Latvia has ended its property-based golden visa programme, closing one of Europe's longest-running residency-by-investment schemes and leaving a single investment route — a fund option that lawmakers now want to shut down as well.

The change removes the possibility of obtaining a temporary residence permit in Latvia through the purchase of real estate, a pathway the Baltic state had operated since 2010. Applicants who relied on property purchases to secure Latvian residency can no longer use that route.

Latvia's golden visa programme, formally part of the Law on Immigration, had allowed non-EU nationals to obtain temporary residence permits in exchange for qualifying investments. The real estate strand became the scheme's most popular option over the years, attracting thousands of applicants, many of them from Russia and other CIS countries.

What survives — for now

One investment route remains open: a residency permit linked to investment in an investment fund. However, the same legislative push that ended the property route now targets this option. Latvian lawmakers have signalled that the fund route could be the next to close, which would end investment-based residency in Latvia altogether.

Applicants considering the remaining fund option should monitor developments closely, as the legislative direction indicates the window for this pathway may be limited.

Who is affected

The closure affects non-EU nationals who intended to apply for Latvian temporary residence permits through property investment. Applicants who had not completed the process before the change can no longer rely on this route.

Existing residence permit holders are not affected by the closure of the application route itself, though the legislative trend in Riga points toward tighter conditions across the immigration system.

Why Latvia is acting

The decision forms part of a broader European shift against citizenship- and residency-by-investment schemes. The European Commission has repeatedly criticised golden visa programmes, citing security risks, money laundering concerns and lack of demonstrable benefit to host economies. Several member states have already scaled back or abolished their schemes.

Latvia's move reflects that pressure. The country's programme had drawn particular scrutiny given the large share of Russian applicants in earlier years, and tightening rules align with Riga's wider security posture.

What applicants should do

Non-EU nationals interested in Latvian residency through investment should verify the current status of the fund route before committing funds, as legislative changes may close it. The authoritative source for eligibility rules and deadlines is the Latvian Office of Citizenship and Migration Affairs (PMLP), which administers the immigration law and publishes current permit conditions.

For those already holding permits obtained under the property route, renewal and permanent residency conditions remain governed by the Law on Immigration; the Office of Citizenship and Migration Affairs provides the applicable procedures.

Context: a shrinking European market

Latvia joins a growing list of European states that have restricted investor migration. The property-route closure reduces the number of EU residency-by-investment options, pushing prospective applicants toward remaining programmes in countries such as Greece, Portugal, Spain, Malta and Italy — several of which face their own reform debates.

For the Latvian programme specifically, the fund route is the last remaining pillar. Its fate now rests with the Saeima, Latvia's parliament, where the legislative initiative to wind down the scheme is moving forward.