The parliament today at final reading confirmed amendments in Immigration law, that prescribes to enlarge the minimal purchasing value of real estate up to 250 thousand euro, in order to obtain a temporally residence permit.
Initial amendments in Immigration law, which was signed in for second reconsideration for President of Latvia Mr. Andris Berzins, prescribed 150k. Euro limit for these transactions. The Parliament decided to increase the limit, and agreed to abjure from previously provided quota system.
The amendments states, that in the moment of purchase the value of one property cannot be less than 250k Euros, but minimal cadastral value are increased to 80k Euros. This limit of transactions concerns to all regions. The current regulation states that temporally residence permit on term up to five years can be obtained by purchasing one or more than one property in total value at least 142 300 Euros, or in 71 150 Euro value outside Riga district and other towns.
Members of parliament seconded a proposal to abjure from the rule contained in the law before that stated to grant temporally residence permit for 50k Euro payment in State budget. Seconded was also the proposal that prescribes to make payment in State budget in value of 5% from the purchased real estate value, if initial residence permit is required. Previous bill law provided that in case if initial residence permit is required for purchasing real estate, in the budget of State or in development program of economics 25k Euro has to be paid.
Amendments in law regarding residence permit issuing for real estate purchase will come into force on September 1st. Coalition members continuously could not agree regarding terms, when these amendments should come into force.
As reported before, last year on October 31st, in final reading Saeima confirmed urgent amendments in Immigration law, determining quotas for residence permit issuing for purchasing real estate. The President of Latvia returned the amendments of law to Saeima on past November for second reconsideration, stressing on several contradictions in the amendments.
LETA 8th May, 2014, 9:30 am.