined residence rights with direct ownership of a tangible asset that could potentially generate rental income. That option is no longer available to new applicants.
The company route has a considerably lower headline entry point, but the underlying company’s ongoing tax performance is directly relevant to the validity of the residence permit. The new €150,000 fund route could eventually provide a more passive alternative, but its investment infrastructure is not yet operational.
As a result, comparing Latvia with other European Golden Visa programs purely on the basis of minimum investment amounts is becoming less meaningful.
Investors should consider the structure into which their capital is being placed, how long that capital must remain invested, investment and liquidity risk, ongoing requirements, and the duration of the residence permit alongside the headline investment threshold.
Real Estate Options Are Narrowing Across Golden Visa Programs
Latvia is not the first residence-by-investment market to move away from real estate. Portugal removed property from its Golden Visa qualifying investment options in 2023, while Spain ended its Golden Visa program altogether in 2025.
Not every market, however, is moving in the same direction. Just one day after Latvia’s new law took effect, Panama introduced revised investment thresholds for its Qualified Investor program on September 16. Rather than removing real estate, Panama retained a US$300,000 threshold for qualifying first-sale, new and unoccupied properties while raising the minimum investment for resale property to US$500,000.
What Remains for Property-Focused Investors?
These developments show an increasing divergence in how residence-by-investment programs treat real estate. Latvia and Portugal have removed property as a qualifying investment, while Spain has ended its program altogether. Greece and Panama, by contrast, remain among the options where direct property investment can form part of a residence strategy.
That distinction matters particularly for investors who want their residence strategy to include direct ownership of an underlying asset rather than exposure primarily through a company or investment fund.
What Happens Next?
The key question in the short term is when Latvia’s new €150,000 alternative investment fund route will become operational and what the practical investment and application process will look like.
The legal framework is now in force, but investors considering the fund route will need greater clarity on its implementation before it can function as a practical residence-by-investment option.
Latvia has therefore entered a new phase in its investment residence framework: one that moves away from direct real estate investment and places greater emphasis on productive capital and fund-based investment.
Get Golden Visa will continue to monitor the implementation of the new fund route and further guidance affecting prospective investors.
For investors who specifically want to combine direct property ownership with a residence strategy, programs such as Greece and Panama remain relevant alternatives. Investors can speak with the Get Golden Visa team to compare their investment structures and residence requirements with Latvia’s new framework.
