Latvia's Parliament, the Saeima, has approved amendments to the country's investor residence programme that eliminate two of its existing "golden visa" investment routes and introduce a new investment-fund option. President Edgars Rinkēvičs has declined to promulgate the law and sent it back to Parliament for further review.

The changes target Latvia's residence-by-investment programme, which grants non-EU nationals temporary residence permits in exchange for qualifying financial commitments in the country. Under the adopted amendments, two of the programme's current investment options will no longer be available to new applicants once the law takes effect.

In their place, lawmakers have added a route based on investment in an approved fund. This marks a restructuring of Latvia's programme rather than a full closure: the golden visa scheme continues to operate, but with a different menu of qualifying investment categories.

The President's decision to return the legislation means the law will not enter into force on the originally anticipated schedule. The Saeima must now reconsider the text. Parliament can either amend the law in response to the President's objections or adopt it unchanged, after which the standard promulgation process would resume. Until the President signs the law, the current version of the residence programme rules remains in effect.

Who is affected

The changes concern third-country nationals seeking Latvian temporary residence permits through investment. Applicants who have already filed under the existing rules, and those preparing applications under the options slated for removal, face the most direct impact, since the qualifying investment categories change once the law enters into force.

Existing permit holders are not addressed in the headline change, which concerns the routes open to new investors. The precise transitional provisions — including whether pending applications can be processed under the old rules — will be determined by the final text of the law once the President signs it.

What changes

1. Two investment options removed. The Parliament voted to scrap two of the current golden visa pathways. New applications under these routes will close when the law takes effect.
2. A fund investment option added. Lawmakers introduced a new qualifying route based on investment in a fund, giving applicants a replacement pathway under the restructured programme.
3. Presidential review delays entry into force. President Rinkēvičs returned the law to the Saeima, so the amendments are not yet in force and no effective date applies until the legislation completes its passage.

What happens next

The Saeima will take the returned law up for reconsideration. Latvia's legislative procedure allows Parliament to adopt the law again, with or without changes. Only after the President signs and the law is promulgated and published will the new rules — including the removal of the two options and the launch of the fund route — become binding, along with an official effective date.

Applicants and advisers should track the Saeima's reconsideration and the official publication of the law. The authoritative details of the amended programme — the exact qualifying thresholds, the removed categories, and any transition deadlines — will appear in the promulgated legal text and in official guidance from Latvia's Office of Citizenship and Migration Affairs (PMLP), which administers the residence permit system.

Until then, the programme's current rules continue to govern applications. Prospective investors should rely on the official legal text and PMLP guidance for the definitive terms of each investment option; this report summarises the legislative development and does not constitute legal advice on individual cases.