RIGA, August 21 (Itar-Tass) - Latvian nationalists object to the issuing of residence permits to aliens in return for their investment in Latvia, This was stated by the nationalist association “Fatherland and Freedom/Movement for National Independence of Latvia - All to Latvia.” The association, which is in the ruling coalition, urges its partners to adopt as soon as possible the decision to stop “trade in residence permits”.
“The number of residence permits sold out has reached appalling proportions. Latvia can permit this no longer. While in the years of occupation officials of the alien authorities were carrying out Latvia’s colonization, it is parliament of independent Latvia that permits immigration now. Ever more hunters of property arrive in Latvia from Russia, China and other countries to continue the cause of occupation, stifling Latvia with their languages and cultures,” says the statement the association circulated here on Wednesday.
“We are ready to debate the timeframe and procedure of amendments, but this practice should end,” the statement says.
According to amendments to the immigration law operating from July 1, 2010, a foreign investor may receive a five-year residence permit if he or she purchases realty in Latvia worth from 50,000 to 100,000 lati (from 94,000 to 188,000 dollars) and invests no less than 25,000 lati (about 37,000 dollars) in the fixed assets of an enterprise registered in Latvia, which contributes no less than 20,000 lati (37,000 dollars) to the state or self-government budget or invests 200,000 lati (376,000 dollars) in subbordinated bank capital.
During the operation of the law the volume of investment in Latvian economy by citizens of other countries made up nearly 1 billion dollars. Russian citizens are in the lead for seeking residence permits in Latvia.