Latvia has promulgated a new immigration law that ends two of the three main "golden visa" investment routes to temporary residence. From September 14, foreign nationals will no longer be able to obtain Latvian temporary residence permits in exchange for purchasing real estate or making bank deposits in Latvian financial institutions.

The change closes the property and deposit pathways, which have been pillars of Latvia's residence-by-investment programme since its introduction. Applicants who planned to qualify through either route now face a fixed deadline. Transactions and applications must meet the requirements in force before September 14, after which these grounds for residence become unavailable.

Who is affected

The new rules affect third-country nationals who intended to apply for a Latvian temporary residence permit on the basis of:

• Investment in real estate in Latvia; or
• A qualifying deposit in a Latvian bank.

Applicants who already hold permits issued under these routes should verify their position against the text of the new law, as promulgated by the Latvian authorities, to understand renewal and transition terms. Existing permit holders are not automatically removed by the promulgation itself, but the routes that originally qualified them no longer accept new entrants after the cutoff date.

Which steps change

Under the previous framework, an investor could select one of three qualifying investment options. With the property and deposit routes ending, the practical steps for prospective applicants change significantly: the two most accessible options disappear, and anyone seeking Latvian residence through investment must act before September 14 or explore the remaining qualifying routes under the new law.

Applicants mid-process should confirm with the Office of Citizenship and Migration Affairs (PMLP) whether documents submitted before the effective date remain valid under transitional provisions.

Why it matters

Latvia's golden visa has attracted thousands of investors over the past decade, particularly buyers of Riga real estate. The move follows years of debate in Latvia over the programme's economic contribution, its effect on property prices, and EU-level pressure on member states to tighten citizen- and residence-by-investment schemes.

Investment migration industry observers note that Latvia now joins the group of European states that have narrowed or abolished residence-by-investment programmes, following similar restrictions elsewhere in the EU.

What applicants should do

Prospective applicants who intended to use the property or deposit routes face a simple calculation: complete the qualifying steps and lodge a compliant application before September 14, or abandon that pathway.

Because the new law's transitional provisions determine how pending applications are treated, readers should consult the official text of the law as published by the Latvian parliament and the guidance issued by the Office of Citizenship and Migration Affairs. This article is a news summary, not legal advice; individual circumstances vary and applicants should seek qualified counsel before acting.

The definitive terms of the change — including exact investment thresholds for the remaining route, deadlines for pending files, and renewal conditions for existing permit holders — are set out in the promulgated law and official Latvian government sources.